5 Top tips for managing your money as a student

1. Use mobile banking apps

Setting up an account with a mobile banking app such as Monzo or Starling allows you to quickly access your bank balance, see your recent spending (get notifications instantly when you spend), and allows you to set budgets for the week or month ahead.

It’s easy to access on the go, and straightforward to quickly transfer money to other accounts, such as paying back a friend.
 
Monzo has a savings pot feature which, when enabled, will round up each purchase you make to the nearest pound, and those pennies are set aside to accumulate. 

This is a great low effort way to save, and before you know it you will have built up a little sum that can either go straight back into your current account or spent on something special.

2. Plan your budget

Make a rough budget plan of your expenditures every week, split into categories such as groceries, eating out, shopping, entertainment, and transport. 

This will be personal to your spending, so make sure the categories are relevant and the budget set for each is realistic. It could be as simple as jotting a few figures into a notebook or using an excel spreadsheet. 

Having a number in mind before the start of the week or month ahead will ensure you have a target to aim for and can minimise the number of unforeseen expenses.

3. Use expense sharing apps

Going for coffee, lunch, or an evening out with a group of friends can be a big part of student life, and apps such as Splitwise minimise hassle when it comes to splitting the bill. 

Instead of everyone taking it in turns to calculate and pay for their share of the receipt, the app allows users to make a note of who owes who. 

It’s also great for managing utility bills and communal items in a household, so that keeping track of the little purchases isn’t a test of everybody’s memory.

4. Avoid your overdraft 

Student bank accounts will often come with an interest-free overdraft, but it's best to avoid it as much as you can. 

Although a useful safety net for emergency funds, going into your overdraft will only mean that it will need to be paid back eventually. Making a habit of borrowing this money may increase the temptation to use it.

5. Look out for bargains 

The easiest way to manage your money as a student is to avoid having to use it! 

Trashnothing and Olio are great apps for picking up unwanted items and food completely free of charge, and in London there are plenty of options every day. 

On Facebook Marketplace and Ebay you can find pretty much anything second-hand, meaning you don’t need to break the bank buying that thing you want/need brand new. 

Photo by Towfiqu Barbhuiya on Unsplash