Becoming a student offers most young people many opportunities, from learning new things to accepting a handful of new responsibilities. However, one thing that can be hard to master and isn’t always easily found in a textbook is understanding finance. Here are some student budgeting tips to help you during your studies from term time to later life.
This is a really important tip and although it may seem obvious a lot of students forget how useful it can be. Once students create a budget, they are becoming aware of what money they have, and begin to understand their out goings and in comings and what that means to them. A student budget will show individuals the bare essentials, their cost and how much money they should and do spend in different areas. When creating your budget, be sure to include the necessary bills and room for any emergency or unaccounted for events that happen, such as losing your wallet or having to get a taxi unexpected. Also, students should include leisure activities in their budget like going out and partying as if they don’t; they’ll end up spending money on other areas without realising. It’s okay to give yourself a break as you will need it! Check out our student budget calculator.
Another essential part of budgeting as a student includes understanding your limitations and knowing what to do if you go over that limit. You have a limited amount of money, and when or if you go over this limit it can be tough to know how to survive the week, month or term. Once your student budget is created, you should know how much money you have per day and what you can spend on what, e.g. on food or going out or shopping.If you go over this limit, you’ll end up spending into another area, and it might not work out so nicely. You could end up missing bill payments or not being able to buy necessities so try to stick to your limit.
Whether you are living in a house-share with other students or are just looking into your own personal finances, over calculating will always be better for you instead of under calculating. If you under calculate something on your budget, you will have to try to find this money somewhere else, and you might not be able to make that happen! Always round up on your budgets or put down that something costs more so you know you’re fully covered when it comes to bills. That way if everything goes smoothly you’ll have a small portion of money left over which you can save or spend on yourself, and most importantly, your bills will be paid for!
Lastly, one tip that most students forget is that they can and should ask for help when they need it. For example, if you do run into financial troubles or unsure how to budget you can speak to your friends or the finance department at your university – they’re there to help! If you leave your problems too late, you might end up doing something you regret, making your problems worse or finding that you’re not paying for the things that you need to survive properly. The finance department at your university will offer advice on how to budget and where to go, and what to do if you run out of money. Although, they’re not a service to take advantage of, and if you have squandered your money on shots at the SU bar they might be hesitant to help you at first. Remember to be honest, whether you are speaking to colleagues, family or friends as your problems will be solved quicker if you do!
There are lots of things that students can do to help their finances and budgets, but if students understand where their money goes and what it is for problems if they do arise, should be easy to take care of.
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