It’s not actually that long in the scheme of things till my eldest heads off to university. He sits his GCSE’s this year and has already been accepted into college. In two years, he will be applying for universities. So, I need to start getting him into the mindset of being able to budget effectively because once you leave the family home you have to get used to being much more financially independent.

This article looks at some of the best ways to budget at university but feel free to add any suggestions you have as a comment at the end. You do have to be quite strict with yourself once you go to university. I remember when the student loan hit my bank account it was easy to get carried away. However, you soon realize you have to get that cash to last the whole year which is quite the challenge.

Have a plan!

See what you will have to work with first. It’s good to be realistic and have a clear idea about your school borrowing options so you can then calculate what you will have towards your outgoings. There will also be short-term financial solutions out there for students who struggle with bad credit, so don’t let that put you off making the leap into university.

Ensure you are prepared that events like Freshers Week when you might spend a lot more than a normal week at university. You will also need a bit of a buffer in your budget for anything unexpected. For example, if your car or computer breaks down.

You need to have an idea about how much your accommodation will cost and estimate what you think you will spend on food. Plus, don’t forget to include a figure for transport, clothes and nights out.

Shop Second Hand

Don’t feel like everything has to be brand-new. You can pick up reasonably priced second hand course books at university which will save a small fortune. Also don’t forget to make the most of the university library. They have an impressive selection of books you can borrow for free.

Student Bank Account

There is quite a choice when it comes to student bank accounts offering different freebies and offers. A popular one when I opened my first student bank account many moons ago was a free student railcard. But you might be better off going for the bank that offers the best overdraft rate. Let’s be honest its hard not to dip into the overdraft when you’re a student…

The Nationwide Flex Student offers up to a £3000 interest free overdraft and £100 cash. Whilst most of the other banks only offer up to £2000. You can get a three year rail card for £70 so you really are better off opting for the cash instead!

Get a student discount card!

Make sure you sign up to any student discount cards and keep abreast of any available offers. When I was in Lancaster university Bella Italia used to have a 50% off food deal one day of the week for students. It was a great way to have an affordable night out without breaking the bank. With the TOTUM card you can get 10% you’re shopping at the Co-op which will make a difference.

Ask For Help

There is extra financial help available once you get to university so don’t be afraid to use it. I managed to apply for a hardship fund which I was so grateful for. They did request to see my bank statements to make sure I definitely needed it and was also spending my money appropriately. However, it was easy to apply and the money saved the day when I was having a particularly lean month.

Save Money On Food

You can sign up to Too Good To Go which gives you a bag of products at a very reasonable price because they are extremely short dated. But you can get a good selection and some of it can be frozen to be eaten again. It would have made a fantastic change from the diet of super noodles I lived on when I was in university. You might also want to look at the benefits of buying food in bulk to budget at university.

Get A Job

If you can try and find a job that works around your studies to avoid building up student debt. This article with ways to make extra money including blogging might help. I used to work during the holidays as I lived in a town with lots of seasonal work there was always an abundance of jobs available.