With deadlines for final essays and exam season fast approaching, getting on top of your finances can help reduce any added stress you may have.
Here are 5 tips to help you make your money go further.
1. Separate your needs from your wants
To help make sure you’re spending your money wisely, it’s a good idea to separate what you need from what you want. You could split everything out into categories, like your rent, bills, eating out and shopping, to help identify your 'needs' and 'wants'.
It doesn’t mean you have to stop all your ‘wants’ altogether, it’ll just help you prioritise your spending a little more. By allowing a certain amount of money for ‘wants’, you may find you feel less guilt about spending because you know what you can afford.
2. Shop wisely
As simple as it sounds, creating a shopping list and working out a food budget before you hit the supermarket can help reduce waste and stop you from overspending.
There are a range of tools and apps you can use to help. For example, the HSBC UK Connected Money app* lets you set budgets in different areas of your spending and sends alerts if you’re overspending in these areas to help you stay on track.
3. Share the necessities
If you’re in shared accommodation, why not start a kitty for things like milk, toilet roll and butter? It’ll save you all buying your own and you’ll be able to make the most of any bulk-buy deals.
You could even take it in turns to cook or split the cost of ingredients for bigger meals. Sitting down together to eat may also be a good way to take a break from studying.
4. Use your freezer
If you know you’re going to be busy cramming for your exams over a specific time period, make some time to batch cook meals and stick them in your freezer beforehand. You’ll be able to defrost one at a moment’s notice and won’t need to shell out for a takeaway.
5. Seek out the best deals
Being a student means you may not be charged a monthly account fee on your current account, you won’t need to pay for council tax and may get discounts on things like broadband or phone contracts. If you’re not happy with your current tariff, it’s worth shopping around.
And watching what you spend doesn’t mean you have to stop having fun – try make the most of loyalty cards, discount vouchers and 2 for 1 deals where you can. If you have a HSBC Student current account, you’ll get access to Student Exclusive which has loads of great offers for you to enjoy.
Awareness is key when it comes to your spending and having an overview of your account will let you know what’s going on. To get a clear idea of your finances, see any pending transactions or make any payments, download the HSBC UK mobile banking app to your phone.
*HSBC UK Connected Money is available to HSBC UK online banking customers with an iPhone on iOS 10 or above (subject to terms and conditions).
This article provides general information and does not take into account the financial situation of the reader. For this reason it must not be relied on as financial advice. All accounts are subject to terms and conditions.