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Budget Tips For New Students

If you’re about to go to university after the summer holiday, you might want to think about how you manage your budget. Indeed, your student years are determinant in creating your future financial stability. Too many students leave university with both a degree – congratulations, that’s fantastic!  – and a rather impressive accumulation of debts – that’s less good. The problem about your student debt is that it puts you in an awkward position to purchase your first home. If you have missed the current trends in homeownership, Millennials are likely to wait until they are in their late 30s or even early 40s because they can buy a house. In other words, you need to keep an eye on your budget now if you want to become a homeowner any time before you retire! 

Research the location to set your budget
Going to university generally means that you have to leave your parents’ home to find student accommodation options where you will study. As a rule of the thumb, you will find it easier during your first year to use a campus room, so that you can get used to the university lifestyle before you can consider renting out a house with friends. You will find a variety of accommodations, so do make sure to compare their features and costs. Your rental fees will be the primary factor of your monthly budget. 
Juggle health and costs like a pro
As appealing as junk food seems to be, you can’t survive on going to McDonalds 5 times a week. You need a healthy diet – which fast food restaurants don’t provide – that is within your budget. Don’t be afraid to look for affordable options from shops such as Aldi and Lidl. You might even be surprised by the quality of their products! Aim for seasonal fruits and vegetables, some healthy proteins, and snacks to take with you for long days. 
Reward yourself without shopping
When you need to stick to a strict budget, it can feel like you’re not indulging in anything. Instead, you need to look for simple pleasures as a way to reward yourself after a long week or a difficult lesson, for example. It’s important to find activities that don’t cost you anything, but that can still make you happy. How about mixing making some pancakes with what you’ve got in the cupboard? You can make delicious treats that will put a smile back on your face with just 4 ingredients! 
Find a part-time job
There are always expenses that you didn’t expect. You might realise that you need to buy some more books, or maybe you have to get a new laptop. Your student loan can help you with these, but you’ll find it easier to get a part-time job to keep a regular source of income. You can help at events, for instance. Trade shows, conferences and large parties always need extra waiting staff or a steward(ess) to guide people to their seat. You can also get in touch with event organisers to offer your services for all promotional campaigns – it means, you might get dressed up as a hotdog sausage to walk in the local shopping centre. 
In conclusion, there’s no denying that studying comes at a high cost in the UK. However, if you can use your years at university to learn how to manage a budget, you can make sure to protect your future solvability!

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