The Student Room Group

Tips on how to carefully spend my Student Finance

I want to spend the money from stufent finance carefully and save for a rainy day.
I am living in london this is my first year as a student in university. Will you give me some tips and tricks please where to start off and how I can manage my loan ?

Bear in mind I am a spenthrift and I haven't made much effort yet to take my finances seriously .

Reply 1

Original post
by Marioszz
I want to spend the money from stufent finance carefully and save for a rainy day.
I am living in london this is my first year as a student in university. Will you give me some tips and tricks please where to start off and how I can manage my loan ?
Bear in mind I am a spenthrift and I haven't made much effort yet to take my finances seriously .

I would recommend opening a savings account and being able to transfer money in and out of this savings account and your current account. Something like monzo might help you to plan and budget by putting specific sums of money away and allowing you to clearly see what you have to spend on fun things vs groceries.
If you are wanting to take your finances more seriously, I would recommend using a spreadsheet to track your spendings with categories saying whether the purchase was necessary or whether this was an anticipated purchase.
Not money budgeting related, but I would also say that limiting the number of meals you buy not in your food shop or meal prepping will help you to manage your finances a bit better.
Ensure that you have any money for rent carefully set aside and are not tempted to spend it (maybe by using pots in monzo).
If you want any more tips, am happy to help

Reply 2

Original post
by jengablocks79
I would recommend opening a savings account and being able to transfer money in and out of this savings account and your current account. Something like monzo might help you to plan and budget by putting specific sums of money away and allowing you to clearly see what you have to spend on fun things vs groceries.
If you are wanting to take your finances more seriously, I would recommend using a spreadsheet to track your spendings with categories saying whether the purchase was necessary or whether this was an anticipated purchase.
Not money budgeting related, but I would also say that limiting the number of meals you buy not in your food shop or meal prepping will help you to manage your finances a bit better.
Ensure that you have any money for rent carefully set aside and are not tempted to spend it (maybe by using pots in monzo).
If you want any more tips, am happy to help


Thank you I have a barclays bank tho

Reply 3

Original post
by Marioszz
I want to spend the money from stufent finance carefully and save for a rainy day.
I am living in london this is my first year as a student in university. Will you give me some tips and tricks please where to start off and how I can manage my loan ?
Bear in mind I am a spenthrift and I haven't made much effort yet to take my finances seriously .

Hi @Marioszz

Some great advice already given about creating a savings account and using a spreadsheet to track spending. Just tracking your spending habits can really help you see where you could be saving.

I would also set yourself a weekly budget, see how much money you can allocate to each week that will also allow you to save some and then try and stick to the budget.

When doing your food shop try and buy ingredients that you can use for multiple dishes. Batch cooking I find also really helps me save, I try to make food I can freeze.

Depending on where you live, walking instead of using public transport could save you quite a bit of money. You may just need to give yourself an extra 20 minutes of travel time to walk instead of getting public transport.

Make the most out of student discounts. I often go to places and don't realise they have a discount, so just ask everywhere you go, especially big chains. I will leave a link to a post I did about making the most of student deals How to Save at University - The Student Room

You could always get a part time job to support you and then you can save more of your student loan. Working as a student ambassador is a very flexible job to do along side your studies as well as hospitality jobs or even selling old clothes and items online.

I hope this helps :smile:
-Grace (Kingston rep)

Reply 4

Original post
by Kingston Grace
Hi @Marioszz
Some great advice already given about creating a savings account and using a spreadsheet to track spending. Just tracking your spending habits can really help you see where you could be saving.
I would also set yourself a weekly budget, see how much money you can allocate to each week that will also allow you to save some and then try and stick to the budget.
When doing your food shop try and buy ingredients that you can use for multiple dishes. Batch cooking I find also really helps me save, I try to make food I can freeze.
Depending on where you live, walking instead of using public transport could save you quite a bit of money. You may just need to give yourself an extra 20 minutes of travel time to walk instead of getting public transport.
Make the most out of student discounts. I often go to places and don't realise they have a discount, so just ask everywhere you go, especially big chains. I will leave a link to a post I did about making the most of student deals How to Save at University - The Student Room
You could always get a part time job to support you and then you can save more of your student loan. Working as a student ambassador is a very flexible job to do along side your studies as well as hospitality jobs or even selling old clothes and items online.
I hope this helps :smile:
-Grace (Kingston rep)

This is great advice. To add to that, there are apps like Too Good to Go, which allow you to get takeaway that a shop hasn't sold yet. They have many participating stores in London and they tend to go for a third of the normal price. Also, if anyone you know has a membership to Costco, you can get great discounts on massive packages of food. Also, if you haven't already, you should get a Tesco Clubcard, as there are some great deals only available to those with it. Hope this is useful.

Reply 5

Original post
by HarryGTY
This is great advice. To add to that, there are apps like Too Good to Go, which allow you to get takeaway that a shop hasn't sold yet. They have many participating stores in London and they tend to go for a third of the normal price. Also, if anyone you know has a membership to Costco, you can get great discounts on massive packages of food. Also, if you haven't already, you should get a Tesco Clubcard, as there are some great deals only available to those with it. Hope this is useful.


Thank you ! I already have too good to go before I enrolled in university and it's very efficient way to get more than one meal for you and your friend while you save some money aside :smile:

Quick Reply

How The Student Room is moderated

To keep The Student Room safe for everyone, we moderate posts that are added to the site.