Between accommodation costs and living your best student life, budgeting for university can be tricky.
You want to have the latest mod-cons, a fully stocked fridge to whip up tasty meals at your halls of residence, and enough money in the bank to fund nights out.
That’s why, aside from providing some of the best student accommodation Bolton has to offer, we also make it easier for you to keep on top of your monthly rent, direct debits, and standing orders by sending out reminders. We will never just take the money from your account without informing you first!
Here we share a few more pointers to help you budget your money better when studying at university.
- Add up your total student income – first and foremost, work out how much money you will have coming in from things like maintenance loans, bursaries, scholarships or grants, money from parents or family, any savings or investments, part-time jobs, etc.
- Make a list of all your student expenses – once you know your total income, calculate your outgoings. Typically, this will be money spent on food and drink, books, travel, utility bills, rent, internet, TV licenses, phone bill, and gym membership. You’ll also need to factor in one-off or special costs.
- Set yourself a budget – now you know how much money will land in your bank account and how much will be taken out of it each month, you should be able to create a simple, yet realistic, student budget. Of course, if you wanted, you could use a spreadsheet to help.
- Stick to your budget – one of the biggest blunders university students make is creating a budget and not sticking to it. We get that it’s difficult – but paying upfront for things, writing a shopping list, and planning your meals for the week are all simple steps that will prevent you from splurging on items you don’t necessarily need.
- Make the most of your student bank account – whilst you’re at uni, you’re entitled to a student bank account. And that means loads of fancy extras, including discounted cinema tickets, travel cards, and supermarket gift cards. Most banks also offer an overdraft for such accounts – but it’s worth noting that, once you stop studying, they will charge you interest on it. Probably best to use it for emergencies only!
- Keep an eye out for student discounts – everyone loves a bargain, don’t they? Whether you prefer to hit the high street or to shop online from the comfort of your student accommodation in Bolton, you can bet that your favourite retailers offer 10-20% discount for students. In most cases, you will be required to show your (valid) student ID for proof, but it’s a brilliant way to shop smart.
Need a little expert advice?
Typically, maintenance loans in England are paid in three big instalments through the year, which means you need to make it last more than a month!
To help you to resist the temptation of spending it all at once, you might consider moving it into a savings account and setting up a standing order to transfer it to your student account.
Direct debits are another great way to manage your money and ensure you have enough to cover upcoming costs. But as we mentioned above, here at Orlando Village, we always give you plenty of notice when your rent is due – allowing you to transfer money from one account to the other and to tighten your belt (if need be).
Get in touch
If you’re starting university in 2024/25, and yet to secure student accommodation in Bolton, look no further.
All our rooms are offered on a self-catering basis and come with a host of brilliant features. Prices start from as little as £139 per week and are inclusive of utility bills.
To find out more about our student accommodation, or for tips on making your student loan go further, call us on 01204 903 488 or email info@orlandovillage.co.uk, and we’ll get back to you as soon as we can.
