The Three P’s of Managing Money
I know too well the feeling of joy when my bank balance is plummeted into the thousands after another student finance payment. Now, I have always been sensible with my money but it doesn’t stop the urge to want to spend it all. I have learnt to budget my money over the past three years at university and I have compiled a few tips for first year students.
This is probably the most important part of managing money. Ask yourself the question: Do I need that or do I want it? There is a big difference. Always buy things that you need first, the essentials and if you budget you can often treat yourself and buy yourself something that you want. When I was a first year student, I often made this mistake. I would buy myself a couple of books or a DVD and then realise that I could have spent that money on more food or towards my phone contract.
If you are struggling to pay everything with your student finance money, why not get a part time job alongside your studies? Surprisingly, there are many jobs out there available for students, including jobs that are available on campus. I worked at the university shop for a short time during my second year of university and found it much easier to manage my money. I may have had less time to do my university work but I managed. Being a student is hard work but having a part time job definitely solves the money situation.
Put Some Money Away.
Even with the little money that student finance gives you; it is still possible to save some. The system that I had when I was living in university halls was the envelope system. I would draw out a certain amount of money a week and put it in separate envelopes. If I had any money left over I would put it to one side and save it. You never know when your laptop might stop working or your TV might blow up (Yes, I have experienced this unfortunate event.)