Freshers – Don’t say goodbye to your loan just yet

With such a range of people at uni it is easy to try and keep up with their spending, but what is important is how you manage your own money and figuring out what works for you.

When your student loan drops or your money comes in there is inevitably a temptation to bail out. However, as the students before you can confirm, and the students after you will discover, that September splurge all too quickly becomes a December downer when money gets tight. Before you know it your eating 30p noodles three times a day, waiting for that next instalment.

Track your spending

Set yourself a budget for the week and keep an eye on your spending to make sure that you stick to it. Keep receipts and record your amounts spent.

Keep a record and you’re golden.

We’re not saying you’ve got to get all spreadsheets and balance books on us, but setting yourself some spending boundaries and sticking within them is a great way to make your money last. (However, if you are Excel literate, a simple spreadsheet can make light work of this balancing act.)

An overdraft is not free money

Contrary to popular belief, an overdraft is not an opportunity to book that holiday to Ibiza or even buy yourself a new wardrobe “just because you can”. Although it might seem like a lifetime away, you do eventually have to pay your overdraft off.

Overdrafts can be lifesavers and there are some great deals out there to be had. Shop around, and see what the banks have to offer – and try to look for one with a zero percent interest rate.

But keep in mind that these interest-free rates often only apply to students – meaning that once you graduate, if you’re still in the minus, you can quickly build up an even greater debt through interest alone.

Try not to get so far into it that you’ll never be able to pay it off.

Be smart about your food shop

Compare prices

The supermarket brand you know and love from home isn’t necessarily going to be the cheapest. Don’t dismiss another supermarket just because your mum doesn’t shop there. Shop around to see what fits your budget and make sure to check out the discount supermarket chains like Aldi or Lidl.

Aldi is a trek from campus, but totally worth it.

Be brand aware 

These days you can often pay more for a brand name and it’s packaging, when in reality they’re all the same product.

Granted, for some things it is still true that “you get what you pay for”, but own-brand products are more competitive than ever and are not to be sniffed at.

Ditch the packaging.

The freezer is your friend

Often you can bulk buy your meats from a butcher and it can work out at far less per unit than you’d pay in a supermarket shop. Slap it in the freezer and defrost when needed. It is a greater initial cost, but we’re thinking about the long game here, and you might save yourself some money as the weeks go by.

Hit the market

You can get fresh produce from market stalls at a cheaper price than supermarkets. If you go at the end of the day, the prices drop even further and you might be able to haggle yourself an even better deal.

The night shop

Supermarkets do much of their marking down of prices in the evenings. Items close to their sell by date are often significantly discounted and placed in the “reduced” section at night. Head to the supermarket not long before closing to see if you can get any good deals – the best to be had are in the meat section. What you don’t eat straight away you can freeze.

Supermarket loyalty cards

You’re never going to save a fortune with them, but you might build up a fair old stash by the end of term that could go some way towards paying for pre’s. You are shopping in that supermarket, so why not collect the points.

Impulse control

If you don’t have any, consider shopping online. The on-screen rising total of your basket helps keep those impulse-buys in check. Try and plan out your meals and only buy what you need.