Start now so you can make the most of summer ☀️

With the last academic year loans coming in this April, it might be time to start thinking about a summer savings pot so you can have fun and relax in the summer without any financial pressure. 

We've got some tips that can help you start putting some money aside in time for your summer:

Create the pot early 💰

The earlier you make your savings pot, the more money you could save - sounds simple, right? That's because it is! Separating your savings from your daily spending helps remove the temptation of spending all your money at once, and it'll help you budget your weekly/monthly spending too.

If you use banking apps like Revolut and Monzo, they have features where you can create 'pots'. You could set different ones up for summer, but also food shops, spending money, bills, etc.

The 50/30/20 rule 🤔

Allocate 50% of your loan or wage for your needs, 30% for your wants and 20% for your savings. This is actually quite good if you're starting from £0 in savings, as it's a consistent and healthy routine that allows you to not only have money to treat yourself for a night out with friends, but it also gives you a baseline for the amount of money you save. 

Use student discounts 🛍️

No matter where you're going, whether it's a meal out with friends or just a bit of retail therapy, look at what student discounts are on offer. It can be an easy one to forget, but if you download apps like UNiDAYS and Student Beans, you can turn notifications on so you get reminders! These discounts are a lifesaver when it comes to saving money.

Create a budget 💸

It may sound boring, but honestly, it's so worth it. If you look at everything you purchase and see you're spending more on things you can easily cut down on, like buying coffee every day before lectures, it can help you create a budget to spend each week. Here's an example of a list of necessities we've made for you:

• Rent
• Bills
• Subscriptions
• Weekly food shop
• Travel

Tip: It's always best to round up with things like this, as you'll be left with a bit more money than you thought.

You can line this up with the 50/30/20 rule, too. Total up your necessities and see if its 50% of your loan, if it's over, maybe have another look over any subscriptions you may have that you don't need or forgot to cancel, or if there's anything in your weekly food shop you could cut down. Once this is done, you can continue with the 30/20.

Creating a budget helps you visualise how much money goes to different areas instead of just looking at one number in your bank balance.

We understand that life as a student can be expensive, but there are budgeting tips and techniques that can work and make your financial life less pressured. If you do need any support with finances, you can chat to our Student Money Advice team 💛