Living as a student in London can expose you to a lot of things. Many of these can be a good learning experience for you, but at the end of the day, money will also become a problem. It might be that you’re on a tight monthly allowance or a working student. Saving up and knowing some frugal ideas can help budget your money better. Here are some tips:
Keeping Track of Expenses
Unless you have a big allowance, keeping track of where you spend your money is important. Make a list of all the things you spend on every month. This includes your necessities like food, shelter, clothing, and utilities.
Create a Monthly Budget
Students with maintenance loans can get excited to spend their money. If you’re like them, try to control the urge to spend it. Keep in mind that loans need to last you a certain time. That’s where your budgeting skills come into the picture. You’ll need to write about what you need to spend in a month. Enlist the most important things first, then you can spend a little on a thing you like.
Think About Your Credit Card Spending
Credit cards should be for emergency uses. If you don’t have enough money, then it makes no sense to spend if you can’t pay for it. Muster all your courage to look the other way when that shiny card is ‘calling’ you. Some emergencies can happen and if you can’t avoid that, you must try to pay it back as soon as you can. Think about huge interest rates when you feel lazy to pay for it.
Choose Cheap Accommodation
Find the things you want in cheaper versions. This can also apply to accommodations. As a student, you don’t have to stay somewhere grand and expensive. That’s for when you’re already earning.
If you wish to be frugal, you can check a cheap student accommodation in London. This way, you can use the money you save for other things like school projects.
Find Student Discounts and Other Promos
A majority of establishments these days have promos you’ll find useful. Make the most of student discounts and other promos you can find on food, toiletries, and more. To add, you can buy second-hand student materials like books. Buying in bulk is also a good way to save some money.
Save for an Emergency
You might consider this as a dent on your budget, but this can be a lifesaver. Remember that you can’t get help all the time. With an emergency fund, you can stay afloat for a while. You can use this during lean months when you have a lot of things going on in the uni.
Get a Part-time Job
A part-time job may take a bit of your time yet you can use it for acquiring the things you need. For example, you can wait tables to get your daily meals covered. That’s big savings for you. You can also try working for big discounts at a book store.
Make your life at uni easier by learning how to budget well. Taking control of your finances at this stage can prepare you for future endeavours. It’s a useful strategy if you think about it.