University on a budget

Studying ain’t cheap, but there’s no need to ration the baked beans. The Mix has your top tips on how to make the most of your money at university.

Getting the boring stuff out of the way

First things first, what have you got?

It may seem really really boring, but taking some time out to check what cash is coming in and what’s going out can take a lot of pressure off potential money troubles later on in your studies.

Answering these questions is always a good start:

• How much do I receive each month/term/year?
• How much is my accommodation?
• What do I need to survive and thrive? (Food, monthly subscriptions, gym, etc)
• How much do I have left to play around with?

These questions should hopefully set you up for a successful year ahead and it’s always best to jot them down in a spreadsheet, journal or notes app on your phone.

By getting to know your money first you’ll have a lot more fun with it and avoid those awkward situations, like when one of those random all-nighters comes up that you just can’t say no to.

The student banquet

Now let’s be realistic, some of your home-cooked meals might be enough to make Gordon Ramsay front-flip out of a flying aircraft. We might not all have the expertise, budget or temper of a 57 year-old cooking guru but it doesn’t mean you have to scrimp on what you eat.

The chances are that you have a selection of wallet-friendly supermarkets right on your doorstep, so shop around and discover which one works best for you. It’s not just about the bill too – consider travel costs, delivery fees (if shopping online) and quality. Sometimes it’s nice to treat yourself so don’t feel guilty for splashing the cash on a fancier shop once in a while.

The important thing is to keep a tab on how much your spending each week on groceries so you know what to aim for every time you organise the weekly shop. Expect it to go up and down depending on what you need and want and allow room for this.

LSE recently estimated that students in London spend around £100 per month on food, and that’s LONDON, a place where it costs around £40 just to breathe. If you’re studying outside of London then you should have no problem eating well for less, meaning you have more money for all those other things.

(Psst…for some juicy recipes that satisfy the bank balance, check out Beat The Budget)

Party like it’s £19.99

Although not everyone loves a party at university, it’s still a big player in the whole experience. Freshers, club nights, the unlimited number of birthdays that require to be celebrated – the list goes on. So how are you supposed to pay for all of it!?

Pre-Drinks

Ah, our saviour of cheap nights out – the pre-drinks sesh. Not only is it a chance to actually talk to your friends before the thumping music of the dancefloor gets going, it can also save you a LOT of money.

Consider planning ahead and buying your beverages in your weekly shop to save even more. Alternatively, join up with your mates to lighten the price tag – sharing is caring after all.

Deal or no deal

Most clubs and pubs will have ongoing student offers, and some will be more enticing than others. A quick online search in your local area should let you know where the cheap goodies are.

Go sober

20 years ago, the thought of going sober on a night out was almost unheard of. Nowadays, things are a little different. With 20% of young people now identifying as non-drinkers, now is a great time to stick to the soft drinks and relish the freshness and clarity of a clear head the morning after.

Moderation moderation moderation

It’s easy to get carried away with the fish bowls and 3 for £10 jagerbombs but if there’s one way of saving money on a night out, then it’s knowing your limits.

Keep a check on yourself and others and if you feel like you’ve had enough then great! Your bank balance will thank you in the morning.

Side hustles

Essays, exams, portfolios. University will be throwing everything at you as you run around frantically trying to grab it all. The last thing you need is to be worrying about money. That’s when a nice, easy side hustle might be just what you’re looking for.

A side hustle is a job you have alongside your current studies or work, helping you earn a little extra cash and ease the pressure off from those money worries.

Many university students manage to pursue side hustles without feeling too overwhelmed by their studies because they make their hustle work for them. Some ideas include:

• Working at your local Student Union.
• Part-time work at a local pub or club.
• Selling old clothes on Vinted.
• Freelancing (offer your talents to companies such as graphic design, writing, and editing)
• Pet-sitting (yes, get paid for looking after pooches!)
• Delivering food
• Tutoring (teach music, languages, or even just general school stuff!)

We are truly living in a side hustling world and the opportunities are endless. If you’re considering a side hustle, it’s essential to understand how it fits around your studies. With the right side hustle, it can enhance your learning as well as making you some serious dollar.

Budgeting at university isn’t easy, but with the right preparation it can be something you needn’t worry about. With a good understanding of your monthly money, you can focus on the things that truly matter – having the best time with your favourite people.