It can be very tempting to treat yourself the second your student loan comes in, however it is important you get into the habit of budgeting now, to make it easier later.

Whilst the university does have an unexpected circumstances fund, the criteria means that not everyone is eligible, and those that are might have to prove their circumstances, and so you have to make sure you are managing your money wisely.

Here are some things to keep in mind when managing your money whilst at uni:

Having a budget is a good way to make sure you live within your means. It can prevent you from going into debt, which can be a big source of stress and anxiety. Breaking it down into monthly, or even weekly, spending can help you keep track of your outgoings, and can help you develop important skills that will carry you in your life after uni – managing your finances, being independent and being money savvy are all useful skills!

You can make a budget spreadsheet on your computer, mobile phone or even on paper. Make a list of all the essentials and work your way down through all your bills and expenses – anything leftover can be used for things like prescription glasses, medication prescriptions, treating yourself with a meal out with friends or saving towards something you really want. Remember, a budget only works when you stick to it, so it is sometimes a good idea to limit how much cash (or cards) you carry to limit opportunities to impulse buy.

Apps like SlideBy, Fudget and Money Manager can help you organise your budget.

Meal prepping is a fantastic way to save you money and prevent food waste – it can help you make sure that you only buy the things you need, and that the things you buy get used up!

It helps to have a list of meals you like to make and can be cooked in bulk or whipped up quickly on those busy uni days. You can set aside an hour or so each week to prep your meals and maximise your use of fridge/freezer space to store it for later in the week.

BBC Good Food have 80 recipes to get you started.

Meal recipes for less than £1 per portion/head.

Supermarkets tend to put more expensive products at eye level, so you are more likely to notice them over cheaper products.

Slow music is played on purpose, to encourage you to take your time, not rush, and spend more time (and money) in store.

A lot of essential items are likely to be stored in the back isles, forcing you to walk around the shop, to persuade you to spend more money on other things you may not necessarily need – making a shopping list of what you need and sticking to it can help avoid this.

Supermarkets tend to place fruit and veg at the front so by the time you get to the other isles, you are more likely to be tempted to get snacks and less healthy food. Supermarkets try to give you a false sense of being healthy, to justify buying junk, or less healthy options.

Having products at the tills encourages customers to impulse buy, even if you don’t necessarily need it. This is likely to be true for those waiting in a queue, as you are more likely to consider buying additional things you see. Supermarkets also tend to target customers with children, by placing sweets, treats, chocolate and children’s magazines near the tills to get parents to spend more.

Next time you shop, pay attention to the flooring – you might notice some supermarkets purposely lay smaller floor tiles to influence you to slow down when you shop. The sound of the trolley wheels on small tiles are likely to give you the impression that you are rushing, even if you are not! This can subconsciously influence you to slow down and take your time in each isle.

Ever tried supermarkets’ own range? While supermarkets’ own brands are going to save you decent cash, be mindful of their premium brands. Very often, your extra cash is mostly going to cover the cost of fancier packaging to give you the feel of higher quality products.

  1. Not shopping on a full stomach. You’ll buy less snacks and/or things you don’t usually buy - and only buy groceries, not gifts and all the extra stuff, at the supermarket!
  2. Planning your meals for the week before you shop and then buy what’s on the menu. Start with planning for 3 or 4 days if all week seems too much. Remember to plan your snacks too, as you’re less likely to spend last minute in your favourite corner shop if you’re prepared.
  3. Shopping only once a week. You’ll tend to spend more if you stop at the store every day or several times a week.
  4. Shopping when you have energy and aren’t worn out from a busy day. It’s easier to focus and make wise choices when you’ve got energy and aren’t preoccupied.
  5. Shopping in familiar stores when you’re tired, stressed or in a hurry. You’ll find what you need and be able to get out with what you need quickly. If you’re feeling decision paralysis or fatigue, leave the shopping for another day and only grab what you need that day.
  6. Planning meals so that you have leftovers for lunch the next day, or freeze leftovers for a quick meal another day.
  7. Packaging your own treats, juices and snacks. Buy the large package or snacks and a box of baggies and make your own individually wrapped packages to grab on the run.
  8. Cleaning out your fridge and cupboards once a month. Use up what you bought before buying more.
  9. Organising your food storage cupboards and drawers. If you don’t know what you have or can’t find what you bought, you’ll end up buying more of the same unnecessarily.
  10. If you stock up, watch expiry dates and package the food to preserve it as long as you need.
  11. If you buy large packages or meat, pre–cook or marinate it and then freeze it to speed up mealtimes. If you know that you’ve got food ready at home, it’s less tempting to eat out.
  12. Spend some time once a week washing and/or cutting up fruit and vegetables. This will speed up dinner and lunch preparations and provide healthy snacks that are ready to go.
  13. Shopping with a calculator and add things up as you put them in your basket/trolley. If you're shopping with kids, give them the job to tally what's in the basket. It will help you stick to your budget.
  14. Only buy what you need and can afford; 3-for-1 offer are only a good deal if you can use three.
  15. Price check and shop around for discounts on items you buy regularly. Take advantage of loyalty schemes, e.g. Tesco Clubcard.
  16. Remember that smaller sizes can sometimes be a good deal. Do the math, either on your phone or with your calculator (remember value for money lessons in maths?)
  17. Don’t automatically overlook no-name or store brands. Many are made by the brand name companies, just with a different label.
  18. Even if it’s “on sale”, it’s only a good buy if you will use it!
  19. Consider where you shop – check if your local supermarket has a loyalty scheme or card, for example Tesco Clubcard members get a reduced price on most products. Compare supermarkets and find what works best within your budget.

    Which! Compared the average cost of spending across the big 8 UK supermarkets (Which! Oct 2022):

    Supermarket Avarage basket price
    Aldi £75.79
    Lidl £77.68
    Asda £84.98
    Tesco £86.21
    Sainsbury's £86.36
    Morrisons £92.97
    Ocado £93.99
    Waitrose £101.17

This is a great way to help you keep in control of your finances and manage your budget. Agree set ‘no spend days’, and if that seems challenging just pick one day per week and stick to it. This should encourage you to prepare meals and snacks at home ahead of time, so you won’t be tempted to impulse buy on your lunch break, or on your commute to/from uni!

For more information, go to Finance (yoursu.org).

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