FAO Students: Here’s How To Successfully Manage Your Finances In 2016-17

Advice for your student finances

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It’s a new year of University, and it’s a time packed with excitement. It doesn’t matter whether you’re in your first or last year, there’s no question that you want to gain the very best results. Therefore, the distraction of financial worries is the last thing you need at this time.

For many, University is the first time that they’ve ever had to manage their finances. Naturally, it can feel quite daunting. However, you can master this element of student life with just a few simple tricks. The most important factor, however, is that you incorporate them immediately.

Here’s everything you need to know.

Living Costs

As a student, you aren’t going to have endless resources of money. But that doesn’t mean you can’t enjoy life to the fullest. As long as you make smarter choices, you’ll be just fine.

These money-saving tips can help you cut costs on various essentials. Meanwhile, you can team up with other students to make savings by buying items in bulk and splitting the costs accordingly. It might not seem like a massive impact, but every pound is vital.

Studying is difficult, so you need time to have fun too. It would be advised to stick to student nights, though.

Educational Costs

Nobody wants to spend vast sums of money on additional education facilities. But after spending thousands on the degree itself, limiting your progress by ignoring those essentials would be a huge error.

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That doesn’t mean you can’t reduce the costs, though. The library is your best friend when it comes to books and similar items. As for other products, you can often buy previously used products from previous students. And when you’re finished, you can sell them on eBay to claim back a large percentage of your funds.

You cannot afford to miss out on the best education possible. Nevertheless, you should have your eyes open to cheaper opportunities at all times.

Be Healthy

Money is important, but nothing is as important than your health. Guess what, though? Taking better care of your body can be the key to managing your finances too.

As a student, slipping into a diet of takeaways is easily done. By being health conscious, you’ll make better choices for your body and your wallet. Moreover, couponing and other tips can help you save even more money.

Meanwhile, spending time in the gym is a very cheap hobby. Most gyms will offer student prices, and you will not find a better way to spend your money. Let’s face it; the results you see in the mirror will keep you smiling too.

Financial Management

Perhaps the most important element of your financial status is managing your money. If you haven’t already sorted your student loan, this needs to be a priority. Depending on your course, you may be able to gain other financial support. Your best bet is to speak to student services and discuss your individual situation.

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As a student, it’s important to get the best bank account too. Student overdrafts and other banking facilities all have a major impact on your overall situation. It’s not all about the immediate future, though. A professional credit score check will let you know where you currently stand. And it will give you the insight needed to make the necessary improvements.

Taking responsibility is a must, particularly when it comes to finance. Do not forget it.

Travel Costs

Everyone is unique, and your situation may dictate that you need a car. In most cases, though, it simply isn’t needed. Of course, if you can drive, a vehicle will make life easier. But is it really worth buying a car, insuring it, and paying the other costs just to save a 10-minute walk to lectures?

Even when you travel home, booking early on the Megabus will provide a cost-effective method. Alternatively, splitting train tickets can have a huge impact on those overall costs too. Either way, it has to be better than paying hundreds each month for the car.

Right now, this is a luxury item that you can probably do without. This might not be true for everyone, but it is for most.

Earning Money

Using your money effectively is crucial. Nonetheless, life will become far easier when you have more cash to start with. Taking on part-time work is a fantastic option, as long as it doesn’t impact your studies.

Alternatively, you could start a business from your student home. The opportunities have never been better, and it’s often possible to tie it in with your studies. If those additional activities can help you increase your knowledge as well as your wealth, you’d be a fool to miss out.

Earn while you learn, and managing your finances will be a piece of cake.

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