By
ResLife
Posted 2 weeks ago
Tue 17 Sep, 2024 09:09 AM
Starting uni comes with a lot of new financial responsibilities... For many students, managing money is one of the biggest challenges, making learning how to budget a vital life skill. Here are some essential budgeting tips to help you stay on top of your spending.
1. Create a budget plan
The first step to managing your money is to create a budget plan. Start by listing all your sources of income, such as your student loan, part-time job, or any contributions from family. Next, note down all your essential expenses, including rent, utility bills, food, transport, and study materials. Subtract your total expenses from your total income to see how much money you have left for non-essential spending. Remember to always budget for fun!
2. Prioritise your spending
It’s important to differentiate between needs and wants. Essential expenses like rent, bills, and groceries should always come first. Once you’ve covered the basics, you can decide how much to allocate for non-essential items, like nights out, takeaways, or new clothes. Prioritising your spending will help you make smarter choices and avoid running out of money before the end of term.
3. Look for student discounts
Make the most of your student status by taking advantage of the numerous discounts available. From food and clothing to travel and entertainment, student discounts are everywhere. Use apps like UNiDAYS and Student Beans to find the best deals. You’d be surprised how much money you can save just by showing your student ID!
4. Shop smart for groceries
Grocery shopping can quickly eat into your budget, but there are ways to keep costs down. Plan your meals for the week and make a shopping list before you go to the supermarket – this will help you avoid impulse buys. Opt for own-brand products, buy in bulk where possible, and look for discounts on items near their sell-by date. Consider shopping at local markets or discount supermarkets to save even more.
5. Cook at home
Cooking at home is a great way to save money, eat healthily, and reduce waste. Batch cooking is particularly useful – make large portions of meals like pasta, curry, or soup, and freeze them for later. Not only will this save you time during busy study periods, but it will also stop you from reaching for expensive takeaways when you're hungry and tired.
6. Use public transport wisely
Transport costs can add up quickly, especially if you’re regularly travelling between home, campus, and work. Consider getting a 16-25 Railcard to save a third on train fares or invest in a local bus pass if you’re using public transport frequently. Walking or cycling is a great way to save money and stay fit, especially if you live close to campus.
7. Share and swap
Living with housemates or friends? Share the cost of essentials like cleaning supplies, kitchen items, and bulk groceries. You can also organise swap events for clothes, books, or other items you no longer need – it’s a fun way to refresh your wardrobe or study materials without spending a penny.
8. Monitor your spending
Regularly reviewing your spending habits can help you spot where you might be overspending and make adjustments accordingly. Keep a close eye on your bank statements, set alerts for when you’re getting close to your limit, and track your daily spending using a budgeting app. This way, you’ll be less likely to get caught out by unexpected expenses.
9. Build an emergency fund
It’s always a good idea to have a small pot of money set aside for emergencies, like an unexpected bill or a broken laptop. Even if you can only save a small amount each month, it can provide a safety net that saves you from financial stress in the long run. Also if you find that pot is overflowing you can turn into a holiday fund and catch the first flight to Ibiza!
10. Avoid unnecessary debt
Credit cards and overdrafts can be tempting, especially when money is tight, but they should be used carefully. If you do need to borrow money, make sure you understand the terms and conditions, including interest rates and repayment deadlines. It’s often better to cut back on non-essential spending than to accumulate debt that could become difficult to repay.