THE TRUTH ABOUT UNI: FINANCES

University, and university life, is so expensive, and living independently and being in charge of your finances for the first time can be quite difficult. I thought about how I wanted to write this post for a while, and decided the best way would be a do's and don'ts list. I think the most important things are to not be too obsessive, but be aware of your financial state. And to remember that you shouldn't hold back from social things due to money. But here is a list of my financial do's and don'ts:

Disclaimer: This is just my opinion and my outlook, everyone is in a different situation when it comes to money in university, so may disagree.

Do's:

Do make a list of what money will be leaving your bank each month (for me that is rent, bills, phone bill, and most importantly Netflix), and when money will be coming in. This can help knowing how much excess money you have to spend on food and other things, or can tell you how short you are.

Do get a student bank account with an interest free overdraft. This one seems like such common sense to me, but I know so many people who haven't got an overdraft.

Do budget in money to spend on things such as nights out, or other things you can do with your friends. If you haven't been out in months, don't feel bad about spending money on things like going to a pub quiz. You probably wont care about that extra £10 of debt at the end of uni.

Do take into consideration Fresher's Week and when your money will come in! In my first year, my student finance came into my bank around a week after moving to Bristol. Luckily I had money saved up in my account to pay for Fresher's, food and a bus pass. So keep in mind when your money will come in.

Do get an evening or weekend job if you are struggling a lot to afford necessary things, or would like extra money to fall back on or spend on yourself.



Don'ts:

Don't put a part time job over your degree. Sometimes I know people can get carried away with working loads of hours to get money, but put aside uni and their work. Just remember that you are there to get your degree and it's important.

Don't compare how much money you have in comparison to others, it will only end up in heated arguments. Yes, there are situations where the amount you end up with is unfair, but if someone gets more money than you, they come from a lower income household, and it's the easiest way for the government to figure it out.

Don't worry about debt! Yes, you will have a huge student debt at the end of your degree, but you ask anyone you know with a student loan that is repaying it, you will never have to pay it all back unless  you turn into a billionaire.

Don't rely on your parents to look after your money or to provide for you if you spend what you have on unnecessary things. I'm really fortunate that if I ended up having no money and rent needs to be paid, my parents would be kind enough to help me.