Money-Saving 101

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Every university student has been challenged by the task of having to manage their own money. Here are some tricks and methods that you can use not only to organize your spending but also to make yourself accountable.

Food makes up the majority of most people’s monthly spending. Since you’re studying and should keep yourself healthy in order to be able to work this will probably happen to you too. Eating out adds up and becomes expensive very quickly, so making meals at home is the most cost-effective way to manage your meals. Even then, you should think of going to the market as a serious task; if you do not plan, you probably won’t make the most out of it.

Before going food shopping it is essential to make a list. Think about how many meals you are going to have to make, including snacks, and make a meal plan. This way you can make a list of everything you will need for that time. Pro tip, do not ever go to the supermarket while you are hungry. You will want to buy everything and anything and that is not good for your wallet or for your health. Also, there are things that become less expensive when you buy in bulk – check the price per pound, or per unit, and always compare them.

There are other ways to manage your day to day spending. One of the most essential is making a monthly budget – always a good idea. You only need to think about some simple things: how much do you need for your basic necessities (food, hygiene, rent, tuition, and others), how much your monthly subscriptions are (public transports pass, Netflix, Amazon Prime, Gym, etc.), how much you want to put aside for fun projects and how much you want to put in your savings account. You may not have a savings account but it is highly advisable to get one, it is an investment on your future, even if you only save £1 a month, every year you will end up saving £12.

Saving money is easy, you only have to be brave enough to start!

 

Ana Beatriz Esteves