Money & How To Spend It

Naomi is a third year student studying Economics with Accounting, who loves trying out all the amazing coffee shops around City. 


“So now you’ve got some money in the bank. Amazing! But beware, that was the easy part! Next, we need to know how to be responsible with our money and spend it wisely.”


In Part 1, we looked at how we can get hold of some money. Now it’s time to look at how be responsible with your money.

Managing your money Piggy bank

You may see all that money in your account and think the moment has finally come for you to buy the newest phone or deck yourself out in designer clothes…well, STOP. 

This is not that moment! We’ve got to be practical and make our money last all term. Easier said than done, trust me! But here are some things I’ve found helpful in learning to make the most of my money. 

1. Build a Budget

Which is a fancy way of telling you to figure out how much money you have and what you need to buy with it. Essentially all you do is: 

  • Find out how much money you have available each month 
  • List what you need to spend your money on and how much it will all cost 
  • Pay for the essentials first, and whatever is left you can buy a cookie with (or whatever you want, but I always think a cookie is a good option!) 

Obviously this is very simplified, but if you want more information you can have a look at websites like Save the Student or Money Saving Expert. 

2. Learn to Cook

Take outs and ready-meals quickly add up, but you can learn some cooking basics to save money and maybe have some fun too! A fun website on this is the Student Food Project. 

3. Use Student Discounts

Check out websites for deals and discounts from health & beauty, to travel, eating out, tech and university essentials:Shopping

All the little savings add up!  

4. Walk, run or cycle

Travel can be a big expense, especially if you don’t live particularly close to your university campus.

For some people, public transport is necessary, so in this case, check out getting a Railcard or a student travelcard. Walker

But, if you live a bit nearer to campus (and especially in these Covid times), try walking – it’s free! Or get off the bus or tube a stop earlier. Or, invest in a bike and cycle!

5. Find the Freebies

There is free stuff everywhere if only you look. Student societies often have events with free food (when events aren’t online!), or downloading apps often means a free gift. For more freebie inspiration, have a look at places like Save the Student 

I hope that gives you some budgeting ideas – I’m sure you can think of lots more things we could add to that list – if you do let us know in the comments!

There are lots of other great resources online with creative ways to use money well so check those out too!  


For more information on budgeting, read Naomi’s Part 1 blog on where students can get money and financial support.

Read about the benefits of cycling as a student

For City students, we have just launched a new Money Advice service, focused on money management. City students can access City’s service here.

City’s Students’ Union is also running a new Short-Term Loan scheme, introducing a brand new, interest free, short-term loan scheme to help students with short-term cash flow issues.

If you are not planning on attending City, check out other university’s websites and what they offer in terms of bursaries and financial support and guidance.

And you can read:

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