Top 5 tips for budgeting at university

If you look hard enough, you can get discounts on just about anything. I would make sure to get a railcard, sign up to get a student oyster card, make the most of your Totum (NUS) card and sign up for free or discounted subscriptions (every little helps!).

Brands love students because they see you as a long-term loyal consumer with (hopefully) lots of disposable income. Our advice – take advantage! UNiDAYS and other sites are brilliant places to grab a discount.

Mobile banking is pretty smart these days. Whether you use Revolut, Monzo or a more traditional bank, all apps have budget setters and spending targets. Use these features to feel good about yourself at the end of the month. We recommend dividing your income into vaults (on revolut) based off the 50/30/20 budgeting rule.

What is the 50/30/20 budgeting rule?

A straightforward budgeting method that divides your monthly income into three categories: needs, wants, and savings.

50% for Needs: Half of your income goes to essentials like rent, groceries, utilities, and commuting costs. These are the must-pay items you need to cover each month to keep your life running smoothly.

30% for Wants: This portion is for non-essentials that bring joy and fulfillment, such as dining out, entertainment, and hobbies. It’s important to enjoy life, and this part of the budget lets you do just that without guilt.

20% for Savings: The remaining 20% is set aside for your future. Whether it’s building an emergency fund, or savings (or investments we hope) towards a big goal like a trip or a new phone, this portion helps secure your financial well-being.

There are some things you should spend money on (the things that are important to you), and there are others that you should look to go cheap. Don’t get put off by discount shops and cheap supermarkets – shopping at these places will give you the ability to spend money on what you really want. P.S. Marks & Spencer put out all of their discounted yellow sticker items after 4pm on a Friday!

We would always recommend that you focus on your studies – the difference between a 2:2 and a 2:1 might mean £100,000’s extra income throughout your life. That is not to say that you shouldn’t start a side hustle.

Have a skill? Check out websites like Fiverr, sell stuff you don’t want on depop, Ebay or Vinted, take online paid surveys, or make something and sell it on Etsy! Whatever you do, don’t think that you can support an extravagant lifestyle by trading online – this usually ends in tears!

We really like apps like Moneybox, which round up your purchases (e.g., from £2.70 to £3 for a coffee) and invest the difference. This might not seem like a great deal of money, but the beauty is that you don’t really realise that it is not there, and all the while your investment pot is growing, powered by the miracle of compounding.

It is never too early to start investing – your future self will be eternally thankful!