This week is Talk Money Week which is all about promoting positive conversations about our finances. We've compiled our top tips of how you can make the most out of your budget whilst at University.
The 6th-10th of November is Talk Money Week, and given the current financial climate, it’s more important than ever to have those difficult conversations regarding money. Remember these conversations are nothing to be embarrassed about, and chances are the people you’re talking to are facing the same issues.
Recent figures released by NUS (National Union of Students) are startling and further prove why these conversations are necessary. Below are some of the recent figures:
8% of students in Wales experienced homelessness
¼ of students live on £50 or less a month after rent & bills
1 in 5 students missed in person sessions due to the cost of transport.
In order to help you in these difficult times we’ve come up with a short list of tips and tricks that could be beneficial for you:
Be aware of your finances
It’s important to know when money will be entering and exiting your account. If you get a student loan, make sure you know when you receive it, if you work make sure you know when payday is and that you’re aware of when rent is due.
An easy way to do this is add these important dates to your calendar and set reminders on your phone!
2. Check what you have before shopping.
To make sure that you’re saving as much money as possible, double check what items you already have before going to the shops. This ranges from food to toiletries and ensures that you don’t double up on things that will expire before you can use them!
3. Meal Plan
A simple way to save money is to make a weekly meal plan. Even if its not for everyday and focuses on what leftovers you can have the following day its better than not knowing.
4. Consider bulk shopping
If you live with other people, it may be worth considering sharing the cost of certain items such as washing up liquid or rice as it works out cheaper to buy these in bulk rather than all purchasing them individually.
5. Don’t shop when you’re hungry
If you shop when you’re hungry, you’re more likely to buy food without thinking about it. To avoid unnecessary purchases make that you try to avoid shopping when you haven’t eating and plan a shopping list ahead of time.
6. ‘Fakeaways’ not takeaways
We all like to treat ourselves from time to time, but don’t make this a regular thing. Why not give ‘fakeaways’ a try instead, there a loads of great and easy recipes online just waiting for you to make them!
7. Shopping on a budget doesn’t have to be unhealthy.
Don’t think that shopping on a budget means living on pot noodles and pasta, there are many ways to make nutritional choices on a budget. With forward planning and making sure you’re shopping at cost affective places (like Lidl or Aldi), you can ensure that you’re eating well balanced meals.
If you need further guidance do not hesitate to reach out to your Welfare Officer Cheryl, or pop into any of the SU offices for a chat. Don’t be ashamed to ask for help, there is a list of foodbanks on the website that you can use if you’re really struggling during these tough times.