How To Budget When You’re a Student

For many students going to college or university will mean being away from home for the first time, and being solely responsible for their own budget. It can be very easy to get into a financial mess pretty quickly if you don't know what you're doing or if you don't put a plan of action for budgeting in place.

Here are some tips to help you manage your money better and maybe stop yourself from having to live on porridge and bean casserole for months.

Make a List of Spending

For the first 3-4 weeks make a list of all that you spend. Do you really need to buy those magazines, do you need to visit the coffee shop everyday? It's amazing how quickly the small trivial things mount up into a small sum which could be put to better use. Just by looking at what you're doing with your money usually leads to curbing your spending.

Planning

Sit down at the start of term and plan a budget. List all your regular outgoings, fees, books, groceries, rent, travel etc, and list all your incomings-grants, any income from jobs, parents etc. This will let you see how much money you have for extras each month. Before going shopping for groceries, write a list of everything you need and stick to it. Don't be tempted by the three for the price of two offers that you can do without, although by all means look for special offers that are available for any products on your list.

Entertainment

Remember and add into your budget some entertainment money. If you need a new cd every week, or go out to clubs regularly make sure you budget for it and that you can afford it. It's important hat you do give your self a treat from time to time, you need to have some fun and relaxation.

Credit Cards

Just because you have a credit card it doesn't mean you have an unlimited amount of money to spend. Credit card bills need to be paid at some time and they really should be used sparingly. Once you start using your card regularly it's hard to stop and it's a sure fire way of spending beyond your means. Remember everything you buy on a credit card you are paying interest on-do you really want to pay interest on magazines or a burger?


Don't be guilty be sensible

Sometimes the unexpected happens and maybe you go on a date or to the movies. Don't feel guilty about spending the money if you haven't budgeted for it, go and
enjoy yourself, but know how much you've spent and try and recoup it the next week by maybe not going out as often or saving money elsewhere.

If you need help ask for it

If you do get into difficulties, phone home or go and get some financial advice. Don't put it off or try and kid yourself it isn't happening. The sooner you do something about it , the sooner it can be fixed.

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