Create a budget

No money management tips list is complete without this overused answer, but there’s a reason for that! Budgeting helps you understand where your money is going and ensures you live within your means.

How to do it:

• List your income sources (e.g., allowances, part-time jobs, student loans).

• Categorise your expenses (e.g., rent, groceries, transportation, entertainment).

• Use budgeting apps or spreadsheets to track your spending.

• Set limits for each category and stick to them.

Track your spending and set something aside

Knowing how you spend your money helps identify areas where you can cut back if needed, and having savings provides a financial cushion for emergencies and future goals.

How to do it:

• Use apps like YNAB (You Need A Budget) or even simple notepad entries.

• Aim to save a percentage of your income each month, even if it’s small.

• Set up automatic transfers to a savings account.

• Create specific savings goals (e.g., a new laptop, a holiday, emergency fund).

Find student discounts and deals

Student discounts are everywhere and can be found on anything from cinema tickets to takeaways, clothes and technology.

How to do it:

• Always carry your student ID and next time you’re at the checkout, ask if they have a student discount (the worst thing that’ll happen is they say no!).

• Use student discount websites and apps like UNiDAYS, Student Beans, and Totum.

• Look for deals on textbooks, software, and services specifically for students. Some companies will even price match for you if you ask!

Use alternative transport

Transportation costs can add up without realising. Walking rather than taking the bus one day a week can add up over a year.

How to do it:

• Some cities have student bus cards, and national rail cards can get you a third off the ticket price.

• Look for second-hand bikes or see if your college or university has a bike scheme.

• Carpool with friends if you need to drive and split the cost of petrol.

Limit impulse purchases

Impulse buying is fun but can lead to unnecessary expenses and derail your finances. Always think a month ahead and make sure you’re not going to leave yourself short in the future.

How to do it:

• Wait 24 hours before making any large or unnecessary purchases.

• Make a shopping list and stick to it.

• Avoid shopping when you’re feeling emotional or stressed.

Use second-hand or borrow

You can find high-quality items at a fraction of the cost. You’d be surprised at some of the designer items you can find in charity shops!

How to do it:

• Shop at thrift stores or online marketplaces like eBay, Depop, and Facebook Marketplace.

• Borrow books from the library instead of buying new ones.

• Swap clothes or gadgets with friends.

Summary

Managing money wisely and being informed isn’t easy, but once you’ve formed good habits it does get easier. Make small changes at first, sometimes it’s as easy as one more home-cooked meal, and with these tips, you’ll be well on your way to managing your money effectively.