Tips For Managing a Student Budget
There are numerous things that need to be taken into account as students finish their secondary education and prepare to move on to higher educational levels. Once everything is finalised in terms of location and residence, the biggest factor to consider is your finances. It’s no surprise that the student life is expensive. Although many students live off the cheapest meals and find cheaper alternatives in terms of transport and other expenses, the costs still rack up. As accommodation and food prices rise, student budgets are becoming harder to manage than ever before. Therefore, before diving into the deep end, it is important to learn a few tips and tricks in order to manage your budget. This way, your chances of struggling financially are reduced, and your money management skills will increase, preparing you for the year ahead. Here are a few to get you started…
Splitting Up Your Income
Usually, those who are entering student life at the most common age will not have experienced in-depth budgeting before. Despite having part-time jobs or pocket money, student life brings a new financial reality for many people around the age of 18. As living alone and paying for accommodation, food, and other activities is a new experience for many people, knowing how to separate your finances and spend accordingly can be difficult. Splitting up your income will enable you to spend what you need while ensuring you do not go over budget. As student loans arrive in larger sums, it’s important that students do not automatically assume they have plenty of money to spend all at once. Therefore, putting it into a separate account, or allocating yourself a specific amount per week is the best way to manage your money.
When it comes to food shopping as a student you must be savvy and smart. Shopping at the more expensive locations will only leave you with less money to spend on other things. Therefore, it is common for students to choose the cheapest items in the cheapest supermarkets. According to a monthly ‘Which?’ survey, Aldi is currently the UK’s cheapest supermarket. Yes, other supermarkets have great deals and offers, which may be alluring to a student. However, you’ll soon end up overspending and buying too much if you are not strict with your patterns. Regardless of the supermarket you choose, in order to stay on track, many students like to use a shopping list. This way, they know exactly what they’re getting and spending before paying at the end.
As a student, there are many things you may think are essential, but often, they’re really not. In terms of learning materials and books, universities will often suggest you purchase numerous items. However, once you actually attend the seminars, it may appear that these materials are actually available for free, either online or in the library. So, perhaps not everything labelled “essential” really is.
For many individuals, student loans do not cover all of the expenses, and often parents help to fund their student lifestyles. However, with the rise in everyday prices, this might be harder to afford. Luckily, personal loans can offer a quick and easy way to get a significant amount of money quickly. For more information, click here.