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Being able to manage your budget during your time at university is important. It helps you become more independent and more money-smart with what you spend. By adopting savvy budgeting and cost-saving techniques, you will be surprised how far you can stretch your maintenance loan and finances.
Maintenance loan
To begin, you must be aware of what will be coming in and out of your loan. Everyone’s financial circumstances and lifestyles are different, this means that budgeting and priorities will vary from student-to-student. If you are not sure how much you are likely to spend on different things, there are some good online tools out there such as the Which? student budget calculator, which lets you put in your university and get an idea of average monthly living costs, broken down into lots of headings – from accommodation, transport and mobile phone and internet to food shopping and going out and eating out. It is important that you stick to this budget and factor in what portion of it will be spent on food, utility bills and leisure activities.
Planning meals
Food shops can take a large chunk of your student budget. Check the use-by dates before you buy to ensure you are not wasting food and consider frozen options so you can bulk buy every so often. This will prevent you from overspending.
It is good to meal prep too. Making a curry or chilli for example on a Sunday night will keep you ticking over until the Wednesday or Thursday, depending on your portions – and you can freeze these for the future!
As tempting as it is having Subway, Greggs, and a Tesco for meal deals on university campus, you will save a fortune preparing lunch before you leave. If you want a treat, consider using apps such as Too Good to Go that lets you buy food at discounted rates from shops and cafés at the end of each day.
Student discount
Always ask for student discount and bring your student ID everywhere!!! Many places do not advertise their discount widely, so it is worth asking as the till and you could bag yourself 10-20% off your shop. UNIDAYS can help you find these discounts so make sure you sign up and always check before you shop.
Clothes and fitness
If you have clothes you no longer wear, consider selling them on apps like Depop, Vinted etc. Perhaps start buying your clothes off these platforms too to save money as a student.
Look at the university’s gym for memberships. It provides great options for those who are on campus only during term-time or all year round. Check it out: Memberships - Sport Liverpool - University of Liverpool.
Extra financial support
The Money Advice and Guidance team can help with any money issues you may have. Check out their webpages to see the advice and support they offer to help with any financial difficulties.
The University offers a hardship fund for students who are experiencing finacial difficuilties (University Hardship Fund University Hardship Fund- Student Services - University of Liverpool). Never suffer in silence. The team are there to help with any queries you may have.
Student support and wellbeing
The Student Support and Wellbeing team at the university are here to provide you with any support you may need. Everyone is feeling the pressure 2023 has brought, but people are available to help. Book a slot with an adviser if you are any way worried. Wellbeing Advice and Guidance - Student Services - University of Liverpool.
University life is amazing. The friends you meet, the memories you make…it really does shape you as a person! You are not alone. If you're stuggling with money worries then reach out and ask for help.
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