The high price of student life is certainly no secret, which is why all sorts of loans, grants and bursaries are available. But often they just aren’t enough to fund your student life. If your budget’s feeling a bit too tight you have two main options: spending less or earning more. So which do you choose?

Spend less.

When trying to reduce your budget, it's important to remember that some bigger costs probably can’t be cut. These might include:

• Accommodation/housing rent
• Bills (including Internet & phone)
• Food
• Toiletries
• Travel

And now for the good news: once you've recognised your limits, other costs are easy to cut down if you really want to. Yes, really! Not sure where to start? Remember, funding your student life can be fun. Here are a few simple-yet-nifty tips:

1. Keep a spending diary: Keeping a diary of a few weeks’ purchases will not only highlight unnecessary spending but will also make you think about whether you really need something before you take it to the till.

Tip: It needn’t be complicated – jotting down each purchase in the back of a notebook will do the trick, but dividing it into categories can help draw attention to problem areas.

2. Make a list: Draw up a list of everything you’ve spent money on so far this year. Use colours/letters/sparkly stickers to label each item as a ‘necessity’, a ‘one-off’ or ‘other’. What sorts of things are in your ‘other’ list? Why did you buy them? If you could turn the clocks back, would you still buy them?

Tip: Keeping hold of all receipts - even if the item only cost 10p! - can help make future lists more useful as you’ll be able to include prices.

3. Don’t buy anything without a (reliable) friend: If they know you can only afford necessities, a friend can act as a second conscience when you decide to ignore your own. Give them a list to make sure you stick to it.

Tip: Choose a friend who’s also trying to save money and share 2 for 1 offers – but only on what you set out to buy!

Make more money.

If you struggle to stick to budgets, love your luxuries or still need a bit more cash, increasing your income might be a better option.

And it could be helpful in more ways than one. If earning money yourself, you may be less willing to waste it on pointless buys, and a part-time job can enhance your CV as well as your bank balance. Sound good?

How you actually make the money is up to you, but there are a number of options; your best option will depend on how much you need, how much time you have, whether you need a regular income etc. Still not sure? Here are some ideas to get your started. However you choose to do it, keep a few things in mind:

• Making money should subsidise, not jeopardise, your studies: don't forget that you're at uni to study - is it worth wasting thousands of pounds to earn an extra tenner?

• Only take on what you can manage: if you’re struggling to afford essentials such as food and don’t have time for part-time work, please don't overdo it. Most universities have a hardship fund which can provide extra loans or grants if you find yourself in serious difficulty.

Let us know how you're doing with your money by posting in the comments below!

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