Budgeting

It's important to budget while you're at university, so you avoid dealing with added financial pressure. Here are a few tips to help you on your way.

Write a spending list

The first thing you'll need to do is work out your annual, monthly and weekly incomes so you know how much you've got to play with. Make sure you account for rent, bills, food, travel etc. Then things like going out, shopping trips etc.

Work out what you can afford and what you can't - you might have more money than you thought! If not, ask your bank for advice on overdrafts and any other assistance they can offer (but don't get an overdraft just so you've got some extra spending money).

You may find it useful to set up direct debits to pay your rent and utility bills; that way you don't have to worry about going to the bank every time you need to pay them. Unfortunately the same can't be done to cover library fines, so avoid those where you can!

Finally don't be tempted to factor unconfirmed things - such as part-time work - into your budget, otherwise you'll risk luring yourself into a false sense of security!

Watch what you spend

Your budget can easily fall to pieces if you don't watch what you spend, so consider these tips:

Withdraw a certain amount of cash at the start of the week - and make it last! If necessary, leave your cash card at home during the week. And why not save up all your lose change then bank it?
Don't overspend on your monthly food allowance - set a limit and stick to it
Do your food shopping over the internet. This reduces impulse buying and you can always split delivery costs and cook with your housemates
Get hold of a supermarket club card so you save points leading to discounts every time you shop
Look out for vouchers/mailings that give you discounts on various products (especially at the Freshers Week)
Shop around for good deals. Good student supermarkets include Asda, Lidl and Aldi
Don't buy course materials before you get here - you can often find cheap books on eBay and past students advertise used books at a fraction of the price you' d pay new. The Students’ Union Reception have a 2nd hand book shop where you can often pick up your course texts at a cheaper price.

Save money on travel

As tempting as it might be to bring a car to uni, it could end up being more a hindrance than convenience.

Our student residences are located either close to town or within walking distance of the main campuses, and with a subsidised bus service available.

There are good local amenities too, so it's easy enough to get to the supermarket, do your shopping, and get home again.

For out-of-town travel, get yourself a Young Person's Railcard (takes up to a third off the cost of your train ticket) or go by coach, which tends to be much cheaper than taking the train.

Enjoy yourself

Going without the latest iPod doesn't mean you have to miss out. You can save some money and still have a social life by doing some of the following:

Stay out of town during the week and try out the Students' Union instead.
Make your own lunch and avoid buying sandwiches when you're out - a £2 baguette every day soon adds up!
Take advantage of student saver theatre and cinema tickets. And if you're not sure if somewhere offers student discount, ask!
Drink before you go out - it's much cheaper than buying drinks in a bar.

Bournemouth University

Postgraduate / Budgeting

Budgeting

Write a spending list

Watch what you spend

Save money on travel

Enjoy yourself