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How easy is it to manage your finances when at uni? watch

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    I'm starting uni this year and was wondering if anyone who's in their 1st/2nd/3rd year or even finished uni altogether could tell me about their money experiences. Were things expensive, how did you budget, did you have pressure to spend lots on drink, those kinds of questions. I really don't want to come out of the 1st year with massive debt, when I've got like 2 more years to go. I'm scared that could happen :sad:
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    Personally, I had no problems managing my finances. It's about adapting. The people who struggle with money are the people who try and fund a lifestyle they can't afford.
    Simple budgeting involves working out your priorities, and how much money you'll have available per week; just subtract one from the other - and DON'T give in to pressure if you can't afford to.
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    I've had no problems- I just make sure I don't live beyond my means. However I don't drink at all so that's probably one reason I haven't struggled! I still go out, just don't feel pressured/the need to spend hundreds on alcohol.
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    I know alot of people who blew their entire overdraft in the first semester and then spent the rest of the year in financial peril.

    Any sensible person can budget properly. Work out how much money you're going to have once you've paid rent, phone contracts, food if you're self catered etc etc. You probably wont stick to a weekly budget but as long as you're careful and realise that a one off big spend is gonna have to be accompanied by a week/month of scrimping and saving then you'll be fine.

    Don't be a d*** and blow loads on nights out cos you'll soon regret it
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    lets just say i blew my budget in the first 2 weeks, but dont worry mummy and daddy came to rescue. I was spending something like 70 a night. Im bad when it comes to managing money, when i get back to uni this year i am hiring one of the accounting student to help manage my money.
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    Have a bit extra to do you for the first few weeks (if you're a fresher) because you'll be buying new things for your new flat, have big nights out...things just get expensive in the first couple of weeks. I sort of anticipated this and saved up money over the summer so it didn't put me in the red.

    Before I got to uni, the student loan company told me how much of a loan/grant I'd be getting, so I quickly figured how much would cover my accommodation, and how much I had left over. I divided the left over money by the amount of weeks at uni, and this gave me a rough budget, which I tried to stick to. Some weeks you spend more than others. I soon found out that alcohol was my biggest expenditure so tried to cut down on drinking/nights out too.

    Everyone has their own way of doing things, some people have a weekly budget, others just spend whatever money they have in their account. It's up to you really, I think it's good to learn to manage your money at uni. I noticed a few daddy's girls at uni who didn't learn a thing and spent like no tomorrow on Waitrose goods and Topshop items.
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    Personally, I never had a problem at all. I'm a natural budgeter though, if I feel like I'm spending too much money I'll automatically slow down and live on the cheap for a while.

    It all really depends on your personality really. I knew a few people who would go out regularly and spend obscene amounts of money, they really didn't have any self control or know when to stop. But then again, those are usually the people living on beans on toast for the last month of semester. Either you budget naturally, you make an effort to budget or you'll be forced to budget when you run out of money.

    Probably best to live fresher's week without budgets, especially in first year. It's a time to enjoy yourself, and you'll never get that first fresher's week back.
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    As others have said, work out a budget.

    You should get info from the SLC about how much you'll get paid for your loan - deduct essential things first such as rent, food, bills, books and essential travel. Then consider other things - going out, non-essential travel, and 'luxuries'. It is also sensible to plan to spend less than what you actually have, if at all possible - so if you *do* end up going over your budget, you've got a small buffer in which to do so.

    If you can at all afford to, keep out of your overdraft. They are highly useful for short term lending - just before you get paid, for example - but don't use them for longer-term lending if you can avoid it.
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    I found it incredibly difficult, being employed from the age of 15 meant that anything I wanted I could have, so when I arrived at uni things changed because of bills and rent, I hated it and found it hard to adjust, my overdraft was my second wage. I'm now well over £2k in debt going into third year, all because I was greedy.
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    It took me a while to adjust- in first year I got through my loan quite quickly. By second year year it became a bit easier to understand how to manage money as I found part time work, and also because I moved out of halls and had to pay rent, utility bills etc.

    Some people budget better than others, I'm hoping to not rinse my overdraft so much for my third year. Uni teaches you a lot about managing your money, and compared to first year, you don't really go out as much as Uni goes on.
    It's best to set some money aside for the first month or so, as a Fresher you'll go out more and be meeting new people, buying loads of books, materials, stuff like that.
 
 
 
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