Our top 5 tips to help you manage your money

Studying at university may be the first time you have to manage your finances on your own. Budgeting is the best way to do that, and we're here to help you. Here's our top 5 budgeting tips to help you manage your money:

1. Planning and tracking 📈

• Calculate a weekly budget: once received your student loan and you've paid your rent, divide the money you have left by the number of weeks in a term to find your maximum weekly spend.
• Use budgeting tools: Yes, it sounds boring, but it works! Use Excel spreadsheets or apps to track your income against your expenses.
• Use cash for spending: A lot of places now are card only, but on the off chance that somewhere takes cash, use it! It can help to avoid mindless contactless spending on a night out (but make sure you've got enough for a taxi home!)
• Accommodation payments: It's important to know when instalments come out if you pay with this method. It can help with planning and budgeting your money in advance, with general spending and meeting your next accommodation payments.

Accommodation Fees: Monthly instalments

• Exchange and Go Global - Semester 2 (22 weeks): Feb-May
• Undergraduate (40 weeks): Oct-May
• Postgraduate (50 weeks): Oct-Jul
• Postgraduate Jan Arrival (32 weeks): Feb-Jul

2. Food and shopping 🛒

• Meal planning: Creating a weekly meal plan can help to avoid impulse buys and reduce waste. It can also be helpful on those long lecture days when you don't feel like cooking, and you can have leftovers instead!
• Shop smarter: Switch to budget-friendly supermarkets like Aldi and Lidl and buy their own-brand products instead of premium brands.
• Reduce food waste: Use apps like Too Good To Go to buy discounted food from local cafes and shops - Heriot-Watt's Student Union is on there. Cooking in batches also helps with this. If you cook large meals, you can freeze portions (or leftovers) to avoid buying takeaways when you don't feel like cooking again.
• Shop second-hand: Use apps like Vinted or Depop for clothes and books instead of buying brand new.

3. Student discounts and perks 💜

• Discount Apps: Sign up for UNiDAYS and Student Beans for discounts on food, clothing and tech. It will be your best friend throughout university.
• Travel Savings: Everyone aged between 5 and 21 can travel for free on the bus in Scotland; all you need to do is apply for a Young Scot travel card. You can also apply for a 16-25 Railcard for cheaper train tickets.
• Student banking: Apply for a student bank account, especially ones like Lloyds that offer freebies and money when you switch to them.

4. Socialising and lifestyle 🍻

• Host nights in: Instead of going to the pub or clubs each weekend, have your friends over for drinks and games instead - it will be so much cheaper!
• Campus events: Take advantage of free university events and societies. Whilst it's a great way to save money, you'll also meet new people and expand your friendship group.

5. Jobs 💼

One good opportunity at university is part-time work. It's always a good idea to look for flexible, part-time jobs that fit around your studies to increase your income. Hospitality is usually the go-to option, but try not to get too attached whilst you've got your studies going on, put university first! It's a great way to help you financially as a student, and you can even start saving money for future holidays.

You can also register with Unitemps at the Edinburgh campus. Their office is located in the Hugh Nisbet Building - it couldn't be easier!

Lost your job? Change of circumstances? Money got away from you? Can't meet your payment dates? Don't delay, we're here to help. Speak to our accounts receivable team, who will work with you, offer support and may be able to advise you on eligibility for hardship funds. Students are very well supported during their time at Heriot-Watt. If you have a problem, we will have a team that can support and help! ❤️