Student Budgets

fred · 10-06-2009, 05:21 PM

Managing a budget is not as hard or even as depressing as it sounds. The difficult part comes first, with making the initial commitment to live and stick to your new student budget. If you get that far, the future's bright.

What is a Budget?

A budget is just a written plan specifically focused towards spending your money. Of course, you spend money - the budget serves in helping you to spend it a little more wisely, hopefully.

Sort out a Budget

Step One

The easiest first step is to get a budget worksheet. You can either create one yourself, or use one that's already been made (see below). To make your own budget, simply jot down your income in one column and your expenses in another column. Compare the two and you're on your way to getting a solid grasp on your student spending.

You can download our ready-made student budget sheet, a clever little Excel file that you can also print off. If you just want a rough idea of how much you can afford each month, the FSA have an online budget calculator. Or if you're really hardcore about budgeting, head over here for more detailed budget planning information.

By getting started with a budget, you will begin to understand and learn a lot about your money situation. And that is can prove to be very valuble as a student. You're probably earning less than your spending, so keeping a track of your money is important. It seems obvious, but remember you will have to pay back all money you borrow! Keep in control.

Step Two

Now start looking at your expenses. You'll see that on top of student fees, rent and all the other big costs, there are lots of 'little' extras that add up to quite a bit. Even if you're aware you're spending money when you actually do, the budget will allow you to see how this is affecting your wallet on a longer term basis.

Step Three

Start saving. Now you know where to target, you can have a go at cutting some spending back or try saving money in some areas. Check out the rest of the sections on the site to learn more.

Step Four

Continue to concentrate on curbing your spending. As a student things can be a lot cheaper, so take advantage of all the student discounts and free student offers.

Step Five

Here are some practical savings steps that should help your new budget:

• Sort out your wants against your needs. Concentrate on spending money only on needs.
• Don't drink (too much), smoke, or do drugs. They are all unhealthy for a start, addictive, and cost loads of money. You don't need them, so at least think and try cutting back.
• Get a good savings account. You can even earn on a portion of your student loan if you have some spare.
• Minimise waste. Eat the crusts.. you know you love them.
• Recycle study materials - pencils, pens, and paper.
• Don't spend your money around plans you make. Make plans around the money you have available and can afford to spend.
• Don't be influenced by friends' spending habits.
• If you're in catered, make the most of it. If not, find out about the free lunch seminars!
• Try getting an on-campus job.
• Use shopping coupons. Shop in the sales. Compare and shop online.
• Get down to the second-hand, vintage clothes outlets. Ryan vintage (Northern Quarter) is great.
• E-mail or write more rather than phoning home.

There are hundreds of more savings tips, many you'll come across in other areas of the site. Taking the time to manage your student budget at university will help you immensely. These decisions you make now will affect you later in life. As always, use your time and money wisely!

Please feel free to share you experience and questions below!