Money Management

24 October 2019 Hints & Tips

Money Management

 

Yes we know, not the most fun topic in the world but one that needs to be talked about nonetheless. We get it, you’d rather spend your money on dominos, uber eats, asos and going out (wouldn’t we all!), but realistically that’s not the best idea. It can be hard to know where to start or how to cut corners if you’ve never budgeted before, so we’ve compiled a few bits and bobs to nudge you in the right direction.

 

Set a budget

We’re sure your evenings are FULL of essay writing and scrolling through the Abbey Rentals website picking your future home, however take some time to assess your financial situation. Jot down all your incoming money from student loans, bursaries, part time jobs, bank of mum and dad etc and your outgoings, such as food, rent, going out and gym memberships and see if it balances out. Find outgoings you could live with out (Hulu, Hayu, extortionate phone contract – we’re looking at you!) and cut them out. See if there’s any way you can boost your income, such as by picking up some extra shifts or selling some unwanted clothes, that way you’ve got some money stashed away for emergencies or a rainy day! See how much you can afford to spend per week and draft up a budget and then stick to it.

 

 

Avoid Meal Deals

Yes they’re called ‘deals’ but when you’re having them 5 times a week, you’re mugging yourself off a bit there. They’re handy for those super busy days at uni where you’ve forgotten your lunch but don’t have time to nip home, but try to limit it to that. We’re all guilty of it!

 

 

Do you really need to go out 4 times a week?

The occasional Friday or Saturday night out can be excused, but when you’re going to cruise Monday, Wednesday Rosies, SU Friday then round every bar in Chester on a Saturday, it’s a little excessive. If you add up all the money spent on outfits, taxis, entry, drinks and food you’d be absolutely gobsmacked. Your friends wont mind if you miss the odd night out here and there, and you’ll find you get so much more work done and feel loads better about yourself too!

 

 

Online Shopping Addiction?

We have to admit, this is our biggest weakness. It can become very addicting and gets very expensive, so try to hold off ordering clothes you don’t need – yes its true, you don’t actually need a new outfit for every occasion. Delete any shopping apps you have on your phone, and try to resist whenever you feel the urge to just ‘have a quick browse’. For any clothes you’ve hardly worn or still have tags on, Depop is a fab way to make some of your money back for clothes you’re unlikely to wear again.

 

 

Gym?

It might be very tempting to splash the cash and go for the fanciest membership you can find, however realistically are you actually going to use all the extras? Commercial gym chains like Pure Gym and The Gym often have cheap options, and if you get the off-peak membership it can even be below £10 a month! It’s worth shopping around and seeing what’s best for you as well as matching your needs.

 

 

Cash or Card?

Paying by card feels like you’re paying with monopoly money, and with the rise of Apple Pay and contactless its easier than ever to get carried away. Try to figure out a set budget for the week and withdraw it in cash at the start, and hide your card away. It easier to see how much you’ve got left when its in your hands, and can help prevent those little fivers fluttering away here and there.