All students should want to know how to manage their finances properly. Ever wondered how you can make the best use of your cash whilst at uni? Start by avoiding these top five financial mistakes.
Not creating a monthly budget
One of the most important aspects of managing your personal finances is tracking your income and expenditure, that is how much money you are earning and spending each month.
Read more about managing your budget here.
Having too many unused subscriptions
How many of us have signed up to streaming platforms such as Netflix, Amazon Prime, Disney Plus or Now TV? What about Spotify or Apple Music?
Consider whether you actually use all of these and if there are any you’d be better off cancelling.
Remember, if several members of your household have signed up to streaming platforms you could always consider sharing an account and splitting the cost.
Not taking advantage of student discounts
Many retail stores and restaurants offer discounts to students. As long as you show your student ID card you can get generous discounts on anything from clothes, shoes, books, jewellery, food, drinks and even travel. Its always worth checking if a store offers student discounts (some don’t always advertise their student discount) and try to choose stores that you know offer discounts to students.
Read more about student discounts here.
Not earning some extra cash in your spare time
Most students will have a part-time job whilst at university which is a great way to earn some extra cash. However, if you don’t there are still some other ways to earn money as a student such as:
- Tutoring
- Babysitting
- Selling old stuff online
- Turning your hobbies into profitable businesses such as selling artwork or freelance photography
Not having an emergency fund
Imagine if you accidentally smash your phone or your laptop suddenly breaks and you need to buy a replacement. Having some money set aside for emergencies can be really useful in case you suddenly need some cash.
You don’t need to have hundreds of pounds hidden in a secret bank account or stuffed at the back of a drawer. Even adding an extra £10-£20 to your savings account each month could help tide you over if you needed it.
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