Budgeting For College - Tips To Help You Manage Your Money
The cost of 3rd level education in Ireland is a concern for both students and parents alike! As the new term approaches there’s lots to consider, from grants and student bursaries to student loans, accommodation and much more. We know this can be a stressful time, with many worrying about their finances and how to manage them, so we’ve put together a few tips for students on how to manage their money when the new college year kicks off.
Make a list of your Income & Expenditure
It’s important to get an understanding of what money is coming in and what you’re spending so you can set priorities, differentiate needs from wants and manage your money in a better way. Things like accommodation, food and bills are essential but maybe you don’t really need those new runners or to go out on the town 7 nights a week! Once you’ve got this figured out, you’ll be in a better position to manage your cash flow.
Get Organised
Once you’ve listed all your income and expenditure, set a budget and stick to it. If you know you’ve got an expense coming up, make allowances for it in your budget. Even things like planning your weekly meals can be a good practice as you’ll waste less food and make less trips to the shop, meaning no impulse purchases and spontaneous spending.
Bring your student card everywhere
Keep your student card on you at all times to avail of student deals and discounts. Lots of shops, restaurants, coffee shops and even transport services offer special rates or deals for students so make the most of them!
Shop around for the best deals
It may seem like a simple tip, but you’d be surprised how much you could save by shopping around. You could save a small fortune by switching your grocery shopping to another supermarket or checking out exclusive online offers rather than in store. There’s always deals to be had so take your time and look around for the best price, and don’t be afraid to haggle where you can.
Share the costs when you can
If you’re sharing accommodation with other students keep a kitty for household essentials like cleaning products and toilet paper. You and your flat mates can also take it in turns to cook, so you can save on the expense of eating out throughout the week. Plus, the leftovers are a super handy lunch the following day! You’ll find that you’re not wasting so much food and it’ll be a good way to get to know your new roomies!
We’ve introduced a new Student bursary, members in our common bond attending 3rd level education can apply to win one of 3 x €1,000 payments. Click here to find out more about Westport Credit Union’s student bursary.
If you’re thinking about a student loan to help you through the college years of your life, look no further than Westport credit union, we’re local, trusted and have some of the most competitive rates in the market. Talk to our loans team on loans@westportcu.ie or drop into any of our branches to find out more.
