Being a new student at university can feel like a big life change. Not only are you studying at a higher level than ever before and managing the pressures that can come with that, but you’re also taking care of everyday responsibilities on your own – like managing your finances and making important payments.

Having so many new responsibilities can feel overwhelming at first, but so long as you’re well prepared, you’ll begin to enjoy the new-found freedom you have at university. By following these tips to budget for the important things and avoid excessive spending, you’ll be set up for success on your academic journey.

Assess your income and expenses

Knowing exactly how much money you can afford to spend each month can help you to feel more in control of your finances. Creating a budget you’ll successfully stick to requires you to assess your spending habits, and prioritise different expenses accordingly.

Whether you’re earning money through work or using student funding, any money you have coming in each month should count towards your income (other than one-off payments). Be strict with your calculations, particularly when it comes to each of your important expenses – like course fees, rent, and everyday essentials. Once you have an exact figure of how much you can expect to receive, and how much you’ll need to spend, you’ll know how much disposable income is left. If possible, try to put some of it into a savings pot in case of an emergency.

Take steps to reduce your stress levels

Many of us have a tendency to overindulge when we’re feeling particularly stressed. In fact, when asked what makes them impulse buy, 40% of consumers said it’s the instant gratification that comes with making a purchase. While we might crave a little boost when we’re feeling stressed, spending unnecessarily on items we don’t really need will undoubtedly make us feel worse once the novelty has worn off.

It’s a good idea to identify the triggers that lead to emotional spending. Is it the pressure of exam season, or perhaps a coursework deadline? Try to treat the root cause of your stress rather than spending as a way to distract yourself, such as by meditating or using breathing exercises when you’re feeling overwhelmed. You could also speak to your professors or student services if you think there’s something they can help with.

Seek additional support if you need it

It can sometimes be difficult to make changes on your own, particularly if you’re not sure where to begin. If you feel able to, consider confiding in a friend who can help support and guide you towards healthier spending habits. Remember, there will be lots of other students experiencing the same concerns as you, so it could be helpful to team up, hold each other accountable, and tackle the problem together.

Often, all it takes is a few simple changes to build better spending habits. However, if you’re particularly struggling or consistently missing important payments, it might be worth reaching out to a professional, like a financial advisor or a counsellor. Remember that emotional spending is common, and there are lots of routes you can take to improve your spending habits if you’re concerned.