Freshers: A Guide to Budgeting
Last year I adopted, in what I hope is in an endearing and affectionate way, the nickname ‘Budget’ from my friends. This is perhaps a slightly generous and hyperbolic label and is my only qualification to give my advice on this topic, but these are just some opinions on how to budget, from a student who enjoys the stereotypical student experience.
It is important to note that I can only speak from my own experiences, and naturally, this is not representative of every student’s experience or inclusive of every student’s financial situation.
Firstly, try not to get too carried away when you see the first student loan instalment reach your bank account! Depending on how much you receive, it can look like a lot, especially to a student, but remember this has to last you until Christmas. My advice would be to try and roughly estimate how much your loan permits you to spend on a weekly basis on top of rent and open a second bank account to transfer this money into – Monzo works amazingly for me. This way, it is easy to see how much you are spending and on what. You can set the app to tell you how long your money needs to last, either updating it weekly or monthly. Having tried both, I find using a monthly allowance much more attainable, as naturally, your spending on a weekly basis will vary more.
Monzo, as well as other banking apps, is also great because you can easily request and send money to your friends, making cashing in on night-out Ubers and drinks easy and stress-free!
Moving away from turning this into free advertising for the aforementioned banking platform, here are some other things to think about during freshers to protect your bank balance:
- Do things for free! The Fresher’s Fair is a perfect place to collect as much free stuff as possible, and it is also free to go to. It can feel slightly intimidating approaching all the different society stands on your own, so going with a new friend gives you a cost-free opportunity to learn more about your friend and learn more about how you would like to shape your life at Leeds.
- Other free activities could be sitting on Woodhouse Moor, if we’re lucky enough to get a nice enough day, or taking a walk along the Woodhouse Ridge.
- Although I wholeheartedly encourage joining one if not multiple society’s, don’t feel pressured to pay the membership fees right away. Assess all of your options first. Unfortunately, you can’t fit everything so use the ‘Give-It-A-Gos’ to test the water and work out your priorities before committing to paying the fees.
- If it’s not too late already, I would urge you not to buy wristbands or tickets for Fresher’s events before coming to Leeds. Blocking off too much of your week before you arrive can sometimes restrict you and skipping pre-paid events is sometimes inevitable but still a waste of that precious budget!
Most importantly though, have fun! Fresher’s week is always going to be more expensive than your general week-to-week, so try to not feel guilty for spending more. Say yes to things, and if that means spending a bit more than your bargained for then that’s ok.
