An honest student day-by-day diary: sharing where their money went
When Aimee, 19, started university, she wasn't sure how much money she would need to get by. Quickly, she found that she spent up to £35 each day, mostly on food and socialising.
"I never really restricted my food shops as I thought it was important to be eating well,” says the University of Lincoln journalism student.
She adds she was ‘lucky’ that her maintenance loan covered the majority of her accommodation costs, but adds: "Every now and again I would have to contribute a little bit towards it," which was an exhilarating first for her.
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Many students around the UK have the same experience with money in their first year of university.
A new LADnation poll found that socialising with new friends and buying food were two biggest areas of spending for students, especially during Freshers’ Weeks.
Halls essentials came in at 28 percent, with course books and equipment about 14 percent.
Asked if there was anything he would have done differently, Daniel, who studies at the University of Sheffield, said that he would have liked to try more sports and societies. These can often be fun activities that don't cost so much money.
For Aimee, planning ahead was key. She said: “I feel like I was so excited to go to uni so I had been prepping all my stuff for so many months prior to moving in.”
One very important thing to get sorted before Freshers’ Week is a clear plan for how you're going to manage your money.
One student said they ringfenced money they were happy to spend on fun stuff, advising: "Create a separate pot of money you don’t mind parting with.”
Another said they put their weekly budget money 'into an account which doesn’t have an overdraft, so it is stricter'.
One easy way students can make the transition to university easier is by opening a free Monzo account.
It comes with loads of useful tools, like the Pots feature, which means you can separate out your money for short-term expenses like your food shop, textbooks and any late-night takeaways. The Pots, which you can name for each expense, are kept apart from your main balance, so you're not tempted to spend.
Monzo’s Split feature can also be really handy for sharing costs in a shared house, or expenses like meals out and Ubers with new friends. You can use this tool for one-offs or set up a Split for on-going expenses between you and your roommates, like your electricity bill or grocery shop.
Monzo Current Account required. UK residents. Ts&Cs apply.
Words by Jenny Garnsworthy
The LADbible Team