University is the first time many youngsters are introduced to the idea of ‘money management’. Suddenly, they’ve got to learn to pay for bills, rent, food and other expenses on a limited budget. Needless to say, it can be a daunting time.
So to give students the best possible chance of managing their money, here are some top tips you can share with them.
Set up a mobile budgeting app
There’s a tonne of easy to use budgeting apps available, such as Mint, Slice or Check (also known as Mint Bills). The best thing about these apps is that they do all the hard work. With an app like Mint – which links directly to a user’s bank account and allows them to set up mini budgets for things like coffee or alcohol – there’s no reason to put it off.
Take up a part-time job while studying
It is easy to fall into the trap of prioritising unpaid work experience and work placements over waiting tables. While these are undoubtedly important for building a career, if students also worked part-time they could be saving money to pay off their student loan sooner or to manage other expenses.
Take advantage of student discounts
Most high-street stores offer great student discounts that can save a load of money over time. For example, UNiDays is something students will also want to check out as the website offers exclusive student deals on a range of products, including clothing, food and technology.
Additionally, there’s the 16-25 Railcard from National Rail that offers 1/3 off rail fares – a staple for any undergraduate. Amazon Student is also an option – they offer students 50% off Amazon Prime membership with special student offers on text books, a Kindle book to borrow every month and much more, available indefinitely.
Share the cost of weekly food shops with flat mates
Provided they all get along, students could save a fortune every week by sharing the cost of food between their flat mates. Not only is this a great way to save money, it is also a great social move. By sharing grocery shopping it will encourage everyone to cook together like one big happy family!
Buy or sell used text books
Instead of buying brand spanking new text books, which can cost a fortune, buy used ones online. These can be significantly cheaper and after you’ve finished reading them, they can be sold on to other students.
Although most students won’t have a credit history, it is important to create healthy foundations for having a strong credit score in the near future. If you’re a student or know someone who is, refer them to the Noddle blog so they can learn as much as they can about the importance of money management and credit, before it’s too late.