Budgeting Top 10 Tips

Make a Budget and Stick to It!

Not the most fun of tasks we know, but being realistic and forward planning is what is going to keep your finances in order throughout your time at Strathclyde. Plus getting into good habits now will really help you in the future. See our Budgeting & Financial Health page for budgeting guidance.

Have a “Stuff I Forgot” Category

Even the most careful planers can forget something, unexpected costs can appear at any time so it’s always good to put something aside for miscellaneous items, that way you won’t get a shock when an unplanned bill etc. comes your way.

Sign up for Online Banking

Most banks also have an app for your phone now too, this way you can easily keep track of how much you are spending. Make sure you log in every few days to check your account and remember that sometimes it can take a few days for card transactions to show up.

Plan Your Meals

Make a plan for what you will be having eating for the week and ONLY buy what you need for these meals. This is a great way to curve over spending and cut down on food waste; it’s much easier to throw a treat in your basket if you are going to the shop every day.

Tips for meal planning

Share

Talk with your flatmates about sharing cooking responsibilities; it’s a great way to save money and to learn about new dishes. Could you set up a kitty for toilet roll washing up liquid etc.? It will save you money and help avoid flatmate drama!

Student Discounts

Get yourself an NUS Totum Card, there are loads of places that offer student discounts – don’t be afraid to ask! 10% here and there can cut down costs in the long run. It’s also worth checking out cashback and voucher websites so see if you can save.

Get yourself an NUS Totum Card

Small Changes Count

Although the amounts can seem small, over a year the savings made by small changes can be well in the hundreds. Have a look and see if you can make any small pain free savings, they can make a bigger difference than you think.

Compare and Switch

There are loads of money saving websites out there that give excellent advice on comparing and switching your utility providers, broadband, mobiles, credit cards and much more. Some of our favourites are here:

Uswitch

MoneySuperMarket

Compare the Market

Be Wary of Buy Now Pay Later

Klarna may appear to offer a quick fix to short term money problems but the truth is not so rosy. Be sure that you can pay the money before you click buy, do you really need that new top or is this only causing you more financial problems down the line? Using these services can be helpful to budget, but they can have a really negative impact on your credit score if you aren't able to make the repayments. So please be cautious when using BNPL schemes.

Ask for Help

If you can see your finances not starting to add up please come and ask for some help. It can be really scary to admit that things aren’t going well but it’s so much easier to deal with the problem before it becomes a total crisis. The Advice Hub is confidential and totally non-judgemental so please do come and talk to us.