University is essentially a training ground for becoming a fully-fledged adult and you’re bound to make plenty of money mistakes along the way – but when it comes to your finances, some oversights can be more expensive than others.
Every new student is going to find themselves in a sticky budgeting situation at least once during their university years, but by understanding these common mistakes, you can at least try and save yourself from living off pot noodles for an entire month when you’re strapped for cash.
Never take your debit/credit card on nights out with you
“Phone, keys, ID, and bank card” is the usual checklist before you hit the town, but if you don’t want to spend a small fortune on every night out, it’s a good idea to swap that card for a set amount of cash.
By taking your card out, you risk spending your entire week’s grocery money when that “Friyay” feeling strikes.
Your bank card can be a useful security net on nights out – you will always be able to afford a taxi home or settle those late-night hunger pangs, but if you plan in advance, you can ensure you have enough cash to last the night.
While this may mean you get to a point when you can’t afford another drink, this will be a blessing when you check your balance the next day!
Find inexpensive social activities and hobbies
Another common money mistake is spending more than you can afford on socializing. We get it — when you arrive at university, making friends is a priority. This usually means lots of nights in the bar, lunches in cafés, and taxis around town. Making friends is great, but socializing can quickly become expensive.
Before you know it, you might have loads of friends but no money to do anything with them. Birthdays have to be missed, group day trips are forgone, and eating in a restaurant seems like a pipedream.
All this can be avoided, however, if you get creative with your socializing and find non-expensive or even free activities to do together. Does someone in the group have a cozy living room you can hang out in and watch Netflix? Or is there a nice park near campus to make your new meeting spot?
If it’s activities you’re looking for, your university or Students’ Union should have societies that offer classes and events for little or no cost. Exploring the city is a great way to socialize without spending loads of cash, and you’ll likely make new friends along the way.
It can be tempting to throw caution to the wind and unapologetically splash the cash, and this is likely the first time you’ve been away from home with your own money to spend. But does reckless spending in return for weeks of bankruptcy and boring nights really sound better than a few reasonable changes to your spending patterns?
Sometimes you need to make your own mistakes to learn from them, and chances are you’ll find yourself in a financial pickle at least once in your first year. If this happens, don’t panic – it’s a rite of passage to becoming an adult and almost every student makes financial mistakes to start with.
Remember your university is there to help you, and can often lend a helping hand if you really struggle. There might be a financial advice center at your university that can help you draw up a budget, and you can speak to your academic tutor if money worries are affecting your studies.
The main thing to remember is that mistakes are opportunities to learn and grow; no one gets it perfect the first, sometimes second, or even third time. No matter what happens, you’re not alone and there is always someone you can speak to.
