Thursday, 5 March 2015

University | Budgeting

Budgeting is undeniably an art. An art that usually is ignored in first year, considered in second year and implemented in third year unless you are particularly money savvy. Its definitely true for me! Money is the bane of many students' lives but it doesn't have to be; whether you are living off your student loan, your wages or your parents are helping you out, you can find easy ways to help you budget and save money!

Add and Divide
I tend to add up all the money I know I will be getting for the whole term, and divide that amount by how many weeks there are within that term. This gives you a guideline on how much you can spend so you don't blow out one week, and have to scrape by to even eat the next!

Have 2 bank accounts
I have one bank account which holds all my money for that term; and another which I use weekly. If your budget is £50 per week, then every sunday you can transfer across £50 into your second account which means it is a lot harder to go over budget. I've found this so helpful this year!

Use Vouchers and Student Discount
Vouchers and Student Discount are the best thing that ever happened! Having vouchers means you can save money, making your budget go further. My mum sends me quite a lot of Tesco vouchers which makes it easier to make my money last more. I can use them for dinners instead of having to pay myself. Student Discount can also help get money off of  the things you need; whether they are necessities or not, using vouchers and discounts will help you to save more!

Factor in Big Events 
If you know you will have to pay for a holiday from your money for the term, or if you have birthdays coming up, it sometimes helps to separate this money from the rest of the term money. You'll get a much clearer amount of money to spend without having to remember that birthday, or that trip to London!

Money can be a nightmare for many students; I can remember feeling quite panicky having to check  my bank balance within first year. However, since I have started budgeting in third year, my life has become a lot easier! I have enough money for the things I want to do, without spending stupid amounts on things I don't really need now I have a strict budget to adhere to. Its much easier knowing I have a set amount a week which I need to stick to, otherwise it will ruin my plans for the rest of term!

What are your budgeting tips for students?


  1. this tips are not only great to saving while you're in college but for the real life too. Thanks you for sharing.
    The Color Palette

    1. Yes thats true - hopefully I can use these methods and I will be able to save some money for the future in the real life! Glad you enjoyed it xx


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