![]() Using the process above, here is an example of what his student budget looks like. John is starting uni in September and wants to create a budget. This will tell you how much money you have left to spend on non-essential items (and enjoying yourself!) each week. Now you have your incomings and outgoings, you can work out your weekly budget using a simple formula: Next, work out how much money will be leaving your account throughout the year.įocus on the essentials as part of this budgeting exercise, but you can also include the following if you wish. Still, try and predict as best you can how much money you’ll have to spend. For example, if you have a zero-hour contract, money from a part-time job may fluctuate month to month. Incomings can be unpredictable sometimes. Work Out Your Incomingsįirst, you need to understand what money will be coming into your account throughout the year. Here’s how to plan your weekly student budget: 1. ![]() This means you can keep on top of your finances on a more granular level, rather than checking in every month or term. If you’re a uni student, it’s a good idea to have a weekly budget. How to Budget as a Student (With Example) If you learn more about how to budget now, you’ll be better prepared to make future financial decisions, like saving for a mortgage, having children or starting your own business. It’s a valuable life lesson that will help you throughout your life. Gain Financial Literacyīudgeting isn’t just important when you’re a student. It means you won’t be in the dark about where your money is going, and you’ll feel more confident that you have enough to last you until your next pay cheque and/or student finance payment. If you budget, you’ll feel more in control of your finances. And stress can have a big impact on your overall physical and mental health. Money worries are a big cause of stress for some students. Budget now to help future you! Avoid Stress With less debt, you can save for buying a house, going travelling, or any big purchases you want to make. But, if you budget effectively, you’ll be more likely to avoid going into debt. If you take out payday loans, you’ll be paying them off far into the future. One of the main benefits of budgeting as a student is that it sets you up for future success. Benefits of Budgeting It Sets You Up for the Future No matter whether you want to buy the latest games console, treat yourself to a brand-new outfit, or splash out on drinks (no judgement here!), a budget can take the stress out of these purchases. Essentially, it helps you become more aware of your finances, so you can make more informed choices about what you’re willing to spend. This way, you can feel more confident in how much you have left to spend, so you can enjoy yourself without having to worry about breaking the bank.īut if you do want to save up for something - travelling abroad, or a new laptop for example - that’s when a budget is super handy. It’s just a good idea to keep an eye on where your money is coming from and going to. That doesn’t mean you have to count your pennies every day, or stay in every night to save up. Otherwise, you may run into trouble with your landlord or energy providers which, trust us, you don’t want! Managing your budget is crucial if you need to make payments like these. That includes making sure your rent and bills are paid on time. When you’re at uni, you’ll probably have more responsibilities than ever before. You’ll also discover tools you can use, places to go for support, plus our top tips. ![]() Get an insight into common incomings, outgoings and how you can strategically manage your money, so your bank balance stays healthy even at the end of your loan payment!Īvoid money worries and overdrafts with our student budget guide. But you’re in the right place: in this blog post, you’ll learn all about how to budget as a student. These are very common (and valid!) questions you may have about your finances. What should I be spending my money on? Will I have enough left over to last me the entire term? What will happen if I run out? As a result, it can feel intimidating when you’re given a student loan for the first time. For many students, it’s the first time handling their own finances. Managing your money isn’t always easy at uni.
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