Budgeting tips for students

Are you anxious about getting through university on a next to nothing income? One in four students who took the National Student Money Survey said they’d never budgeted in their life before, so it’s probably about time we showed you how it’s done to save you spending all of your money at once every month!

The sad truth about budgeting is that it’s not always fun and games, but once you get into the swing of things and realise how much better off you are, you’ll never go back. Consider the next few minutes you’ll spend reading this as a lifetime investment.

Keep track of where your money goes

Once you begin to check on your expenses regularly, you’ll soon see that there’s a lot more to your spending than rent, food and stationary. The more you continue to check what’s going on with your balance, the more in control you will be. Once you see you’re wasting a tenner each week on overpriced coffee, your habits will soon change.

Cut some costs

There are lots of money draining things you might do on a weekly basis such as heading out to eat or buying a new top. You don’t have to stop eating out or buying clothes altogether, but you can save a lot of money in the long run just by being more aware of how you spend your pennies. Check out this list of guides on saving money and we can guarantee there will be a handful of tips and tricks to help you out.

Look for ways to save money

There are plenty of easy ways you can save your pennies while at university – here are five of the best ways:

  • Get a student bank account that comes with a well-authorised overdraft.
  • Public transport may seem necessary, but you could save plenty by
    walking or biking instead.
  • Book your train journeys home in plenty of time to get the best
  • Look out for sales, use discounts and take note of special offers. For example, Halfords Autocentres is running a free MOT offer until October 14. If you do run a car, all you need to do is pop into your local store, purchase an item for as little as 99p and they’ll cover the cost of your MOT. Ideal for students wanting to save money.
  • Buy or sign up to student discount cards and schemes such as 16-25 Railcard and NUS Extra Card.

Consider getting a job

If you find that your money is draining far too quickly, you could consider getting yourself a job. There will be plenty of employers looking for workers to cover shifts in pubs, cafes or shops at the start of each academic year. If you fancy boosting your budget, this is the best way.

If you’re really worried about money and have no idea how to handle your finances, see if your university or college has a student money adviser. This is a wise step to take before considering an unauthorised overdraft or taking out a loan.

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