How to live on the money you've got

Managing your money

There's no easy way to say it - living on a student budget will be a challenge - especially if you've never really had to manage your own money before.

But you're not facing the headache alone; we've put together tips, ideas and insider know-how from our canny current students, who have been there, done it and maybe even bought the t-shirt (if it was in the sale).

Day by day

Separate your spending – there's a big difference between what you NEED and what you WANT.

We know it's boring but if you spend a bit of time planning your budget, you shouldn't need to stay in eating plain spaghetti for the last three weeks of term.

We've thought of everything in our budget template - all you need to do is download it, fill it in - and stick with it.

• If your outgoings exceed your income, you'll be in trouble. Work out where you can cut down on spending before you start going overdrawn. Our Student Life advisers will be happy to help you plan a budget. Just make an appointment by calling 0161 295 0023
• There are loads of student discounts available which you can make the most of. Take a look at www.stuffedstudents.co.uk and www.studentbeans.com for vouchers. Salford Students Union also has a range of online discounts
• Look out for special offers in supermarkets, especially if you share a house. The 'buy one - get one free' offers will save you money
• Make use of local markets - there's one at Salford Shopping City which is just down the road from the Uni. Or get the tram to Bury. A 30-minute journey will bring you to the world-famous Bury Market - voted BBC Best Food Market, with tons of bargains to be had
• Don't eat alone. Get together with mates and take it in turns to cook - it's much cheaper than cooking for one or living on ready meals
• Buying a loaf and some cheese or ham will give you sarnies for the week, rather than shelling out for pre-packed ones each day
• If you must buy readymade then choose with care. A cheese and onion sandwich will be cheaper than king prawn and Lochmuir smoked salmon on a toasted ciabatta drizzled with olive oil. Probably
• Buy fresh food that's going cheap because it's close to its sell-by date and stick it in the freezer (provided it's suitable for freezing of course).

A word of caution on discounts – just because it’s cheaper doesn’t mean you have to buy it. 10% off at Oasis or TopShop sounds good, but do you really need another sequined beret or beanie? And if you absolutely do, why not see if there’s one going for a couple of quid in Primark?

Bank on it

Don’t leave bank letters unopened. If your bank is writing to you, it’s best to face it straightaway

Banks are falling over themselves to get students signed up to their accounts. You might not have much money now, but they know you will have in future.

• There are great offers to be had when opening a student account. Look for one that offers something important to you – a free Young Person's Railcard, i-tunes vouchers or even cashback
• Read the small print. Even if the opening offer is good, it won't help if you're being charged massive fees for going overdrawn
• Try not to take money out of cashpoints at the local shop or in the pub; they can charge £1.75 to get your own money out
• Try to draw out cash just once a week. Small cashpoint withdrawals every day will build up without you realising how much you are spending
• Try a basic bank account. It means you won't have an overdraft or a debit card. But if you can take out your set amount of money each week and lie on that, it can work out cheaper
• Be organised with bills and statements. Go through them and tick them off against what you were expecting – banks and shops can make mistakes
• The banks on campus are HSBC and NatWest, but there are loads of others in Manchester if you don't mind a 10 minute journey.

Books or beer?

Some text books can cost around £30 each – so it’s worth thinking about how you can make your money go further

• You're bound to be keen but don't rush out and buy all the books on your course list. Check to see which ones are essential first
• Libraries are free and we've got three of them. You can reserve books too, and there are loads of journals and papers available online (just don't forget to return your books on time)
• Think about buying second-hand books instead of new ones. Amazon.co.uk is good (and offers a student discount) but also try www.studentbooks.co.uk.
• Keep an eye on notice boards – students in the year above may be selling off books they have finished with. But make sure it’s the right edition
• You could also ask your lecturers if they know of places where you can get particular books cheaper
• Don't forget to factor in extra costs such as field trips. If you know about them from the start, you can build the cost into your budget
• You're going to need some money for printing, photocopying, stationery and so on - again, build these into your budget.

A roof over your head

Include in your budget an amount for going out - and then stick to it. Or at least try!

Will you continue to live at home, opt for uni accommodation or rent privately? They'll all make a big difference to the money in your pocket.

If you're going to continue living at home, your outgoings will be less as you won't need to pay rent, bills and so on, but you will still have living costs such as travel, food on campus, stationery and books, mobile phone - and you still have to pay tuition fees. 

• The costs for uni accommodation vary. You'll pay more if you want an ensuite bathroom for example. See the full list of what's available
• There are lots of benefits to living in halls - your utility bills (gas, electric and water) are all included in the price you pay, as is broadband. Most halls have free parking and there's also free membership of the leisure centre and pool
• If you want to rent privately, check your tenancy agreement carefully before signing it. Look carefully at what's included and work out what you'll need to pay on top. Don't forget you'll still have to find money for all the other expenses as well
• If your landlord will let you, sign individual contracts for rent and bills. If you have a joint contract you'll be jointly liable for all the costs - so you have to cover the rent if someone moves out
• Try to pay bills using direct debit - it helps with monthly budgeting
• Check to see if your parents can add important personal belongings like computers and bicycles to their home contents insurance policy. This will normally be cheaper than having your own policy.