It’s National Student Money week, and with the theme “Breaking Bad Money Habits”, we thought we’d give you a few pointers in how to manage your money better. You could use the money you save for a well-deserved holiday this summer!
This is a good way to save money for the things you need. Starting a savings account and putting aside a bit each month makes a huge difference, especially for unexpected expenses such as car trouble.
Shop around for a savings account to find the best deal for you. Money Saving Expert has all the savings accounts for you to take a look at and find the one for you.
Small changes make a big difference
What are you spending your money on? A lot of us prefer a lie in and grab breakfast on the way to uni. Or get a snack in between lectures or buy a meal deal for lunch. If you’re spending £3 a day on a meal deal, that’s £15 a week.
Imagine what you can save in a year if you make your own lunch or wake up a little bit earlier to make a coffee. Even get yourself a travel mug to drink your morning coffee on the go.
Set yourself a weekly budget, and break down what you’re going to spend it on each week. Think about rent, food, transport, but also social times. That way, you know how much you can spend on each activity.
This will hopefully stop any “impulse buys” (my own weakness) and encourage you to manage your money. A way that can help you with this is by using cash and leaving your card at home; that way you won’t be tempted to spend more than you have.