After my first week of uni and realizing how badly I managed my finances, I gathered some tips and tricks from others to assist me. Here goes!
1. Set aside money for the whole month.
I estimated around £4 a day for all my meals, and so for a week, I set aside £25. A month has around 4 weeks, so I set aside a total of £100 a month for food. This includes snacks and everything. But if you have one nice lump sum there, you’ll probably be like me and think, hey, I have 100 pounds. I should buy, this this that and that. No.
Whenever you go out for that week, take only £20 . This is £5 less than the amount you set aside for the whole week for other things (friends coming over, laundry, etc). Whatever you have left, keep it aside. Do not add this to the 100 pounds fund. After the month is over, use all that remaining money to either shop for something you’ve wanted all month or just carry it over to the next week.
Oh and, ignore your debit card.
2. Always go discounts / cheaper alternatives / coupons
I try to buy everything I need on discount. I always buy 3 packs of chicken for £10 instead of buying one when I need them. To make sure they last, I just pop them in the freezer and defrost when needed. I tend to buy supermarket brand items (e.g tomato sauce, eggs, etc) instead of other brands e.g Heinz. You will save a lot of money in the long run. Coupons are also very useful since if you can get the same item for less, it’s pretty much worth the effort.
3. Eat with a friend (or friends)
It’s cheaper to cook for 2 people than for 1. I had a massive roast party the other day with my flatmates and with £50 for 20 people (that comes to £2.50 per person) we had:
- 6 whole chickens
- Broccoli
- Carrots
- Cauliflower
- Cheese Sauce
- Gravy
- Stuffing
- Yorkshire pudding
- 4 Vienetta ice-cream
- Apple Crumble
- Custard Sauce
Was it worth it? Hell yeah. I eat most meals with my friend, and each time the meal comes up to about 1.50 a person. On days I eat alone I cook two portions, one for lunch and another for dinner so it works up to about that amount as well.
4. Wants vs Needs
I want a bottle of soft drinks. I need a bag of rice. If you have money to spare at the end of the month, then by all means, go on and buy the drink. If not, just remove it from your shopping list completely and go on your merry way! You consume less unnecessary calories and saved money!
5. Staying in / doing a sport
I have not gone out for drinks / clubs at all. I did go for the Fresher’s Week events, but that was to socialize and meet new people. I chose to do sports like badminton where I paid a one off fee of £20 for the whole year and they host it twice a week. That comes up to around 30p per session. I chose to pay for sports instead of a gym membership because I’m not the type to go crazy over gyms and a sports session gives me more exercise than I’d ever do back in Brunei. Drinking nights are also expensive. It’s £2 for a shot, and the effects kick in after an hour and you’re pretty much drunk for only the night. It’s not worth it since you’re consuming pointless calories and people d silly things when they get drunk. You don’t need alcohol to have fun.
That’s what I’ve been doing so far, but how do you budget your money while at university?