But on the flip side, it’s also responsible for the birth of one of the
most exciting and widely-celebrated festivals of the student calendar: student
loan arrival day!
Yes, as I wrote in my last article, I’ve been lucky enough to have been
cast in the Theatre Group’s Edinburgh show, Hanging
Bruce-Howard, and preparations are afoot for it to tour in the summer. So
with the prospect of attending the Festival Fringe looming on the horizon, a
hugely exciting but potentially costly endeavour, my ability to manage my own
finances is certainly going to be tested in the months ahead!
For me, learning how to balance a budget was a huge part of initially
adjusting to the independent lifestyle which accompanies life at University. And
although at first the prospect of being in charge of my own finances seemed intimidating
(although simultaneously exciting!), it’s certainly something which I found
myself getting used to and, consequentially, beginning to encounter in everyday
life – suddenly my instinctive reaction in a supermarket became looking for
“Deal” price labels!
Of course, just as people of a wide range of backgrounds, personalities
and cultures populate campus every day, it’s safe to assume that the student
body arrives at University with a broad spectrum of personal circumstances, so
you’ll soon find that everyone has their own strategies, tactics and tips for
dealing with money-handling.
But although I heard plenty of great advice, I reckon, as with a lot of
the critical skills you begin to develop, learning how to budget is something
which you can only firmly grasp by experiencing it for yourself – so needless
to say it’s an area in which mistakes can, initially at least, be fairly common!
In that respect, I think it’s important to approach the adjustment
phase of coming to University for the first time without fear of experimentation,
provided you remember to use common sense at the same time! There’s rarely a
perfect way to go about most things, be it studying, shopping, cooking, or in
this case tracking your finances, so finding out what works for you can only
really be achieved by trying many varying combinations of methods, and then
changing them if you think their results could be improved.
For example, over the course of my two years of living independently,
I’ve managed to develop a particular personal system where, in conjunction with
predictions of my expected incomings and outgoings (including all the
essentials, be they academic materials, media or, most importantly, food!), I
try to set myself weekly budgets, which often fluctuate according to the time
of the year – exam periods tend to be quieter, more focused and thus cheaper,
for instance, but the resulting celebrations can sometimes require a little
extra funding!
But as I’ve experienced a greater number of occasions on which spending
is necessary, I’ve needed to alter this system to grant myself a clearer
insight into my habits, such as by noting how much I’ve paid for things on a
daily basis. I then try to use this information to gain a better understanding
of when and where I need to cut back in the future – or, more likely, when I
can afford to treat myself!
So whereas at the beginning of my time in Southampton my fridge would
often be stocked with all the brands, labels and luxuries I was used to having
at home, now I try to be a lot more conscious of encroaching expiry dates and
mounting costs, to the extent that I’ve written out a list of where to get the
best value for all the items in my typical weekly shop, just by examining the
prices of different stores!
Using such a methodology, or indeed any kind of budgeting routine or
system at all, is entirely a matter of personal preference, so it’s completely
up to you how you’d like to go about applying it. There are plenty of
suggestions and tips available online, so if you’ve a spare moment, it’s well
worth getting a sense of how others have gone about managing their finances.
One piece of advice I’d be keen to pass onto any newcomer to financing
for themselves in particular, however, would be that, as bills can mount and
the need for funds for supplies, textbooks and recreation augments, it’s very
easy to go through a lot of money, and quickly at that! But I’ve found that there
are plenty of ways to deal with saving money, whether it’s just required me to
be more self-conscious of prices or even simply more aware of spending itself
by self-imposing limits on nights out – although it is always tricky to enforce
these!
There’s also always the option, if you can find the right opportunity, of
taking on a job or paid work experience, although personally I try to ensure
the time incursion of any extra work or commitment I make isn’t to the
detriment of my degree (for example, by trying to keep on top of time
management, and by sticking to part-time holiday jobs) – I have enough
Performing Arts dates on my calendar as it is to keep myself occupied anyhow!
And, as ever, should any financial issues arise which I’m uncertain of
how to handle, there’s plenty of advice and support on offer from the Students’
Union and Student Services, with both providing free and comprehensive assistance
to anyone in need of a helping hand.
So, unless my plan of winning the lottery comes to fruition (although
not buying tickets may limit my odds!), I’ll be looking to keep costs down and
balance my budget - with the excitement of Edinburgh a worthy and
much-anticipated reward!
Robin
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