Are you counting the days until your next student loan payment?

Whether you are living away from home for the first time or adjusting to life as a mature learner after being in full time employment, managing your money as a student is challenging.

Research shows that students often find their savings don’t go as far as they hoped they would before starting their course and that part time work is harder to find than they expected.

That’s why learning to live on a budget is an essential skill as a student. The Money Advice Service has some useful information on the average costs of going to university or college, and how you can begin to budget for these.

Blackbullion

Sheffield Hallam also subscribes to Blackbullion, an easy-to-use online resource designed to develop your financial skills and give you advice to help you manage your money better.

Here’s a sneak preview of some of the top tips from Blackbullion

Ways to spend less

• Clear your debts as soon as possible and see whether it is possible to move your debt on to a zero interest credit card.
• Late fees are a killer – be wary of going overdrawn or into unauthorised overdraft.
• Be aware of false discounts. If you weren’t going to buy a pizza then a 50% off “deal” isn’t saving you money.
• Learn to say ‘no’ – much of our spending is peer-driven. Make decisions with your head and not your heart.

Creative ways to boost your income whilst studying 

• Use cashback sites – just make sure they are as good as they say.
• Do a purge of your unwanted stuff and sell online e.g. Gadgets, phones, clothing etc.
• Participate in surveys or market research.
• Become a freelancer and sell your expertise (great for experience for later too!) e.g. blog writing, animations or photography.

Click here to find out more about Blackbullion and how you can register today to get started.