Budgeting at university

When your student finance comes through, admit it, you always splash out a little too much don’t you? We all do! Your parents aren’t around to nag you about how much you’re spending, your bank account is in the thousands and you feel like just a few clothes and shoes wont hurt. But before you know it you’re £200 down, your rent goes out and you’re either left in your overdraft or can only afford to eat one meal a day.

After being at university for 6 months you would have thought you would have learnt that once your rent gets taken you don’t have much money left, but unfortunately that’s not the case. Well, here’s a few tips and tricks you can do to save money and budget wisely.

• Break it down - After your rent goes out, figure out how many weeks/months you’ve got until your next instalment and then work out how much money you have left weekly. By doing this, you can then work around the money you have left and avoid spending money you don’t have.

• Going out - Even with all the student nights, cheap entry fees and £1 Jägerbombs, it can all add up. Try and limit yourself to how many nights you go out a week. Having a social life doesn’t have to be expensive.

• Part time job - For some people, their student loan can only just cover their rent, which leaves them hardly any money to live off. By only working a few hours a week, you can earn some money to help you out with food and your social life. 

• Plan your meals - If you work out how many meals a week you need, you’re more likely to stick to a consistent budget. If you don’t make a list before you go you could end up spending more money on snacks and things you don’t actually need.

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