Top tips to manage your money at university.
A big part of attending University is deciding what activities you want to do with your friends and how you want to spend your time.
These choices are often impacted by how much money you have in your bank account.
At sync., we want to share how university students across the world are using our app to help them manage their money and get the most out of it.
1. Taking Advantage of student discount and cashback deals
Students often do not realize the offers that are available to them that would greatly reduce their spending. For online shopping, apps like Honey are often used to find coupons from the internet that they may have never found previously. Sites like StudentBeans and the Totum Card allow students with a uni email address to take advantage of dozens of deals at stores like ASOS, adidas and so many more. If those are not enough, in the rewards section of the sync. app you can also find additional rewards that you can take advantage of as a user.
2. tracking your money
Forgot how much you spent on ordering takeaways last month? sync. has that information stored for you right in the app. One of the most useful features that we offer to University students is to be able to view where their money goes in real-time. You can view the previous month’s budgets and see where you may have spent a little too much money or view your current budget to see how much money you can save. Budgeting features are coming very soon – stay tuned!
3. use your phone to pay
Because of recent global events, many restaurants, shops, and businesses are less likely to accept cash payments and are more likely to use contactless forms of payment. While using your contactless card may seem appealing, a way to stay truly germ-free is to use your phone to make a payment directly. It also allows you to keep track of how and where you spend your money and can deter you from going on shopping sprees.
4. be wary of credit cards
As a university student, you will be offered many different credit cards from different companies. While it is smart to take advantage by signing up for one and working on your credit score, it’s also important to constantly keep up with your payments. In order to avoid large fees as a student, you should pay off your card in full every month. Sign up for auto-payment from your bank account and use sync. money transfer to make sure your account always has enough money to pay the credit card off.
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5. keep on top of your overdraft
Most student bank accounts offer large overdrafts for free. This may sound great and can be a big help, but before long you may find yourself in your overdraft more than in credit. Once you’re consistently in your overdraft, it can be difficult to get back out. Try to use it as more of an emergency buffer rather than money that you have available to spend.
6. set a budget at the start of the month
Look at what you usually spend in a month by using sync.’s budgeting features (coming soon). Then set your own spending targets for the month. For example, you might want to allocate £20 per night out, and you usually go out once or twice a week, so you could aim to only spend £100 per month on this. Try it for a few months and see if you can stick to your goals without having to sacrifice socialising time too much.
7. Don’t spend your student loan all at once
Student loans are paid to students every 3-4months while at university. These lum sums might have to keep you going for a long time, so don’t get excited and go on a shopping spree in your first month. Sit down and calculate how many weeks you have until your next payment, then divide the amount by that number of weeks to get your weekly allowance. Remember to factor in any special events, like buying presents for friends and family at Christmas.
There are plenty of ways to have fun at university with your friends without having to worry about spending too much of your money. If our money management tips helped you out, follow our social media accounts to keep in touch with our latest rewards changes as well as new helpful budgeting updates.
Let’s make a difference.
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