Budgeting as a Student
February 21, 2017
Hey guys,
Here are some tips I use and think are helping in order to budget:
- Know how much your spending monthly - Phone bill, rent, transport pass, etc.
- Prepare and plan ahead - This could be from making shopping lists, write in your diary when you get paid (loan/work) and when you have events (birthdays, holidays, occasions, nights out) so that you are more organised
- Be realistic and spend wisely - Do you need or want? Is it essential? Is it beneficial to your lifestyle?
- Get a part time job - When it comes to pay day you'll be grateful! If your good with your money and saving and have money from your loan left over, wouldn't it be even better having your pay day wages on top? = More treats for yourself. Quite a lot of retails, fast food restraints or bars/clubs take on students as their hours are flexible.
- Pay for healthier but cheaper foods - Yes fruit and vegetables are more expensive compared to junk food like chocolates and crisps but in the longer run its actually the other way round. Yes chocolate and crisps etc are more advertising and appealing but they are not as filling as fruit and vegetables; therefore you would end up buying more and more food. Why not buy both if you can? Strawberries and bananas with melted chocolate = perfect snack
- Also, on the subject on food, try and shop in places such as; Lidl, Aldi, Home Bargains, B&M, or even Poundland can be good for some things. It works out so much cheaper in the long run compared to Tescos or ASDA. Also, don't always go for the better brands, maybe try the shop's brand as they may be still be tasty and filling yet cheaper. For example; instead of Heinz opt for Asda Zone.
- Give yourself an allowance - For example; say I get £400 a month from work, once my rent/phone bill/transport costs etc has come out I will save half of it and use the other half to treat yourself. Therefore, I am budgeting and treating myself too.
- Cash over card - I tend to use cash over card due to many reasons. One time I bought quite a lot of clothes on my payday but when I got to the till my card kept getting rejected. It was so embarrassing! So I left the shop and went to the ATM and found that I did have the money so I got the cash out and went back. Now when I pay card I get a bit scared incase it does it again. But also, I find using cash instead of card helps me save. For example; I will get £40 out each week and I'll make sure I don't spend that £40 in one go and make it last the whole week. Also, if I have an occasion or an event coming up the previous week or 2 I will lower the money I get out or try not to spend any more at all so then I can treat myself more at the event/occasion.
- Student discounts - NUS or Unidays - These are a lifesaver. I used NUS during sixth form and my first year of uni but I tend to shop more online therefore I didn't find NUS worth the £15. You can also use Unidays in shops too and they have more amazing deals compared to NUS.
- Sell unwanted things - Me and my sister had a massive clear out of our room the other day and found loads of clothes, DVDS, books and CDs that we don't use any more. We took the clothes that had been worn too many times to charity, the clothes that either had the label on or had been worn 1 or 2 times (which was more me than my sister) on eBay or Depop (a clothes/shoes/accessories selling app). We found a shop by ours that offered us a great price for our books, DVDs and CDs too.
- Railcard - I don't know why but I don't own this. I can get one for free with my Bank I just haven't got round to going in and applying for it. Some of my friends have it and they get such good discounts on their train tickets. Sometimes even 50% off.
Nadine Alex x
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