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Managing your student finances

The compulsion to spend is a significant problem for university students. For a stress-free student life, students need to be on top of their finances and manage their budgets effectively.

The best way for students to manage their finances is to ensure that their income is higher than their expenses.

Here are some pointers to help students manage their finances:

1. Analyse your finances

It is vital for a student to record their expenses. Students can record their costs every day either on a spreadsheet in Microsoft excel, maintain an expense notebook or use money tracking apps on the smartphone.

2. Part-Time Jobs

After analysing the finances, a student can judge whether a part-time job is necessary. International students can work up to 20 hours a week during semester-time
and seek full-time employment over the holiday breaks. However, it is essential to note that a flexible part-time job is a key to managing your work and studies.

3. Buying from student-friendly supermarkets

It is difficult for an international student to adjust to the food in a new country. While one could buy food from restaurants, it is often expensive and unhealthy. Students can shop from student-friendly supermarkets like Lidl or Aldi to save money. They are the cheapest supermarkets in the UK whilst not compromising the quality of their products.

4. Student discounts

One of the options for students is to register on UniDAYS for free and avail of student discounts in the UK. It includes electronics, food, fashion products, etc. Another option for students is to check out the discounts on StudentBeans. The StudentBeans app helps discover the nearby places that offer a student discount and gives a free student ID
card on the smartphone to use in-store to redeem the discounts.

While the above pointers are just a few tips for the student to manage their finances, there are other options too, and a student needs to manage their finances well and not be found struggling.