How to Budget and Financially Prepare Yourself for College and University

How to Budget and Financially Prepare Yourself for College and University
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    Choosing to attended university or college will always going to be expensive.

    It has become easier with student loans and interest free overdrafts but unfortunately with the upkeep of a social life and essential supplies for your course that money will never seems to stretch to keep to the end of the month.


If you’re in need of big money fast an option is a Scottish Trust Deed but there are also ways to save money and budget for each month.

Think About It

When your student loan lands in your account it can be tempting to go crazy on a shopping spree or order that takeaway as a treat but think about anything before you buy. Ask yourself if you really need what you’re buying, chances are you don’t and you can live without it. If you’re strict with yourself before you start university or college you will have a better chance of sticking to a budget.

Set Up a Budget

Spreadsheets are a great way to set a budget for the month. If you add up all your income first and then take out all outgoings it will automatically show you what you have left. Spreadsheets are also a great way to track your expenses. If you record everything that you spend in the month it will show you what your spending your money on and you could break bad spending habits before you start university or college.

Second-Hand Supplies

Starting any university or college course will be expensive as you will have to pay out for all those essential supplies for your course. A great way to save money is to buy second hand textbooks or if the textbooks aren’t a core book make use of the library. The library will only stock a few of each book so be organized and check one out first if you’re too late ask to share with one of your class mates.

Once you’ve finished your first year at university or college you can sell your old books to students second hand and then use that money to buy new supplies.

We have some great tools to help plan a college budget.

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Entertainment on the Cheap

Freshers’ week is one of the most important social events that every university or college has. The best way to financially prepare yourself for university or college is to create a budget before you get your student loan so you don’t blow all of it during freshers’ week. All your friends will be looking to save money so suggest having a night in or checking out a free event that way you all get to socialize and it won’t cost anything. During freshers’ week there will always be the freshers’ fair so make sure to attend as there will be loads of stalls that will be giving away free stuff and you can sign up to societies that will have free taster sessions.

Most students have part time jobs to keep their money topped up and all universities and colleges have a campus shop if you work there during the year it can be a great way to earn money and socialize at the same time.


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Categories: Finance