Cozzie livs is the absolute bane of anyone's life right now and many students are finding themselves struggling with the rising costs. Living away from home means that you'll need to manage your money carefully. It's a challenge staying within a budget even more so when faced with a cost-of-living crisis; we've put together some tips and tricks to help you along the way!

Budgeting is a necessary evil and it's not fun, managing your money wisely can make all the difference in being able to afford what you need whilst still being able to treat yourself now and again. The first food shop you do living independently will definitely send you into shock when you realise how expensive some things can be. You'll be accustomed to certain products because your parents used to buy them so now you're stuck with champagne taste buds on a lemonade budget.

Like many students, you probably haven't even thought about putting money aside for things like food shopping or doing your washing (yes, that's right, washing machines charge you to wash and dry your clothes), and then you struggle because a huge chunk (or even all) of your maintenance loan has gone on paying for your accommodation. With some careful planning and smart-decision making (and the ability to say no to plans occasionally), even the tightest budgets can be made workable!

Tips for saving money

While the burden of rising living costs can be a challenge for students, it's not impossible to manage. As with many things in life, planning is key - and that means budgeting and saving money as soon as possible. The first step to saving is making sure you have enough money to cover your essential living expenses (rent/mortgage, utilities, food).

If you already know the cost of your rent or mortgage, then start by looking at what else you need to pay for:

• Utilities (electricity, water, etc.)
• Food
• Transport Costs
• Clothing
• Phone Bills

Once you have estimated these monthly costs and subtracted any potential savings from them, this will show how much money you will need each month and from there you can work out if and how much money you will have left.

Check out this helpful budget planner by UCAS to help better your understanding of living costs at uni!

Smart spending habits

• Be aware and keep track of where you are spending your money and how much you are spending.
• Set up a direct debit to pay bills, such as rent and utilities.
• Try to save a little each month, if you can, even if it's just £10/£15, it will help later down the line.
• If possible, avoid using credit cards, loans, or overdrafts with high interest rates, as these can be very expensive over time!

If you open a student account with Santander, you also get:

• Free 4-year Santander 16-25 Railcard worth £100 (this has saved me so much money on train fares when I make trips back home!)
• Interest-free arranged overdraft
• Secure mobile banking
• Santander boosts (cashback, vouchers, prize draws and personalised offers with their free rewards service)
• No fees for using Santander cash machines when you travel!

Common mistakes and pitfalls to avoid

Don't live above your means. The cost-of-living crisis has hit many students hard, and it's not uncommon for people to make up for the shortfall by using credit cards or taking out short-term loans. While these measures may seem like a solution in the short term, they will only make your financial situation worse in the long run. Avoid buying unnecessary items and don't buy things that are more expensive than necessary. If you want something but don't need it, wait until you can comfortably afford it.

Earn whilst you learn

Another way to ease the burden of budgeting your student loan is by taking on a part-time job. Not only does this provide you with a steady income, but it also helps you develop valuable skills and experience that can enhance your employability after graduation. Sheffield is a very student orientated city and there are lots of part-time jobs available in a variety of roles.

We hope we've given you some useful tips to help you out with managing your money. If you want to know more about how else we might be able to help or if you're struggling, get in touch with our Student Advice Centre.

View more resources on budgeting at university

Check out our Cost of Living Hub