Money Makes the World Go ‘Round: Budgeting for Students

Financial troubles are one of the biggest causes of stress for students and it’s not surprising. Since a lot of students go from living with their parents, not having to pay for much, to fending for themselves and probably having a lot less money than they are used to, they find it a struggle to stick to a budget. I thought I’d share with you a few tips that I’ve found useful in saving and managing money during my time at uni.

Draw up a budget and stick to it

The best way to keep track of how much money you have is to create a budgeting document. This highlights all the ingoing and outgoing money and from that you can work out how much you have spare to spend each week. I find that the most effective way of doing this on a word document but if you’re feeling it you can transfer it to an excel spreadsheet that you can colour code to easily refer back to. I get very excited over spreadsheets…

After you have drawn up a budget the biggest challenge is sticking to it! What I find helps to combat that is to keep track of everything you spend – I do this on the notes app of my phone – and then you won’t have any nasty surprises next time you check your bank balance. It will also prompt you to make smarter choices if you see what you are actually spending all your money on.

Shop smarter

A great way to save money is to try and go for cheaper shops such as Aldi or B&M. Finding cheaper alternatives to things you can afford to scrimp on will save you a lot of money. I tend to do my weekly shop in Aldi for around £15, whereas in first year I was spending nearly £30 a week in Morrisons! It also helps if you plan out your meals for the week and draw up a shopping list from there so you know exactly what you are getting, rather than aimlessly browsing the aisles.

Be harsh

To save money you have to be super harsh with yourself. If money is tight begin to really question whether you need something before spending the money on it – if you get into the habit of assessing the worth of what you buy you will begin to realise what you actually use and what is a waste of money.

Don’t be afraid to ask for help

If you find yourself knee deep in your over-draft don’t just suffer in silence, speak to someone who may help you lift yourself out of it. Asking your friends and family for financial help may seem daunting and I don’t entirely recommend it but of you are in a really sticky situation the best thing to do is tell someone and they may be able to give you the help you need, whether that is a loan or some advice. Never go to loans companies above people you trust, it won’t end well!

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