All things budgeting…

Hello all, I hope you’ve had a good week so far!

One of the things that I’ve had a love-hate relationship with since arriving at Edge Hill in September is money and budgeting. Many students find that this is the first time they are completely reliant on their money source without the help of family- this was definitely the case for me. I had a regular income from local paper rounds, but I didn’t have to pay for my meals whilst at home and I didn’t have rent to pay, which all changed when I arrived.

Now, it might worry some people that they have so much responsibility, but if you breathe and plan out what money you have, you’ll be ok! So, I thought that I’d give you some of the tips I’ve picked up over the past 5 months or so, some I’ve had in my mind since September and some I’ve figured out from making mistakes along the way (something we all do, don’t worry!):

  • Get that calculator out: Once you know how much money you have for each semester, and once you know how much rent you need to be paying (if you’re in halls or renting elsewhere), work out exactly how much money you have a week to spend on food and recreational activities. This makes it a lot easier to make sure you’re spending the right amount of money each week, just don’t get tempted to go over budget!
  • Don’t pay for everything on your card: One of the mistakes I’ve learned from over the past few months… If you’re paying for everything on your card, because transactions take a while to come through with some banks and because it’s easier to forget exactly what you’ve spent that week. I fell into a loop hole of forgetting what I’ve spent, and it just made things harder in November and December. It’s stress that’s easily avoidable by drawing out your week’s money from the bank and only using that money. Physically holding your budget makes you think more about how much you have left to spend and stops people like me who see things they like and think “I need that now!!!”
  • Take every week as they come: Although you might have a set out budget, some weeks you might have a very busy week, and others might be very quiet. This means that you might spend more some weeks than others, and if you go over budget on one week by a little bit, don’t kick yourself about it, because you’ll have weeks when you have spare money! Just don’t get into a habit where you overspend for loads of weeks at a time- take some weeks out to do something that’s either cost free or doesn’t eat away at your budget! And yes, this is especially important when it comes to partying…

So, as long as you are sensible with your spending and keep in mind what exactly your budget is, you’ll be fine! There’s always help available at the University if you do need it, which takes a lot of weight off your shoulders (click this link if you want to read about just what the University offers and some more tips).

If you are wanting to apply for a Student loan, remember to keep checking the website to see when applications begin and get it in on time!

Below I will link some of the past blogs by other students on budgeting, but for now, I hope you have a lovely weekend!

 

Here’s what Ellie Clarke had to say: https://blogs.edgehill.ac.uk/insideedge/2016/08/28/budgeting-2/

Here’s what Beth Rhodes had to say: https://blogs.edgehill.ac.uk/insideedge/2016/07/24/living-on-a-budget/

Here’s what James Hubbard had to say: https://blogs.edgehill.ac.uk/insideedge/2016/02/02/budgeting-student-finance-how-much-will-it-cost/

Money Matters!

Budgeting is definitely a life skill that we all would benefit from having! Thankfully one of the skills that uni teaches you is the ability to manage your money…. or at least there’s an opportunity to learn anyway!

By this I mean that it is all well and good coming to uni with the best intentions; to study and not spend an excess of money of food, going out… basically everything that’s unnecessary! However it is easy to get sucked into the lifestyle of eating rubbish (take-aways!) and going out, especially when you get your big lump sum of money from student finance!

So my advice is to work out much money you will have left from each term’s payout and split this into how many weeks you need to make this money last by! Hopefully you’ll have enough to see you through- and if not you can make the necessary precautions before you come to uni so you don’t have to worry about money. I did this before I came to uni and set up a direct debit to my current account from my student bank account so I knew how much money I had a week- sort of like giving myself an allowance!

I would definitely advise you open a student bank account, there’s lots of information via this link which advises which account is better depending on what your needs are.

Finally, remember to apply for your student finance, you can make an account here– this will guide you through what you need to apply.

Good luck guys- have a lovely Easter!