Worrying about how you will manage your finances at uni? We’ve got five tips to help you save money and structure your spending.
1. Make a Spreadsheet
The best thing you can do to stay on top of your spending is to clearly outline your budget. Making a spreadsheet that accounts for your rent, bills, food shop, free time, unexpected expenses and anything else you might spend money on will reduce stress and give you a sense of control over your money. You can keep updating your spreadsheet with incoming and outgoing transactions, so you always know how much money you are spending. Here is one of our templates you can use, or try this Excel spreadsheet.
Or, if you’d rather – there are plenty of apps you can use to help you budget. Try Wally, Emma, Snoop or MoneyHub. These apps track your spending and can help you organise your budget.
2. Plan Your Weekly Meals
Similar to the first point, but vital to saving money, is pre-planning your food shop. As an inevitable source of spending, your food shop is something that you need to budget effectively. By planning what you are going to buy in advance you can cut down on waste and know exactly what you are going to spend each week. Cheaper items, like canned foods and frozen veggies are great to cut down on in spending and are nutritious without having the quick expiry dates of fresh produce. Need some inspiration? Here are some healthy, quick and cheap meal plans.
3. Open a Student Bank Account and Use Student Discounts
Student bank accounts are so useful in giving you flexibility and benefits with your spending. Having an account with an overdraft gives you that extra bit of security if your budgeting does not go to plan. Most banks will also offer extra benefits, like a railcard, discounts, or vouchers. Have a look around and decide which deal best suits your needs.
Always ask if there is a student discount – some places go as high as 30% off for students! Even if you think it’s awkward to ask, the worst that can happen is they’ll say no. Another way to save money is to use loyalty schemes. Most supermarkets will give you points that add up in every shop, and eventually give you vouchers or money off. A lot of shops and cafes have loyalty cards which are much of the same – money off, free drinks, or coupons will increase your savings over time.
You can find more information on our Student Life Hub on opening a bank account and student discounts.
4. Budget Friendly Activities
Exeter has so much for you to do at little to no cost. There are lots of beautiful walks that you could go on – either exploring some of the city’s parks and gardens, going along the Quay, or further afield for a day trip to Dartmoor or Ludwell Valley Park. You could even go on one of the free guided walking tours by the Red Coats that are on throughout the year! You can also visit the Royal Albert Memorial Museum (RAMM) where you can see their exhibitions for free, or you could go and see a film with Exeter’s Campus Cinema society (members tickets only cost £2). There’s plenty to do around the city, you just need to keep an eye out for updates. Our Give it a Go trips are also great for low-cost activities!
5. Ask For Help
Handling finances can be stressful, and if you feel like you need more support you can always reach out to the University of Exeter’s Student Finance on SID, ask for help from the Students’ Guild Advice Team or talk to the University’s Wellbeing Service. They are all there to help you and sharing your worries will always make them seem more manageable.
Hopefully these tips will help you with managing your budget for your time at Exeter. Making a plan and knowing what your money is going towards will help you feel in control of your spending and reduce stress. Make sure to always reach out for guidance if you feel overwhelmed and try to make room for fun in your budget!