Firstly: Prioritise Paying off Debt
It doesn’t matter what the debt is, whether or not you’ve bought something on finance or whether you have larger debts to pay, any form of debt is the single worst thing you can have hanging over your head. Every time your debt triggers, that’s money out of your account. You must ensure more than anything else that this is under control and paid off before anything else. Prioritise high interest debt first, as this can quickly snowball out of control.
Sorting out Rent.
Rent can be troublesome. If you are having problems affording rent, then you can always try talking to the person renting the space out for you. There are other things to consider if you choose to rent elsewhere, such as council tax bands and whether or not things are being paid for by the person renting out the property. If the cost is higher initially but someone is paying council tax, internet, water, electricity and gas for you, that can be helpful. As a student, there are many places that offer a higher standard of living at a lower price too which are inclusive, so they are worth checking out. There are often courses on Reed usually CPD courses which will allow you to obtain a student licence. This will not work with all service providers, however it’s well worth paying for a decent course if it positively affects your standard of living.
Sorting Out Internet Costs
If your internet is expensive, you can find better alternatives here at Money Supermarket.
Sorting Out Water Costs
You can compare the prices of water companies and find a better deal at UK Water Bills.
Sorting Out Mobile Costs
I recommend not getting the newest phone whenever it comes out. You can find good deals on Money Saving Expert.
Sorting Out Energy – Electricity and Gas Costs
You can also get help at Money Supermarket for Electricity and Gas.
Sorting Out Transport Costs
This is a little more complicated as there are so many variables. If you are struggling financially, there are some employers who will help with transport costs. It’s worth asking a manager to see if you can get some help. For buses, look into weekly or monthly passes to see if they are a better fit for your finances. Often they don’t allow too much wiggle room but they can be useful.
Money Supermarket can help with Car Insurance.
Sorting Out Grocery Costs
Try to cut down on what you spend by walking to the shops in the evening and buying food that is priced down. Finding sources of food that are better value, or cheaper can be helpful, as can cutting down on what you eat. I tend to fast on my days off and skip meals when I’m not burning energy, but that’s not medically advisable, but if you can try and cut down on expenses by at least 5% per month, in 6 months you will be saving a lot compared to how you were before. Shopping lists are useful into not getting carried away when picking up groceries. Only buy what you intend to get when entering the store.
Sorting Out Excess Spending
Go through your last three to six months of credit/debit card expenses, make a note of all the unnecessary spending and try to avoid spending on things that you don’t need. Always think about something you don’t absolutely need for a few days before purchasing it.
