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Starting university can be a stressful time for many people as they prepare for their first time living away from home.
From where they’re going to live, to managing their work load and making friends, there’s a lot to consider.
The most important thing for any new student to remember however, is to make sure they create a monthly budget. University life can be expensive and finances will be stretched, so it's vital students work out how exactly much money they have to spend.
With rent, books, clothes, food and nights out just some of the things to consider, students need to budget accordingly. Having their finances under control will reduce stress, prevent debt and allow students to focus on work and play.
Working out a budget requires some effort but is reasonably simple and definitely worth the effort. There are three stages to working out your student budget:
It’s important to include as accurate a figure as possible when budgeting. Possible areas of income to consider are:
It’s easy to forget just how expensive Uni life is, so make sure you write down as many details as you can. It’s important to get as accurate a picture as possible in order to create your budget.
Below are some of things you will want to consider when working out our costs.
Other things to consider:
Now you know how much you have to spend per week, you’ll be eager to make your money work as hard as it can. One of the best things about being a student is the discounts you’re able to get.
Leverage Student Discounts
There are two types of student discounts to look out for.
Use Mobile Apps
Another great way to help you budget effectively is by making the most of technology. Smartphones are an easy way to keep an eye on your spending through the use of apps.
There are a huge variety of apps out there to help you through the money maze. Free budgeting apps such as Yolt, Cleo and Spending Tracker are worth checking out.
There are lots of ways to make your money go further and all it costs is a little extra time and effort. By following these simple steps and budgeting efficiently your time at university will be even more enjoyable, knowing that your finances are safely under control.
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