Budgeting, but fresher
A short guide to smarter budgeting at university by Nicky Crompton, our summer intern at HyperJar.
Having finished my first year at university, I've now made the same mistakes twice over and ended up scrimping pennies come December - the end of first term.
Start as you mean to go on
You start uni this month, the start of three of the most exciting years of your life. Friends and memories will be made, and you might just come out with a degree at the end of it. However, before you head up there are a few things you’re going to need to think about – and they can really add up.
Firstly, with annual tuition fees at £9,250 and accommodation averaging £4,875, there are some early hefty knocks to those student loans. Then, you’ll need some essentials – kitchen stuff (bottle openers, corkscrews, that kind of thing) and bedding. And of course all the things that make studying that bit more appealing, from a laptop to lamps and stationery.
You’ll probably have hit Freshers’ Week by now. Non-stop partying and fun. Sound pretty good? Your wallet might not think so. Freshers’ Week can be expensive, with night club tickets, food, drinks and taxis among the costs you’ll be faced with. According to The Tab: “The average fresher spends £42 a night and splashes out £400 over the whole of their first week." It's a killer blow for the rest of your term until your next round of funding comes through. Something that'll probably annoy you when you're wanting to do all the fun things in the run up to the Chrismas break.
And so it begins
Then there’s the small matter of term starting. Throughout, you’ll need to pay for food, drink, more fun textbooks, utility bills and transport to visit home, among other things. Looking at the Which? Guide, the average student will incur regular costs that look something like this: Transport = £83; Food shop = £67; Water, gas and electricity = £45; Interests and hobbies = £36. That doesn't take into account all the unexpected things like a smashed phone screen, visits from friends and the inevitable night out, or those Netflix and Spotify subscriptions of £8.99 and £4.99 a month.
How To HyperJar
However, fear not! HyperJar can help you manage these expenses. By letting you split your money for different purposes, HyperJar can take away some of the stress of worrying about budgeting and allow you to concentrate on enjoying uni.
You can create Group Jars with your mates, to put money aside and pay for shared living bills or nights out, and guarantee that no one ever gets the 'mega round' short straw when you’re out.
Moreover, HyperJar can make planning pay. HyperJar have partnered with great businesses like Lidl and student-friendly Megabus. Open a Megabus Jar, start putting a few pounds in it for end of term or emergency journeys home for hot meals and clean washing, and you’ll grow your spending power by 4.8% Annual Growth Rate on the balance. Genius.
It's good to know you're being smart with money even if you're waiting anxiously to hear what percentage grade you scored in your first essays.