Student budgeting is a difficult thing to do if you have never had to do it before. In fact, a lot of people struggle with budgeting money as the National Student Money Survey showed that over 84% of students struggle to make ends meet. However, there are many things that you can do for yourself to make it easier to handle.
Here are just a few tips to help you budget and manage your finances.
- Choose a Good Student Bank Account – You will need to shop around before choosing a bank account as they all have different benefits you should be wary of. You will need to have a look at how they will help you when you’re in sticky financial situations but also be cautious about high interest rates.
- Budget Everything – There are loads of expenses that will have to be considered when figuring out a budget. You will need to look at your outgoing payments like bills, rent and council tax and then work out how much money you have left over. That leftover money can go towards things like food, going out to bars/clubs, subscription services like Netflix and shopping for clothes/household things. But keep in mind you still have to budget with things that you want as well. A subscription service will take money out of your bank every month, so you must make sure you have enough to pay it or face going into overdraft.
- Save Money – You should always be putting away money every time you get a pay check or a student loan. You never know when in an emergency you’ll need money. It doesn’t have to be half your bank account tipped out into a savings account; you can start small and work your way up to putting more in over time. Put money away after you have paid all your necessary payments like bills and rent but before you start spending money on things you want. Also, it is good practice for when you will save money for a deposit on a house or a new car.
- Take on a Part-Time Job – If you feel as if you are struggling with living off just a student loan, then you should take on a part-time job. Having a job will allow you to gain a bit more money and help you out financially. In a survey of 2,128 students, 59% of students are working to finance themselves through university. It will be stressful having a job and taking on university at the same time but it’s the best way to have a bit more money in your back pocket.