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Managing your Finances at University

Posted on April 18, 2019

There can be a lot to think about when starting University. One of the most important things to consider in order to ensure your time at University is enjoyable and productive is how you are going to manage your finances. For many students, attending University means moving away from home and it can, therefore, be the first time they have to consider and manage their own finances.

Although this area can feel daunting, there are some simple steps that can be taken to make sure this doesn’t become a problem:

Financial Tips

It is important to make sure that all finances are in place for the course you are taking. You will need to make sure any loans applied for have been processed in good time before starting University.

Consider what your outgoings will be and whether you will need to work in order to cover all of them. A great way to do this is to write it all down or use a spreadsheet. If you will need to work, consider the options available to you and take steps to organise a role for yourself sooner rather than later. Bear in mind that different universities and cities will mean different costs of living. It is well worth researching as much as you can in order to obtain accurate figures.

Think about rent, utility bills (gas, water, electricity if these are not included), council tax (if not included), internet, mobile phone, food, cleaning and household supplies, laundry and going out.

It may be tempting to go out every night for a few drinks with friends but, if your budget does not provide for this, you could find it difficult to pay for important bills such as rent!

If in doubt, always ask for help and play it cautiously, allowing for unexpected expenditure. Most students underestimate their costs.

The better informed you are, the easier it will be to stay in control of your finances.