Budgeting money, for me, has been a long journey, that I'm still very much on - I feel like I know what to do but I just ignore myself sometimes ... BUT I need to start listening otherwise I'll be eating Heinz soup for half of the semester ... or end up in the deep pits of my student overdraft ...
1. Open a Student Bank Account
So many banks have great student bank accounts - some even have added free perks too! Too many of us students often fall into our overdrafts, although, we don't want to, it's really good to have as a backup choice if need be. Personally, I have a Santander account, for 2 reasons: I could easily apply online and the incentive of a 4 year railcard is amazing when traveling to and from uni. They also provide you with a decent overdraft, which is always good in financial emergencies.
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| Source: https://www.savethestudent.org/money/student-banking/student-bank-accounts.html |
2. Have a Plan
Plan out how much money you have going into your bank account, from Student Finance, and what your outgoings will be, include things such as:
- Accommodation
- Food
- Travel
- Essentials
- Clothes
- Leisure
- Course equipment
From this, you can work out how much money you'll need weekly and where you'll get extra money from (whether that be parents, savings or part time jobs) because let's face it, for most people, Student Finance barely covers accommodation!
3. Decide on your Budget
I would suggest to give yourself a fixed amount of money every month, or even week, if you struggle to keep track. This way you can physically see how much money you have left towards the end of the month or week.
4. Stick to the Budget!!
This has got to be a given but if you keep overspending every week then something's wrong - either reel in your spending habits or figure out if you can afford to budget yourself a little more money. Don't be too stressed if you need to dip into next week/ month's fund, though, just remember to adjust it and not spend as much the next - although this can be a slippery slope!
Other Saving Tips
- Automatic saving apps - an app like Plum can help you save money without even realising! You simply connect it to your bank account and every few days it will take a little bit of money out of account into a 'saving pot'. Use my sign up link!
- Signing up to Cashback sites
- Doing big food shops - rather than just buying what you need, when you need from Tesco Express, it can be soooo expensive and really add up!
- Student discounts - e.g. UniDays
- Buy second hand textbooks - you can often find or ask for these in course/ society Facebook pages.
- Don't forget bags for life!
Try to balance your budget and not go overboard, but don't worry too much because your student overdraft is on a 0% interest rate, meaning you won't have to pay interest, at least not until after uni - and it really isn't the end of the world if you dip into your overdraft a little, just try not to rely on it!
Love Ailsa xx