Budgeting & saving
Budgeting tips for students
23 February 2021
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Budgeting & saving
23 February 2021
Money & Life contributors draw on their diverse range of experience to present you with insights and guidance that will help you manage your financial wellbeing, achieve your lifestyle goals and plan for your financial future.
Starting or returning to study is an exciting time! But let’s be real, unless you’re also working full time, you’ll have less income while you complete your studies. That’s where a little planning can help make the most of your student budget.
Surviving on a student budget isn’t easy, but don’t worry, it can be done. Whether you’re studying remotely this year, or returning to campus, we have some great tips to help you manage your finances.
No matter what your income, having a budget is the first step towards financial wellbeing. It’s even more important when you have limited resources, so you can avoid overspending.
Not sure how to create a budget? Start by recording your income and spending in a budget planner or spreadsheet. Try to use the most recent figures you can find, taken from your latest utility bills, bank statements and tax returns.
What does your budget tell you? Does your income cover your essential expenses? Are there areas where you need to cut back? Revise the figures until you’re comfortable you’ll be able to make ends meet.
Read more: How to budget: Your five-step plan to brilliant budgeting
Now that you know what you can afford to spend, it’s important to stay within your budget. Check your bank account each month or use one of the many apps and tools available to help you keep track of your spending.
If you do find yourself spending more each week than you have coming in, don’t be tempted to use credit as a bridge. Trying to cover your spending gap with a credit card can lead to a lifetime of consumer debt that’s hard to shift.
Read more: Don’t let overspending be your undoing
With so many ways to save on shopping, you need never pay full price again. Here’s just a few ideas:
Related: Take stock of how much conveniences are costing you
A good home life can really make or break your student experience. It’s also one of your biggest expenses, so weigh-up what’s most important to you and what you’re willing to sacrifice. For example, you might find that living closer to campus is more expensive, but cuts down on your transport costs. Or, you may be able to find cheaper accommodation further out, with a longer commute. House sharing websites and student accommodation providers are a good place to start looking for affordable options.
If last year’s lockdown/s taught us anything, it’s that eating at home is a big money saver! While it might be tempting to grab a takeout for lunch or dinner, the cost of eating out quickly adds up. Get Googling for some delicious low-cost recipes and plan out your meals for the week. Then invite a few friends around and swap that pub meal for some tasty home cooking. Your finances – and your waistline – will thank you.
Read more: Why wellbeing isn’t just for the well off
Did you know you can often get a better deal, simply by asking? It’s possible to negotiate a better rate on just about anything these days, from your phone or internet bill to electricity and subscription services. Some providers will even offer special rates or discounts for students. So pick up the phone and get dialing!
Read more: Top negotiating tips to cut your bills now
Finally, it goes without saying that you need to make the most of any financial assistance you’re eligible for. That could be government support, student loans or scholarships (they’re not just for the high achievers after all!).
Living on a student budget means being realistic about what you can afford. Just remember that it’s not forever and one day soon all your hard work will be worth it. Developing good spending habits now will go a long way to setting you up for a future of financial freedom.
Tags in this article: Budgeting & saving, Setting goals, Education
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Budgeting tips for students23 February 2021 Starting or returning to study is an exciting time! But let’s be real, unless you’re also working full time, you’ll have less income while you complete your studies. That’s where a little planning can help make the most of your student budget. Surviving on a student budget isn’t easy, but don’t worry, it can be done. Whether you’re studying remotely this year, or returning to campus, we have some great tips to help you manage your finances.
No matter what your income, having a budget is the first step towards financial wellbeing. It’s even more important when you have limited resources, so you can avoid overspending. Not sure how to create a budget? Start by recording your income and spending in a budget planner or spreadsheet. Try to use the most recent figures you can find, taken from your latest utility bills, bank statements and tax returns. What does your budget tell you? Does your income cover your essential expenses? Are there areas where you need to cut back? Revise the figures until you’re comfortable you’ll be able to make ends meet. Read more: How to budget: Your five-step plan to brilliant budgeting
Now that you know what you can afford to spend, it’s important to stay within your budget. Check your bank account each month or use one of the many apps and tools available to help you keep track of your spending. If you do find yourself spending more each week than you have coming in, don’t be tempted to use credit as a bridge. Trying to cover your spending gap with a credit card can lead to a lifetime of consumer debt that’s hard to shift. Read more: Don’t let overspending be your undoing
With so many ways to save on shopping, you need never pay full price again. Here’s just a few ideas:
Related: Take stock of how much conveniences are costing you
A good home life can really make or break your student experience. It’s also one of your biggest expenses, so weigh-up what’s most important to you and what you’re willing to sacrifice. For example, you might find that living closer to campus is more expensive, but cuts down on your transport costs. Or, you may be able to find cheaper accommodation further out, with a longer commute. House sharing websites and student accommodation providers are a good place to start looking for affordable options.
If last year’s lockdown/s taught us anything, it’s that eating at home is a big money saver! While it might be tempting to grab a takeout for lunch or dinner, the cost of eating out quickly adds up. Get Googling for some delicious low-cost recipes and plan out your meals for the week. Then invite a few friends around and swap that pub meal for some tasty home cooking. Your finances – and your waistline – will thank you. Read more: Why wellbeing isn’t just for the well off
Did you know you can often get a better deal, simply by asking? It’s possible to negotiate a better rate on just about anything these days, from your phone or internet bill to electricity and subscription services. Some providers will even offer special rates or discounts for students. So pick up the phone and get dialing! Read more: Top negotiating tips to cut your bills now
Finally, it goes without saying that you need to make the most of any financial assistance you’re eligible for. That could be government support, student loans or scholarships (they’re not just for the high achievers after all!). Living on a student budget means being realistic about what you can afford. Just remember that it’s not forever and one day soon all your hard work will be worth it. Developing good spending habits now will go a long way to setting you up for a future of financial freedom. |
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