Make your money last all term: how to plan ahead and pace your spending
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Make your money last all term: how to plan ahead and pace your spending

According to a new LADnation poll, one-third of students said they wished they'd thought about spending before they started uni

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University is a marathon, not a sprint, and the same can be said for budgeting for it.

Many of us spend years saving up for further education, working part-time jobs or pulling all-nighters studying to get scholarships. In fact, about 1.5 million British students rely on financial aid or support during uni.

Complicating the matter is knowing how to allocate the money we have. According to a new LADnation poll of students from around the country, one-third said they wished they'd thought about spending before they started uni. “I would budget my money more carefully and set a weekly spending limit,” said one graduate about how they would have changed their habits if they could go back in time.

Coming up with a spending plan can make your time as a fresher go much more smoothly and means you can plan properly for everything from textbooks and tuition to some well-deserved socialising.

Freshers’ Week is unsurprisingly when student bank accounts can take the biggest hit, with our research finding that most students spend a minimum of £100 to £200 during the period. Nearly one in 10 (nine percent) said they spent £350 to £500, while almost one in 20 (four percent) forked out an eye-watering £500 or more.

Having a spending plan in place was a common topic among those who took part in the survey, with one saying the advice they would give themselves if they could go back was: “BUDGET IT! Plan the months between each loan so that I don’t leave myself broke for a period of time before my next loan.”

You don't want to be in your overdraft by the end of term (Monzo)
You don't want to be in your overdraft by the end of term (Monzo)

The students in our LADnation poll said they keep on top of their finances by regularly checking their banking app to keep track of their spending. That’s finance 101, of course.

Many of us put off looking at our bank balances because it can feel stressful, but regularly checking in so you know your rough balance will give you a better grasp of where your money is going, as well as spot any unauthorised charges or identity theft, and avoid overdraft fees.

Others told us that keeping separate spending jars for different expenses helped them. Monzo offers this virtually via its Pots, which are separate spaces inside your Monzo account where you can set aside money to budget for specific things like your rent or textbooks. You can name each Pot, so you can see at a glance what you’ve set aside for what.

Another handy feature that comes with a free Monzo account is Split, which helps you share costs with friends. Name your Split – whether it’s for a long weekend away or your weekly grocery shop – invite your friends, and add expenses as you go. Monzo keeps track of who owes what, and if someone’s taking their sweet time paying you back, you can ask Monzo to give them a nudge. Friendship saved!

For those of us tempted to overspend, this can be an easy way to stay on track. When the money is gone, that means no cheeky takeaways.

Speaking of late-night food runs, many students spoke of how spending on food was an area where they would make the biggest changes. More than a quarter (26 percent) said that ordering takeaways was their biggest waste of money during their first term.

Resisting the temptation to order a late-night takeaway or having a meal out was often cited as a simple but effective way to protect their bank balance. One told us: “I would budget my money more carefully and set a weekly spending limit, especially for takeaways and socialising. I would also try to cook more meals at home instead of spending money on expensive takeaway food.”

If you’re going to eat out, look for places that give you cash back. With Monzo Perks, students can enjoy more than £300 worth of extra benefits, including an annual railcard, a weekly Greggs treat, and monthly Vue cinema tickets.

Making the most of free activities on offer on campus was also mentioned, with another saying: “Save your money! But also, be reckless; that's what uni’s for.”

Monzo Current Account required. UK residents. 18+. Perks is £9 a month. Ts&Cs apply.'

Words by Jenny Garnsworthy

Featured Image Credit: Monzo

Topics: Money

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