Student Accommodation Managing Your Money

Like all students, you want to make the most of the university experience that unfolds before you, but you won't be completely happy if you're struggling to make ends meet for the whole year. Many students, especially those in the first year, fail to grasp the fact that choosing accommodation that they will be able to afford is vital; failure to do so can lead to a great deal of stress.

For the vast majority of those in academic study, the first year at university is their first taste of managing their financial affairs completely on their own. And while the experience represents an important stage in their development, in some cases it can bring unnecessary upset. The lesson here is clear: take the matter seriously and always keep an eye on the bottom line.

It's impossible to overstate the importance of finding the best student accommodation at the right price. Whether you're looking for a home just for yourself or for a group of like-minded individuals, choosing wisely is an absolute must. Unfortunately, too many newbies fail to realise the difficulties that can arise when the money starts to get tight.

Staying within budget and spending wisely during the year will add to the pleasure of the student journey, and will enable you to focus on other matters instead. If you're not having to worry about the financial situation, you can concentrate on your studies and, of course, the social whirl that university brings. Therefore, choose the right property and the rest will take care of itself.

Financial planning for today and for tomorrow

Planning ahead is a good way of making sure you stay solvent. Think about what you will need to spend your money on in the coming year, bear in mind you'll need to get around, to spend money on course materials, to live to a reasonable standard, to enjoy a social life and to soak up everything that university life has to offer.

Keep an eye on local matters during your academic year as well. Issues such as public transport fare increases in Glasgow, rises in the cost of living in Dundee and the price of gig tickets in Aberdeen can have an adverse effect on your ability to spend. Be prepared to adjust your budgets as and when it becomes necessary.

Keeping a roof over your head is vital, of course, so make sure you always have enough to pay the rent. Whether you have a short-term lease or one that runs for a year or more, make sure you have a monthly or quarterly direct debit set up in advance. If you miss a payment, there could be serious repercussions.

It may seem a little daunting for new students especially to have to maintain their finances on their own, but it soon becomes an issue that you rarely think about. As you get into the swing of the student life, you'll want to focus on the fun rather than the finances. As long as you've been sensible all along, this won't be difficult.


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