Tags – How to budget as a student
Bad spending habits can cause more problems than having a low income.
There needs to be a control mechanism that ensures that your financial situation is always in a balance.
For students, budgeting finances is a problem that they face very often.
Pending bills, money lent from friends and on top of it the student loans: it can be very stressful and unhealthy to deal with.
Neither is it a good idea to ask parents for financial help because getting money from parents as a kid is a victory but as an adult, it’s a failure.
In this guide, we have compiled some budgeting tips that can help you manage finances as a student:
1. Make the “Lists”
Categorise your expenditure as: critical, important and useful.
In the critical part add all the bills, rent, groceries and expenses that are unavoidable.
In the important section, you can add entertainment and travel with friends etc.
If any of the money is still left, put it into savings or for the useful stuff.
In any case, if the expenditure is exceeding your income start making cuts from the “useful section” and if necessary a few of the “important list” but never go take loans from anyone.
2. Make Your Own Food
Eating out is both unhealthy and expensive.
Yes, you are tired coming back from the campus and ordering a pizza looks like a nice refuge but it can hurt your financial situation.
Cooking from scratch and not wasting the food will not only help you financially but also will be more healthy.
3. Purchase Second Hand Goods
As they say, one man’s garbage is another man’s treasure.
So, there is no shame in getting 2nd hand goods.
Tradeoffs are usually good and luxuries look nice only when there is a space from them.
Things like Electronic gadgets, furniture, books are still worth it even if they are bought 2nd hand.
4. Get Quality Products
There is always a need for balance. Don’t go so low in your buying the used stuff that you start buying the low-quality products.
Electronic goods usually fall in this category. They might cost more in repairs than the actual cost you bought them in. So, spend wisely especially in electronic goods.
5. Look for Sales
Look for them both ways around. If there is something that you don’t need, don’t put them in the storage; sell them.
Also, always keep an eye on the sales going around.
For insurance, end of the season sales is usually a good time to buy new clothes, shoes and other discounted products.
6. Make Sse of Student Discounts
Although businesses want to make money, they are usually a little generous towards students.
For instance, in the UK “The National Union of Students” offers a great discount to all the students in almost all retail stores.
Not only that but also there are discounts on public transport, computer libraries, movies, bookstores, gaming zones, banks and for many events.
7. Avoid Bad Habits
Smoking, excessive drinking and partying will only lead you to financial problems if your budgets are tight.
Occasionally, they might be doable, but avoid them for as much as possible.
Enjoy life to the fullest, but don’t take that freedom for granted.
8. Look for Extra Income
If you are good in studies, you can give tuitions to your juniors.
Or if your semester has fewer courses, you can work some extra time.
The thing is to manage your time as productively as possible.
Staying idle might increase your expenses. So, it’s better to spend the time making more money.
9. Avoid Unnecessary Luxuries
Anything that you don’t need and only want is a luxury.
For instance, a gym membership might not be your need. However, don’t tighten yourself so much on the budget that your life becomes unhealthy and depressing.
If the gym is something you are passionate about, go for it. Do the savings elsewhere. But, if it doesn’t mean much: unsubscribe.
We all have struggles in life. You are not alone in this world. Take your financial problems as a challenge and one day you’ll be better able to cope with the challenges of life more head on. Good luck!
To learn more and to find out how we can help you, please feel free to get in touch.
In the meantime, please check our services for Student Accommodation Leicester.