The start of university brings new-found independence and responsibility, especially when it comes to managing your finances. As a student at BU, navigating that financial landscape can be daunting, but with careful planning, restraint, and budgeting, it’s entirely manageable. This blog will cover some of the essentials of student finances, breaking down expenses and offering some money-saving tips.

Breaking Down Expenses: 

Accommodation Costs: I recommend opting for university-managed accommodation in Lansdowne during your first year. With costs averaging around £160 per week, inclusive of bills, this expense is a significant portion of your budget. Selecting university accommodation not only offers convenience but also eliminates the hassle of dealing with private landlords and unexpected bills. Furthermore, there’s a lot of convenience living in Lansdowne, being close to town and bus stops compared to other options.

Transportation Expenses: Bournemouth’s efficient public transport system makes commuting a breeze for students. However, to get around you’ll need the annual UniBus pass which will cost roughly £265. Unless you have a car, getting the annual pass will save you a ton of money over the year as these buses can take you all over Bournemouth and further on.

Food, Groceries, and living expenses: Eating out and ordering food have been the biggest reasons for me going over budget during my years at Uni. I highly recommend trying to stick as much as you can to home-cooking meals and cooking multiple meals in advance for convenience. For all other expenses such as groceries to going out it will cost around £300-350 a month. This number may change depending on your lifestyle.

Money-Saving Tips:

Budgeting: Establish a monthly budget outlining your income and anticipated expenses. I would break down this budget by category and allocate funds between those categories. This could be groceries, clubbing, dining out, ordering food, savings and so on. Make sure that your needs are met before your wants, you need to be able to afford the essentials before thinking about fun.

Student Discounts: Take advantage of student discounts offered by various retailers, restaurants, and service providers. The GAIA card is an example of this, alongside your student ID card which gives good discounts at a wide range of stores.

Part-Time Employment: I would consider seeking part-time employment. If you’re an international student, you will be restricted to working a maximum of 20 hours a week and in some cases 15 hours a week. The university offers part-time work for students though you can also seek employment in cafes, retail stores, and other establishments around Bournemouth.