Surviving on a Student Budget

It's a stereotype, the penniless student sucking on half pints left at the bar, scraping the crisp crumbs on his floor into a pile to have for breakfast. Of course, no one ever gets that desperate, but students are a money-troubled group nonetheless.

And I think by signing up to student life, you consent to a few years of pound stretching, but by no means do you have to live in poverty and squalor.

So who gives you money? You should receive a loan from your nearest student loans company relevant to your household income to pay your tuition fees (though you never see any of that, it goes straight from the loaners to the Uni), enough to pay for accommodation and a little extra to keep you going. You'll get a bit more if your Uni's in London.

The general student consensus is that this is just not enough. Unless you live off pasta and order tap water from the bar, this amount will not see you through the year. So where else can you get money from? The first choice most students make is to get an overdraft. This is an extension on your bank account which gives you access to anywhere from one hundred to over a thousand pounds, interest free. The problem is, you've got to pay it back. And the nice people at the bank will be a little more demanding than the student loan companies, so it's best to keep your overdraft to a minimum.

For those who know they have no control over money, some banks will arrange your overdraft to arrive in chunks, instead of all at once. It's sometimes nice to know you have money on the horizon you'd otherwise have blown by now.

Then there's the other possibility of money making: getting a job. Students are seen as retail fodder, and if there are lots of shops around you'll be lapped up, should you get round to applying. If you've got any noteworthy skills - especially if they tie in with your degree - try finding a job that will nurture them, as it will beat the hell out of serving customers all day. Gumtree.com is an excellent website to find interesting occupations (among other things) on.

Some students avoid jobs altogether. Some have rich parents, some are really lazy, and some just don't need the money. Final year students in particular would rather stay in and study than go out to a bar. It works out well for them: no job = no money = no travel/entrance/beer = stay in = study.

Due to the sheer immensity of the summer breaks students get, another good idea is to work your limbs off during the summer and live off that money, much like a squirrel buries nuts for the winter. You can get by quite comfortably during the year with summer money; just remember where you buried it.

Having said all that though, it can be an enriching challenge to live on peanuts.

The primary skill I've learned seems like a no brainer: don't buy unnecessary stuff. Easier said than done though, so I'll move on to an effective subcategory of this skill. Don't snack on ready meals. The amount of money I've seen needlessly squandered on microwavable meals and pot noodles scares me (and gives me a potential career path to mull over). Plain fact: you pay for convenience, you pay much more than you realize. Take a pot noodle for example: tasty, quick, and deceptively cheap. But consider you're paying just under a quid for what you could get by chucking a bag of ASDA 8p noodles and some frozen peas into a mug. Too much effort, I hear you say. Well, it gets easier with practice, but stays cheap. Buying huge packets of long lasting foods will save you money in time. Don't be embarrassed when at the checkout your shopping is a parade of the white and green smart price colours.

Another good idea, while perusing the aisles, is to watch out for deals. There are two kinds of deals: ones that benefit you, and ones that benefit the shop. Be vigilant; buy stuff you'll need. Deals can lead to a healthy variation in your diet as well as a full(er) wallet.

Aside from ASDA, try the lesser known LIDL. The stock may be imported from Europe, but there is some damn good stuff for damn cheap there.

Financially, students go up and down, but if you keep a little money away for emergencies and (very) special occasions you'll never be in any real trouble.