Wise words of wonga wisdom

Money can be tough.

For many freshers the concept of triple digits is distant from any reality they recognise until the point where all of a sudden, with no adult supervision, they have lump sums to take responsibility for.

With no one watching and nobody to hold you accountable, it is all too easy to pull the classic move of buying drinks for strangers and developing a Deliveroo dependency before you’ve managed to make rent.

As uni students, we need to demonstrate some caution, but at the same time nobody wants an experience stripped of any fun for monetary anxieties. You need to pick your battles and find a sustainable balance.

To make opening your online banking somewhat less nauseating, try Monzo. It’s an app that allows you to allocate money to different ‘saving pots’, breaking down large numbers that don’t mean anything into something easier to keep track of that is applicable to daily life. Any step that can be taken to ease the anxiety of the unknown is a step worth taking.

A hidden cost that sneaks up on many of us is subscription services which deplete money before you’ve had the
chance to notice it’s there. The first of the month is likely to hit hard, with bills also needing to be paid.

Time to consider whether you really need three different types of movie streaming services. Did you forget to cancel that spur-of-the-moment The New Yorker subscription made in haste to accrue tote bag clout?

Did you forget to cancel a subscription? – photo: Martin Booth

When it comes to the things you decide you simply must have, make like a middle-aged father with too much time on his hands: call up customer services and threaten to leave. Offers will often miraculously appear and you’ll find yourself spending far less.

Economising does not have to condemn you to an ascetic existence. The trick is figuring out where priorities lie. I know that I’m guilty of spending beyond my means when it comes to concert tickets which, when coupled with a chronic takeaway coffee dependency, necessitates cutting back in areas that suit.

While I may be content to cut back on food costs and live off very similar bulk-cooked dahls and soups for weeks on end, this Aldi-centric solution is not for everybody. If you know that as soon as you’re let loose on 3-for-1 Jägerbomb it’s all over for your current account, know that you may have to cut down on impulsive ASOS spends.

It can be a steep learning curve to take control of your finances. But the more you know, the more control you
have.

The worst thing to do is to avoid facing your money and having it become a case of anxious uncertainty where any spending causes stress.

Arm yourself with the tools and time you need to check in on where you stand and try not to let it overshadow the fun uni should bring.

Main photo: Christopher Bell Unsplash

Read more: Discount apps for savvy students 

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