New Year, New Me, New Spending Spree… Budgeting For January

You’ve got ninety nine problems – and money is definitely one of them.

Financial woes are a common element of the student experience. How many times have you avoided a night out purely because confessing that you’re a tad too broke would have been too embarrassing? Fear not, being skint by the end of the term doesn’t make you an anomaly.

If left unsolved, monetary issues can begin to infiltrate your mental health. Research carried out by the NUS on behalf of Future Finance revealed that 30% of students in the UK have experienced negative changes to their mental health as a consequence of financial worries. Some students admitted that they’d resort to unconventional ways of generating income to soothe the difficulty brought about by a lack of funds.

However, there are ways to combat these worries. Here are four quick and easy techniques to beat money-related stress.

Step 1: Plan ahead

• Once you’re set on the university you’ll be attending, don’t waste time. Sit down with a nice latte or a Red Bull, depending on how galvanised you feel, and plan!

• Are you moving away from home – if so, you’ll most likely be renting, living in dorms or participating in a house share. Take the amount of your monthly rent and increase this by around 15-20%, this will in turn cover food, bills and electricity.

Step two: Banking

• Students tend to underestimate just how important banking Who you bank with and your account type can make quite the difference. Use the internet to go window shopping.

• Browse different banks and the student packages they offer, cross reference these to your circumstances, and choose the right one for you. Also, don’t forget online banking! Knowing how much you’re spending will help you save quicker.

Step three: What’s free and what’s half price?

• Often students aren’t aware of the free and accessible university resources on offer. Don’t waste money purchasing a book that can be downloaded using the e-library.

• Students in the years above tend to sell required readings at discount prices. Check these out and don’t forget to ask them for handy survival tips.

Step four: Social media

• Nope, not direct messaging your friends about being on your last tenner. Different social media platforms offer students countless advice forums.

• Pinterest publishes great budgeting sheets that will enable you to jot down your expenditure, construct cost plans and make timely and realistic goals in the most creative way.

If you need any more advice/guidance on the spending front check out Brightknowledge.org for more tips.

Inspiring Interns is a graduate recruitment agency which specialises in sourcing candidates for internships and giving out graduate careers advice. To hire graduates or browse graduate jobs London, visit their website.