Preparing for university - budgeting.

As soon as you find out you have secured a place at university and want to accept it, it's time to plan ahead! Going to university can be a life changing experience, and as daunting as that may seem, for the majority of people it is the best time of their lives. As long as you plan and arrange everything you need to do, you'll be fine, and this particular post is going to help you along the way. As well as everything you need to take with you (check out my next post for that!) you will need to sort things out like money, travel, accommodation etc.

You need to ensure that you have applied for your student finance with plenty of time left, just to ensure that your money is in your bank for when you need it. It would also be useful to open a student bank account with a branch nearby to where you are living. Be sure to check out a range of student accounts as they all offer different benefits. You may also need to travel home from university at holidays such as Christmas and Easter, and if this involves a train, plane or coach, be sure to book in advance and you will save a good amount of money! 

Each month you should budget your money. Note down your income (how much money you receive from your student loan per month, and any money from a part time job, benefits or savings). You can then note how much you plan to spend on rent, food, anything you may need for university, clothes, petrol etc. Deduct this amount from your income and you will see how much you have left for recreational use. If you discover you plan on spending more than you have, you need to work out what to cut down on.

Here are some money saving tips on food, socialising and study expenses:

• When cooking food, make more than you can eat and freeze it. This will keep in the the freezer and can be used for more meals later on.
• Buy own brands from supermarkets and sign up for loyalty schemes.
• Make a list of food you need and stick to it.
• Look out for bargains on fresh food at the end of each day - they can't sell fresh bread for example a day after it was baked.
• Look out for student discounts if out with friends in places like the cinema for example.
• Find out when your favourite clubs have student nights for cheaper entry and cheaper drinks!
• Only take a certain amount of money out so you aren't tempted to spend more than you can afford to.
• When purchasing study material, find out what is essential so you don't waste money on materials you don't need.
• Ask older students on the same course what books they needed.
• Look on Ebay or buy them second hand so that they will be cheaper.
• Borrow from the library if you don't need the whole book.