Managing your money at university: Top tips and tricks for new students

Starting university is exciting, but it also comes with new responsibilities. For many students, this is the first time living independently, which can make budgeting feel a little overwhelming at first. If you’re already worried about finances ahead of September, you’re not alone. Here are some tried-and-tested tips to help you take control of your spending and still make the most of student life.

Spend on your own terms

Everyone’s in a different situation when it comes to money at uni, and that can make conversations around finances difficult to navigate. It’s important to remember that your finances are no one else’s but your own. Comparing yourself to others or feeling pressured to spend more than you’re comfortable with can quickly lead to financial stress. Don’t be afraid to set your own boundaries and say no!

That said, this doesn’t mean that you have to miss out. It’s not about skipping nights out or avoiding that shopping trip your friends have been planning, it’s just about being more mindful of how often you’re tapping your phone!

Go on the shopping trip but be there to give fashion advice rather than spend. There have been countless times when I have nearly said no to plans because I didn’t want to spend money, only to end up having a great time regardless. A good friend will always understand your boundaries, and there’s so much you can do in the city that doesn’t require spending.

Budget, Budget, Budget

It may sound like a simple one, but budgeting truly is the backbone of good money management. Sit down at the beginning of each term, either on your own, with a parent, or with that friend who is good with numbers and plan out your finances.

Here’s an example of how you can break it down:

-Calculate your income.

-Subtract your fixed, non-negotiable expenses.

-Whatever is left is yours to spend. Divide this across the weeks in the term.

Make sure you’re setting yourself targets that feel achievable, and don’t worry if things don’t go perfectly every week. Some weeks you might go over; others, you’ll spend less. The great thing about university is that every week can look completely different, and while that can make budgeting nerve-racking, it also gives you loads of flexibility.

Bonus tip: You can even create mini budgets for different categories, such as food, nights out, shopping etc. It’ll help you spot where your money is going and where you may need to cut back!

Find the work opportunities that suit you best

Balancing a job with your studies can be challenging, but there are plenty of flexible options out there that work well around a university schedule. Of course, lots of students choose to work during term-time, but if that isn’t for you, here’s some other good options:

Keep a job at home

I have always found it very useful to keep a seasonal job at home for the holidays. Uni holidays are often longer than you expect, and they’re a perfect time to earn some extra cash. Similarly, if you have been working during term time in Manchester, don’t be afraid to stay during the breaks if you want to carry on earning. Don’t worry about feeling alone, lots more people than you’d think will be in the same boat.

Tutoring

Another great alternative is tutoring; one of the most flexible (and rewarding) student jobs.

Being at university, you’re likely already qualified to tutor in your subject area, so you may as well make use of that to earn some money! Most tutoring platforms often let you teach not just your degree course but all the subjects that you took at A-Level too. You’ll be able to pick your own hours and handle all your own requests, perfect to fit around student life.

Look online for the tutoring platforms that are currently hiring. Some periods are busier than others, and some subjects are more in demand, so don’t be disheartened if you don’t find tutoring work straight away.

Event and venue staff

Manchester is full of concerts, sports matches and events, many of which hire part-time staff through agencies. The flexibility of these shifts makes this a very popular option for lots of students. It’s great if you’re not ready to fully commit but still want to earn some extra money when you have the time.

Ultimately, managing your money at university doesn’t mean you have to miss out. It’s all about being intentional with your spending and planning ahead where you can. It might take a little while to get it right, but once you do, you’ll feel so much more in control.