How well do you know the costs of everyday items? Watch the video and challenge yourself with our money quiz.
Learning to manage your money is just like every other life skill. You aren’t born being able to do it and, just like many other things in life that are worth learning to do, it takes practice. Well, we're here to help. Here are just a handful of tips to help you be smarter with your cash.
Advice for managing your money
1. Draw up a budget
For your budget to work you need to be realistic, so remember to factor in things such as birthdays, haircuts, trips home and all the other things you spend your money on – not just rent and food. Your budget also needs to be flexible, so if you overspend one week you can change your plan the next week to compensate.
You can create a budget sheet practically anywhere – online, on a spreadsheet or in a notebook.
2. Learn to cook
There's plenty of money to save if you cut down on takeaways and ready meals and cook yourself fresh food – it's healthier too.
Just do a quick search and you'll find lots of online recipes and step-by-step videos on how to make quick and easy, budget-friendly meals.
3. Use two bank accounts and ‘pay yourself’ each week
Your student funding is paid to you in three instalments and it is up to you to be disciplined enough to pay for essentials (such as rent, food, travel, etc.) and make the rest last until the next instalment.
Pay for your essentials right away and see how much you have left. Then divide this by the number of weeks until you receive the next instalment. This is how much money you have to live on each week. You can then pay this amount into your other bank account each week to live off.
4. Remember you don’t have to spend lots to have a good time
There are plenty of things to do in Liverpool for free, just take a look at our list. Plus, if you're an LJMU student you can take advantage of exclusive free or discounted access to some of the city’s cultural and sporting venues and experiences, so you can save money while still enjoying everything Liverpool has to offer.