Psychology Student Theodoro shares her student budgeting tips:
Being a university student can feel overwhelming, not just because we’re taking on more responsibility academically, but also because we’re managing our finances on our own. In this blog, I’m sharing a few tips to help you manage your money effectively so you can fully enjoy your university life in Bath!
- Download a Finance App
I can’t emphasise enough how helpful a finance app can be! It only takes a few seconds to record your expenses, and tracking where your money goes is one of the easiest ways to stay on top of your spending. By doing this regularly, you'll know exactly where your money is going—no more stressful moments when you realize a large chunk has vanished from your account, and you can’t remember why.
One app I highly recommend is Spendee. A lot of my friends use it too, and the free version is great! It lets you track one wallet, which is more than enough for most people. 🙂 However, feel free to explore different apps and decide which one works best for you.
Give it a try—it could really change how you manage your money!
- Make a Budget
Setting a budget—whether weekly or monthly—is key to understanding your financial situation and making sure you don’t overspend. A budget helps you prioritize your needs and ensure you have enough for the essentials while saving for other fun experiences during your time at uni. You can find some examples on the managing your money page.
- Walk Instead of Taking the Bus
Taking the bus can get pricey, especially if you’re traveling to campus every day. Walking is a fantastic alternative! Not only does it save you money, but it also improves your wellbeing.
The walk from campus to the city takes you through the beautiful Bath Skyline, which is breath-taking both during the day and at night. However, it’s not ideal when it’s raining, and some might feel uneasy walking alone at night.
So what I would say is walk whenever you can and save your bus fare for when walking isn’t practical. You’ll get a bit of exercise, enjoy the scenery, and still have your bus money for those rainy days!
- Think Twice Before Making a Purchase
This might seem like an obvious tip, but it’s something we often forget. That’s why I’m stressing it here—it really makes a difference!
Before buying something, ask yourself: “Is this purchase really necessary?” It’s a simple question that can help you rethink whether you actually need the item. Do you already own something similar? Will you only use it once? These moments of reflection can prevent impulse purchases and help you save money in the long run.
So, before you tap your card, take a second to think—you might be surprised how often you change your mind!
- University Resources
Our university offers a bunch of financial advice that you can access through the manging your money page. These resources are designed to help students manage their money more effectively.
Additionally, I highly recommend Blackbullion, an online learning platform that provides free educational resources on finance, including topics like saving, managing debt, and avoiding scams. It’s completely free for students and offers videos, articles, and quizzes to help boost your financial knowledge. Check it out if you have the time—it’s a fantastic tool to improve your financial awareness!
- To sum it up!
There are plenty of tools and resources out there to help you manage your finances effectively. But if you ever find yourself feeling overwhelmed, don't hesitate to reach out to the Money Advice Service —they're a great resource for guidance and support when things get tough!
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