boarding, meals, books, and entertainment… while you enroll in college, especially while you’re adjusting to student life and handling your money for the first time, you might be startled by how quickly it all adds up.
Managing this expense is challenging. 18% of students reported that money worries had a negative influence on their mental health or well-being, while financial issues accounted for 6% of university dropouts.
The UK is a terrific site for overseas students, but the expense deters many. There are a lot of “hidden costs” that many students would ignore, such as travel, eating out, and going on trips with student organizations, so you should also carefully evaluate how you will pay for your degree, in addition to the major expenses like tuition and rent.
To help learners save as much money as they can while obtaining the most out of their study abroad experience, there are fortunately many suggestions and some wonderful advise available.
Keep an eye on travel costs
Georgie made the observation that students frequently overlook including travel expenses in their budgets. Although using public transportation to go around the UK is rather simple, if you aren’t paying attention, the cost may build up very quickly.
Fortunately, there are a number of travel discounts available in the UK, such as the 16-25 Railcard, which costs £30 and offers one-third off rail prices all across the nation for a year. If you provide your university ID card, many bus companies will also give you a cheap student ticket.
In London, a student Oyster card is available, saving you 30% on adult-rate bus and tram passes as well as travel cards. For some London transit zones, you can even purchase a discounted year-long travel card, which allows you to pay one early discounted cost for the year rather than a little fee each time you go. This can make budgeting a lot simpler.
Delete your card details from websites
Delete any automatically saved card information from shopping websites that can lure you to overspend, according to Salma.
“It is incredibly simple to make an impulse purchase if you have your card information saved online. However, she claims that having to enter your information each time can make you pause and consider whether you actually need something. This is a terrific idea for making sure you don’t get too carried away with internet shopping, even though it’s important to reward yourself occasionally.
Through your students’ union, look for opportunities.
Many students want to work part-time to supplement their income, but they have trouble finding jobs that are adaptable enough to fit around their classes.
Georgie advises reaching out to the students’ union at your university to inquire about any openings while looking for part-time job. Over the student vacations, the SU will frequently post seasonal job openings inside the university, in addition to notifying you of all the finest student discounts and specials.
Don’t be hesitant to seek support from your university.
Sometimes, students may feel a little awkward discussing their personal money, and this attitude may discourage them from seeking assistance.
Although it makes sense that you might be hesitant to discuss money, keep in mind that your university is there to support you. Salma adds that many colleges offer hardship aid to a variety of students as well as financial literacy training. “Many universities and students’ unions have counselors who are ready to help,” she says.
It’s always worth talking to your university if you’re having trouble paying all of your expenses. They’ll be eager to assist and frequently have funding available that you might not be aware you qualified for.
Create a budget
A good place to start is by making a straightforward student budget based on your income and expenses. This should pay for all of your regular, ongoing expenses, as well as any one-time or exceptional fees (such as rent, utilities, phone, and gym membership).
As soon as you start considering going to college, start putting together a basic budget. This will show you which financial gaps need to be filled, giving you time to do so or take this into consideration when choosing a university. We offer some advice in our guide on what to do if your student loan is insufficient.
Your main sources of income and outgoings can be roughly estimated using our student budget calculator and regional financial guides.
Use your student bank account to its full potential.
A student’s bank account is undoubtedly a benefit of being a student.There are a few more ways that a student’s bank account can aid in money management in addition to utilizing the mobile app from your bank to keep track of your spending and transfer funds between accounts.
Student accounts will advertise glitzy extras like travelcards, free or cheap movie tickets, and grocery store gift cards to attract your attention. But don’t let these persuade you solely. Consider which ones you will actually employ.
Traveling to lectures, returning home for the weekends, or seeing friends across the nation might all be made cheaper with a travelcard. A discount for a movie or grocery store will be useless, though, if there isn’t a location there.