We interrupt our regular programming to bring you a special announcement… its fresher’s week again. Not all at the same time but over the next few weeks, the next generation of drunken slackers bright young minds will be heading off to uni.
Now of course this guide usually focuses on the emergence from University not the entrance, however with student numbers at an all-time high in an effort to escape the fee hike there are thousands of teenagers in desperate need of our sage counsel- and who are we to deny them?
So the next few posts will provide a three part guide to going to uni that should ease the transition from home to away and answer any questions or worries felt by the freshers of 2011.
The biggest change when you leave for university is arguably the sudden acquisition of financial independence. How much you get and where you get it from may vary but for the first time you will have to consider the costs of food, rent and in some cases even utilities. Whether you’re by nature frugal or extravagant, this will necessitate some lifestyle adjustments.
Spreadsheet Love
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| Photo by Kikishua via Flickr |
The first thing you need is a good spreadsheet; it doesn’t have to be overly complex but some record of your income and expenditure will help you set a realistic weekly budget and enable you to make the decision about whether or not to pursue an additional line of income (and by this I mean getting a job not drugs or prostitution by the way).
If you are an excel virgin you can get a parent or more knowledgeable friend to set one up for you and explain how it works- make sure your balance and total outgoing are linked to the data you are inputting so you get a real-time update of your situation when you add new information. This might seem overly geeky or control freaky way of overseeing your finances but once you have it all set up it will require minimum effort from you and will ensure you always know where your money is going.
An addendum to this is to make sure you have your internet banking set up and that you know all the necessary codes and passwords for accessing it. This will allow you to check your account Balance any time of the day or night and give you access to statements so that if you get behind on your spreadsheet you can easily find the information you need.
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| Photo by sausyn via Flickr |
To Work or Not to Work?
Not all universities allow their students to work but if you are faced with no such restrictions you will probably have given thought to the possibility of eking out your meagre income with some kind of part time job. However, it is worth putting off your decision about this until you are a couple of weeks into your timetable as this will allow you to gauge the amount of time you will have free and the academic workload you will have to shoulder.
It might seem like money is the most important consideration but if your work and social life are negatively impacted than you may want to reconsider. Remember that going to university is about getting a good qualification and meeting new people; if you’re not getting either than why are you paying out all that money?
If you do decide to get a job try and fit it around your university life: if you have few lectures look for jobs with early morning or late night shifts, leaving the afternoon and evening for work and socialising. If you have morning lectures find evening and weekend shifts so you can still see your friends and get work done.
You can also try and find a workplace that fits with your schedule: working in a library will allow you to merge work and study, bar work will let you socialise with your friends during work and after as will working in a coffee shop.
Whatever work you decide to do make sure you confine it to a maximum of three or four days a week to minimise the negative impact on university life.
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| Photo by Eun Byeol via Flickr |
Food, Glorious Food
Buying food will eat away (no pun intended) at your weekly budget unless you take control of your spending right from the start. There are many ways to cook on a budget (these will form the bulk of a future post) but here are a few of the simplest and most effective.
Firstly, buy dry goods (such as pasta and rice) in bulk and take advantage of multibuy offers on canned goods. Both of these groups of products do not go out of date and are essential for most recipes, so a larger initial expenditure can save you a lot of money in the long run.
Secondly, don’t be a food snob: people on a budget don’t have that luxury. So buy the basics option if there isn’t much difference in quality and look for cheaper cuts of meat- chicken thigh fillets taste just as good as breast fillets but cost half the price.
You can also save money by cooking with friends: cooking for four (or more) usually lowers the price per head. If you take it in turns to cook the cost of the more expensive ingredients is shared by the whole group and food doesn’t go to waste.
Finally go shopping at night- expensive things like ready meals, meat and bakery products get severely marked down in price the night before the expiration date so a certain flexibility can save you a lot of money.
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Do you REALLY need it?
The last piece of advice I have for you is regarding the ability to distinguish between essential and non-essential purchases. I know everyone’s human and we all give into temptation- I myself once lived for a week on £15 due to the inadvisable purchase of a pair of gorgeous shoes (for the record totally worth it). However, the point is I did then rein back my spending, I didn’t just carry on regardless. Too many people these days are happy living in their overdraft or on their credit card- I am terrified of the latter and only do the former when I know I have money coming in.
Obviously you shouldn’t deny yourself a pair of new hole-free jeans or some underwear but that doesn’t mean that you need to head for Levis and Agent Provocateur when New Look and La Senza will do the job.
Yes its unfair that some text books cost more than a designer handbag, but one is a necessary purchase and the other is a luxury (hint: the necessary one doesn’t come with a shoulder strap). So next time you’re out shopping and you spot a ‘lust have’ item be realistic about what you can afford.
Then go home and put it on your Christmas list.
If you’ve got any questions about managing your money or any handy hints you’d like to share let us know in the comments section. Join us next time for part 2: making friends.
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