For many students it’s the first time they’re having to be in control of their own finances and setting personal budgets.
For many students it’s the first time they’re having to be in control of their own finances and setting personal budgets. Managing money for the first time is likely to be one of the biggest shifts from home life to university life.
It may feel quite daunting, but it doesn’t have to be as scary as you think!
Here at the Guild and the University, we have a range of resources and recommendations to help with this transition to make budgeting as easy as possible.
Setting a Budget
Our Budgeting Planner is a brilliant budgeting template that you can print off or complete digitally. With this you will be able to track your income and expenditures throughout the whole year, from essential spending such as tuition and accommodation fees, along with celebrations, subscriptions, hobbies, and so on.
Everything can be tracked in one document; this way you can ensure that you’re able to keep track of essential expenditures and the fun things too, all whilst sticking to your set budget each month.
Cost of Living Support
The Cost-of-Living Crisis has had a huge impact on students across the UK – at the Guild, we want to do all we can to provide information and support to all students in an easy and accessible way.
To address this growing issue head-on, the Guild now has the Community Breakfast and a Community Eco Shop along with internal University Financial Support information and External Local Support facilities.
The Guild’s Cost-of-Living Hub is full of useful information on the support available to you as a UoB student and to ease any money worries you may have. It also includes further budgeting and financing tips for Undergraduates, Postgraduates and Student Parents.
Budgeting Top Tips
Keep an eye out for student discounts at shops, restaurants and attractions – even a 10% discount can make a big difference. Save on bills by researching using comparison websites such as Save the Student – this will help you find the most competitive deals. As we get closer to the colder months you could try keeping warm with an electric blanket – they’re incredibly low cost to run and keep you warm without having to run the central heating all day.
For more budgeting tips, check out the Guild’s budgeting webpage.
Written by Residence Life Assistant, Rani