Managing One’s Finances as a Student
Budgeting: Know your numbers
The first thing I do is list out all my expenses and debts before my biweekly wage arrives. This helps me see what I need to prioritise and use my wage for. My golden rule is to save at least 60% of my income to match my university fees as an international student. Some months, I manage to save even more, but I make sure it is never less than 60%. The remaining money covers essentials like transportation, food, phone bills and a little something for family. We all have different financial needs, so do whatever work best for you. However, endeavour to save at least 45% if possible.
Saving Strategies
One thing I learned early on is that saving only works if I put barriers between me and my spending urges. For me, that means using a piggy bank. Yes, it is old school but effective and works well for me. It prevents me from impulsively dipping into my savings.
Another lifesaver has been the Monzo 1p challenge which I started at the beginning of this year. It is a simple and gradual way to save that does not feel too demanding. Since it is easily withdrawable, I can access it when needed, but I also hold myself accountable by topping up any borrowed amount. If you are looking for a manageable way to save, you should try searching for banks or financial service providers that offer this great option.
Opening a Bank Account; What to do!
If you need to open a bank account quickly, consider starting with an online banking option. However, ensure that you choose a high street bank like Halifax, Santander, or Lloyds, as they have branches across the country, making it easier to resolve issues, report fraud, and access in-person services.
If eligible, opt for a student account, as these are designed to support students with day-to-day spending and financial activities. If you have spent at least three years in the UK, one of the best student accounts to open is the Santander Student Account. They offer great benefits to students such as a free rail card. .
The Power of Discounts and Cashback
One thing you need to know is how student discounts can add up over time. Platforms like UNiDAYS and Student Beans give access to discounts across brands for students. All you have to do is sign up using your student email account.
A 10% discount might not seem like much in the moment, but when you calculate it over time, it can make a real difference!
Mistakes I’ve Made (& Learned From)
We all make financial mistakes, mine was too much fast food. It felt convenient, but the costs piled up. To fix that, I started doing monthly spending reviews, looking at where my money went and cutting back on unnecessary expenses. Seeing those numbers in front of me really helped me be more mindful.
I hope these tips help you settle into Uni without having to stress too much about your finance.
Hi there! My name is Temiladejesu, but most people call me
Temi (pronounced just as it looks). I am a Nigerian, which makes me an
international student. I am studying law and I'm currently on my journey to
becoming a solicitor. I am always open to making friends from all walks of life
and in line with my values.
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I love God and everything that revolves around Him. I also love helping people, guiding them to make right decisions is my passion. I have a YouTube channel where I upload vlogs about my everyday life. I enjoy dancing, even though I am not the best at it. I like getting involved in volunteering activities, which is one of the things I am known for at Uni. I believe in giving back to society, and for me, volunteering through my time and service is a way of doing so, as I do not yet have money to give back. |