Money Management

No matter what subject you major in, you will all become finance students to some degree. Possibly the greatest lesson you’ll learn throughout your student days, money management is certainly an art form - and the secret to passing the class is preparation.

Make lists - It is a good idea to keep a list of your all standing orders and direct debits – things like your mobile bill, gym memberships and charity donations. Also note down all your cash point withdrawals. It is amazing how all those harmless tenner withdrawals add up.

Make a weekly budget - Just like some of your compulsory modules, the idea of devising a weekly budget may sound incredible dull but it will help stop your funds spiralling out of control. Write down exactly what your money goes on and list in an order of necessity. Work out how much you can afford to spend on each item.

Spice it up a little - It need not be as boring as it sounds. Try setting challenges between you and your mates, like the weekly supermarket trip – who is the champion Tesco value or Asda smart price shopper? And with Primark now mimicking Starbucks in the world domination stakes, finding a clothes bargain is as easy as finding one of its stores.

Be realistic about socialising - University life is more notoriously about socialising than studying these days so it comes as no shock that the NUS estimates student to spend near to £200 a month on going out. When it comes to socialising, you need to be realistic. Don’t pretend you’ll only spend a fiver a week but at the same time don’t think you can splurge £50 every night. As drinks can be expensive, especially away from non-student specific bars and on weekends, why not drink while you’re getting ready. While we are not encouraging excessive drinking, it is crazy to pay £2 for a single vodka when you can by a bottle for £7.

Don’t carry a cash card - It is near impossible to discourage students to limit their nightly outings but consider setting an evening budget of £20 and sticking to it. Leave cash cards at home to avoid drunkard ATM visits.

The lesson of budgeting is a difficult and, often, pressurising one. There are many who fail the course but with a firm element of dedication and a sprinkle of maturity, triumph is achievable.