Getting on top of your finances can help reduce any added stress you may have. To help, we’ve put together 5 tips on how you can stretch your budget a little bit more.
1. Separate your needs from your wants
To help make sure you’re spending your money wisely, try separating what you need from what you want. To identify your 'needs' and 'wants', split everything out into categories.
- rent (need)
- bills (need)
- eating out/going out (want)
- shopping (want)
You don’t have to stop all your ‘wants’ altogether, it’ll just help you prioritise your spending a little more. By budgeting some money for ‘wants’, you may find you feel less guilt about spending because you know what you can afford.
Explore more: Budgeting for student life
2. Shop wisely
Before you hit the supermarket, try planning your meals for the week. Not only will this help you create your shopping list, but it may help reduce food waste. It’s also a good idea to set yourself a budget for your shop and resist temptation to splurge at the checkout.
Explore more: How to save money at the supermarket
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.
4. Use your freezer
If you’re going to be busy studying, try batch cooking meals and sticking them in your freezer. Then you’ll be able to defrost one quickly when you need it without having to shell out for a takeaway.
5. Seek out the best deals
Being a student means you won’t need to pay Council Tax and may get discounts on things like broadband, or phone contracts. If you’re not happy with your current rates, it’s worth shopping around.
Watching what you spend doesn’t mean you have to stop having fun. Make the most of loyalty cards, discount vouchers and 2-for-1 deals where you can.
Awareness is key when it comes to your spending and having an overview of your account will let you know what’s going on.
If you're an HSBC customer, you can always get a clear idea of your finances and make payments through the HSBC UK Mobile Banking app.
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.