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Budget power
It pays to know how you spend
University could be the first time that you have to manage your own money, but don't worry, it's straightforward if you have a budget. Just take a little time to go through your income and outgoings - perhaps with a parent or guardian, if you're not sure how to begin. Or you could keep a weekly spending diary to see where you could cut back. Either way, it will help you to be realistic about your finances right from the start, and save you loads of trouble.
There's lots of helpful advice at Lloydstsb.com on how to set up a budget.
Know your limits
Have the will power to stop spending
University is the perfect time to make friends and experience new things, but it's tempting to throw caution to the wind and overspend when you're socialising. When you're having a great time hanging out with your mates, don't feel embarrassed to say no to that extra drink or that visit to a club if you feel it will be a waste of money. Your friends might well thank you for controlling their spending as well.
Give yourself pocket money
Control your spending with a self-imposed allowance
Just as your parents may have given you a weekly or monthly allowance, this strategy will help you begin to think about and control your spending. On the same day each week, withdraw a fixed amount of money to cover your weekly expenses. Each weekly withdrawal must be for the same amount. This way you regularise your outgoings. If you start running low on funds you will, by necessity, begin to alter your spending.
Be wallet aware
Only carry the amount of cash you allow yourself to spend daily
If you're a sucker for an afternoon latte or tend to get cash-happy on a night out at the pub, ration your cash on a daily basis. Not only will this stop you getting that final round in and blowing tomorrow's money, it will also allow you to save in advance for a special occasion.
Dine at 'Chez - Moi
Eat in or make a packed lunch
That prawn and avocado salad from the local brasserie might have tasted good at the time, but a homemade cheese and pickle sandwich could be just as tasty at only a fraction of the cost. Making your own lunch is a proven way to keep your daily expenditures in check. Not only can you take advantage of special offers at the supermarket - saving even more money - but you can also eat more healthily.
Second - hand chic
Save loads on clothes from charity shops
Thankfully, second-hand clothes are cool these days, so you can hold your head up high in a charity shop. This is a good habit to get into that will save you lots and become a great habit for life.
Bank those benefits
Make the most of a student account
It would be understandable for some to be a bit cynical about student accounts because of the freebies associated with them, but in actual fact they do offer genuine perks to students. The trick is in how you compare the benefits of different student accounts. First you have to work out the value - to you personally - of the freebies and goodies that come with it. A free rail card is worth nothing to you if you only ever drive! But more importantly, compare the interest rates that they pay you when your account is in credit, and compare the interest they take off you when you're over your interest-free overdraft limit. It's easy to compare the sizes of the interest-free overdrafts they offer, but again, it's down to the individual as to how and when you use this facility.
House rules
Communication is everything in a house share
The biggest mistake to make when you're sharing a house or flat, is to think that the everyday finances will take care of themselves. They won't, and could, at worst, cause serious arguments. So take the initiative and hold a money meeting - everyone will respect you in the long run. Make a list of the consumables that everyone shares, such as tea bags, loo rolls, bin bags and cleaning stuff. Come up with a figure for everyone to put into the kitty every month, eg £5. There, job done, one source of bickering well and truly removed. Have similar meetings to decide the household approach to other finances, like the phone bill, or perhaps how the rent is split depending on the size of rooms.
Don't splurge
Watch what you do when your money comes through
It's very tempting, when you get your money through at the beginning of term, to feel rich and to spend accordingly. Use your will power to try not to splurge, and you'll reap the benefits at the end of term, when you can let go with confidence if you want to. As well as using your self-control, at the beginning of term you should put your money into things like books and equipment that you'll need for the year or longer, and which lock your money away from the things you don't!
Bargain hunt
Look for discounts at all times
Think about what you're going to buy, then think where you might get it the cheapest. First of all, become familiar with all the local places that give student discounts - use our Discount Detector to see where you can get NUS discounts. Get loyalty cards for everywhere you might ever shop. Use an online search engine to find websites that list all the stores and food outlets that currently have promotions. Create a 'vouch pouch' where you chuck every voucher you come across, and keep it in your bag at all times. Then every time you're on your way to the shops, have a rifle through them to see if you can use any.
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