The key is knowing what sort of a budget you have, and figuring that out is incredibly simple. All you need to know is the money you have coming in to your bank account, and the money that’ll be going out of it.
-
Add up your incomings
Incomings can include things like your student loan, money you earn from work, bursaries you may be receiving, money you may get from family, or any savings you may have prior to attending university. Add up all those numbers, and get a sum of your total incomings.
-
Add up your outgoings
Outgoings will be things like bills, rent for accommodation, money for weekly food shops, money for going on nights out, or any other regular spends you might need or want to make (e.g. subscriptions services, or prescriptions).
-
Find out how much you have to spare
Subtract your total outgoings from your total incomings to see what money you may have spare. This can be used on yourself, set aside to be saved, or put in a pot for emergencies! Knowing how much you have left is really important because it shows if you have enough to cover necessities. You can then adjust your spending limits as and when you see fit.
Budgets are often made yearly or monthly but you can split your own as frequently as you like! You can set a strict weekly budget, or a looser one that gives you a general amount to spend each month.
When it comes to spending, students have some great tips to help you get more for your money! These include:
- Making the most out of your bank account: make sure you look into switching to a student account before going to university! These come with plenty of benefits that can help you to save and manage your money. Many students also recommend an instant savings account, a place to store your money away that can be accessed easily if needed.
- Shop smart: don’t feel like you must get everything from one place! Shop around to find the best deals and prices on things like your weekly shop, other essentials, and even things such as electronics. You can split shopping between multiple places to make sure that you get more for less.
- Save on travel: railcards and coach cards can save you a ton of money if you’re somebody who has moved away for university and likes to visit home frequently, or if you have to travel for university or work!
- Find those student discounts: most stores and online shops will have a student discount available or may even regularly post deals exclusive to students! Making use of services like Stuuni, Unidays and Totum can help you find the best student deals easily and keep you up to date when there’s an offer on for something you might want!
- Find out what you may be entitled to: the university has bursaries and job opportunities available for certain groups of students. Not sure if you’re eligible? Check! You never know what you could be entitled to in order to make your university experience easier.
