Features : Maximise your money

By the time you begin a postgraduate course it’s likely you’ll have already struggled through three or four years of surviving on a shoestring budget, so being strapped for cash is nothing new. But, with a bit of careful planning and resourcefulness, it needn’t be as difficult as you might think.

Many students underestimate the amount they’ll need to spend on basic living costs such as food, bills and transport. It might sound boring but by making a plan of your money - jotting down your income and comparing it to your outgoings - you could prevent yourself having to live on beans before Christmas.

Once you’ve worked out how much you’ll have coming in, jot down some rough figures for what’s likely to be going out - i.e. rent, bills, food, books, transport and your social life. If, once your list is drawn up, your outgoings outweigh the amount you have incoming, it’s time to think thrifty…

Curb your impulse buying

It’s surprising how much extra people spend if they go to the supermarket on an empty stomach. The solution - shop online after dinner! Make a list of essential items. Can you reduce this? Will you save more if you swap branded staples for the supermarket’s own brand?

Spend money to save money

This is not always the case, so be careful. But by investing in an NUS Extra  card (ask your students’ union about it) for a mere £11 you can make use of great discounts and offers. Save money at many stores, cinemas, restaurants and travel companies.

Shop around (on the internet)

By researching and shopping online, you’ll not only save money by finding the best deal, but you’ll hopefully avoid the temptation to splurge money on unnecessary purchases, which often happens when straying into other shops.

Sell some stuff

Everyone has unwanted clutter lying around, so go through your belongings and see what you can sell online. It’s also worth looking out for a local Freecycle  group - a scheme which matches people who have things they no longer want with people who can use them. The only thing you need to do is organise collection of the item.

Use your flexible friend

This is only a good tip for those of you who have enough self control and are sure that you can pay the balance on time. Credit cards often provide protection for purchases, such as cover for accidental damage or theft. Some also offer perks such as discounts, frequent flyer points and free gifts. That said, it’s never a good idea to take out a credit card solely for the free gift, especially if you didn’t already need the product to begin with!