Budgeting Tips for Students

If you receive a student loan or bursary during your studies it seems like a lot of money, but don’t let it burn a hole in your pocket. Student life is spontaneous and exciting, but to make your money stretch further here are some easy suggestions to help make your money last the year.

Budgeting

Once you have established what you receive as an income, and looked at your outgoings, it will allow you to work out a weekly or monthly budget. Your income may be from one or more of these sources:

-Student loan

-Bursaries or scholarships

-Part-time job

-Money from parents or family

-Personal savings

You should also be considerate of your outgoings and the essentials you need to pay for. For example:

-Rent

-Tuition fees

-Mobile phone bill

-Utility bills

There are a massive variety of online resources and apps that can help you calculate a budget, and we all know some weeks it is easier to stick to, but if you are saving for a big holiday or new car it will help to achieve your goals if you are mindful when making purchases.

If you have an overdraft with your bank account, this is usually the saving grace of student life, but try to use it as a back up because it can be hard to get out of it once you are in it!

Sensible Shopping

If you are treating yourself, you can still be money savvy. If you have a NUS student card, then don’t forget to use it as all the savings add up! Whether your retail therapy is online or in store your student card can be a great way of looking after the pennies and pounds.

 Freebies

There will be lots of student fares throughout the year, where you can get almost a year’s supply of stationary for free! Keep an eye out for offers and deals, but more importantly freebies.

Sensible Shopping

If you are treating yourself, you can still be money savvy. If you have a NUS student card, then don’t forget to use it as all the savings add up! Whether your retail therapy is online or in store your student card can be a great way of looking after the pennies and pounds.

Travel Savings

If you travel back and forth frequently to visit friends and family back home, then it may be worth investing in a 16-25 railcard if you use the train. This is another way to save money and cash in on the discounts provided!

If you are struggling with money, speak with your University Student services as well as friends and family. When it comes to utilities, we can help get you some great deals, for example with Virgin Media to help you save even more money. When you know your budget, it will make it easier to find your next student property. Knowing what rent you can afford and what is your maximum budget, will enable us to tailor a property search which suits your requirements and doesn’t break the bank.

Call us today on 02922 331 425 to find a student property matching your budget today!