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Thursday, November 17, 2011

Students - How To Cut Your Costs

While at university, the cost of food, rent, travel and socialising can often get too much - and can leave students in unmanageable debt.

So, what can students do at university to help them afford their day-to-day living costs without running up huge debts?
  • Firstly, they should create a budget. This is one of the most important things to do while at university. All they need to do is write down everything they earn/receive, and then write down everything they spend each month. By doing this, they can see if/where they are wasting money that should be used for other things (such as food or rent costs). Budgeting can also help them remain in control of their financial situation - allowing them to spot warning signs before problems escalate.
  • Secondly, they should look into sharing the cost of living with their friends. If they simply share the cost of a weekly shop, then they could save hundreds of pounds over the course of the year. Sharing a weekly shop doesn't have to be hard - it just means they will have to plan out what they intend to eat for the rest of the week. And if they can eat the same as their friend for at least one daily meal, then they will save even more money!
  • Finally, students could walk/cycle to class instead of get the bus! In some cases, students will live quite a way away from campus, and have to get the bus in. However, if they were to set off a little earlier and walk/cycle there, they could save themselves a considerable amount of money over the term.

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