At MoneyMagpie there’s nothing more we love than budgeting. OK, that’s not actually true but we think budgeting is a brilliant way to take control of your spending, especially when you take into account the fact you can save as much as £400 a month! But, according to a 2018 survey, more than one in six students don’t bother. Keep reading as we reveal the do’s and don’ts of university budgeting and gain control of your spending today.
- Do adopt a sense of realism when university budgeting
- Don’t go overboard when you’re trying to budget
- Do try and save on certain areas when university budgeting
- Don’t make excuses when university budgeting
- Do try and earn some extra money
- Don’t always go it alone when university budgeting
When writing out your university budget, it’s important that you adopt a sense of realism. Do you really need to eat out three days a week? Do you really need that top of the range laptop when your old laptop is fine? We don’t mean to be killjoys but adopting a sense of realism about your budget will see your money stretch a long way.
Just because you’re budgeting and keeping a hawkish eye over your outgoings doesn’t mean you have to go to the extreme and, say eat only once a day or do your laundry once a month, or even go out say once every few months. The key here is to factor in all the essentials (plus one or two treats), budget for this and stick to it. You can still have fun whilst on a budget!
Do you do your weekly food shop at one of the big four supermarkets? Well why not shop at Aldi or Lidl, where the quality is virtually the same, but at a fraction of the price. Examples like this go to show that it is possible to save on certain areas, thereby freeing up extra money for you each month.
If, say one month you happen to go over your budget, don’t make excuses for yourself. Rather, learn from your mistakes and make a vow it won’t happen again. After all, it happens to the best of us. Just make sure it doesn’t become a habit!
Just because you have worked out a budget doesn’t mean you can’t go out and earn some extra money. This would allow for you to allocate more money to doing things you love, instead of cutting back. From freelancing to getting a part-time job, there are various ways for you to earn extra money during your time at university.
If you feel that you are struggling with working out a budget, help is always at hand. Family/friends, your university, MoneyMagpie are just three groups of people who will be will be happy to help you out should you struggle to draw up an appropriate budget.
What other tips would you suggest for budgeting whilst at university? Let us know by commenting in the comment box below.