Budgeting is a scary adult term. Most of us have not had that much practice with it before coming to university so it will probably be your first experience, and just like me, you may have no idea what you are doing! But on the most basic level, it is planning. Similar to dealing with deadlines: you don’t want to be doing all your work in one night, it’s better to schedule out your work. In this case – plan out your money.
In this blog, I will share with you some useful information, tips, and tricks – things that I have picked up along the way. But just to note, my home country is Lithuania and I only moved to the United Kingdom when starting university, so I do not get a student finance loan therefore I can’t give much perspective on that side of things. Also, I do not own a car, nor drive, so I won’t be going over car maintenance costs either. But I am sure you will find my other points useful. So, let’s get straight into it.
Online budgeting
What helped me the most is Revolut banking app’s analytical and budgeting tools. I could limit my spending by separating my money into groups, for example, rent, groceries, hobbies, going out, etc. Also, having all your spending calculated and illustrated gives you a clear image of your finances.
As I moved from a European country to the United Kingdom I constantly have to exchange currencies from euros to pounds – Revolut provides me with a 1000-euro limit of free currency exchange and only a 0.5% fee afterward. Which has saved me quite a lot of money throughout my two years at University so far.
Income and Employability
Utilise the already existing university resources, mainly Careers & Employment Service, and register with the Student Employment Agency. You can set up consultations to get help with your CVs and cover letters. Find job and volunteering opportunities and also learn how to become more employable through their webinars.
Pay attention to internships opportunities through these services, as they are exclusive to University of Derby students. Then lastly, I would recommend completing the University Futures Award – it’s really achievable, looks good on your CV and you will build new skills and knowledge along the way.
Some other options to gain skills and generate income, in your own time, and pathways I found helpful are:
- Register to STINT – it is a free service that allows students to pick up work shifts. You build your own schedule so it can make it a lot easier to balance university assignments and lectures along with working. All you have to do is register, create your account, then join a zoom call where you will have to confirm your identity, but don’t worry everything is explained step by step in their app and website.
- If you are looking to apply for a more reliable role Indeed and LinkedIn are your friends.
My budgeting
Figuring out how to budget yourself is trial and error, considering everyone has different spending habits. So I’m going to share my budgeting to give you a place to start, but please have a good think about your own spending and then apply your own numbers:
- Rent – £600 per month (In my first year of university I lived in private student accommodation so it was around £600/month; my second year of university I lived in a shared, five-bedroom, house with my friends, the rent was around £450/month; and currently I’m going to be living in a studio apartment in the city center, where the rent is around £600/month again – this will obviously differ for you, particularly if you live in University Halls of Residence)
- Groceries – £150 per month (I recommend you shop at Aldi or Lidl, trust me it’s worth the walk. My weekly grocery shop is usually around £30.)
- Ordering food – £80 per month (I try ordering as little as possible but having a few treat days a month isn’t the end of the world!)
- Going out - £100 per month (This is usually enough to go out 1-2 a week, depending on the activities)
- Anything else – £100 per month (this metric varies the most month by month, depending on what I need to buy, but also acts as a buffer)
- Total - £1030. I always try to keep my spending around £400 - £500 excluding rent
Whenever the money is tight, I would highly recommend lowering the amount you are spending on ordering take-out food and going out. Making your own food isn’t all bad and can actually be quite entertaining by experimenting and trying out new foods, for instance, this year I’m all about making stir-fry. Tasty and cheap.
Top tips to keep bills low
- Shop at Aldi or Lidl, I know I’m repeating myself, but it has saved me so much money and I want to emphasize this as much as I possibly can. Can you tell I am passionate about these supermarkets?
- Wilko’s is your friend when buying stuff for your room or kitchen. I made a mistake during my first year at uni by ordering a lot off Amazon. I overpaid without even realising. So purchase toiletries, bathroom and kitchen supplies, and even food from here
- Get all the advantage, club, or loyalty cards from anywhere you can (Tesco, Boots, Sainsbury’s, etc.) – as long as they are free. Then use the deals and the points. They will save you money in the long term. You can get most of your grocery shopping for free from Sainsbury's when you have racked up your Nectar points
- Try looking around charity shops, there are quite a few around Derby city centre. It takes more time, but it’s possible to find some hidden gems for very reasonable prices
- Don’t cheap out on shoes. This is something I have learned through making mistakes, but buying a lot of cheap footwear, in the long run, will only make you lose money. As those shoes usually fall apart in a month or two
- Download the “UNiDAYS” app – plenty of available discounts for students here
- If you live close to a Co-op and are planning on going there a lot, get a TOTUM card, it gives you a 20% discount. You also get a 10% discount on ASOS and a lot more
- Don’t forget to get student discounts for Amazon Prime and Spotify if you are using them. Amazon gives you the first 6 months free and then 50% off; Spotify gives you the first month free and then £5.99/month
- If you are from Europe or planning to travel to Europe, get an ISIC card. It gives you 50% off on public transport in most European countries and other discounts
All in all, budgeting is not as scary as it looks as long as you have somewhere to start. Hopefully, reading this will put you on the right track and you’ll be enjoying your discounts and extra cash in no time. Enjoy the process, you can learn a lot about yourself during the process.
