UniWiz’s tips on how to budget successfully
You’ve probably been told a million times to budget and you’re probably thinking why or how do I start? We’ve done the hard work and have put together a list of budgeting tips for you.
1. Take a look at your finances – First look at your income as this will help to work out how much you have to spend. Check how much your student loan is along with any grants, bursaries, sponsorships or scholarships you are eligible for. Also add in any income from jobs or additional money from family.
2. Now look at your essential outgoings – You need to see what your money needs to be spent on each month/week. This includes tuition fees, rent, bills, travel costs, phone bill, food and drink and any insurance you have.
3. You now have you spending money left – The best way to budget the remainder of your money is to it down into a weekly budget. Divide the amount you have left by the number of weeks you have in the term (this is so it includes your student loan). You now know how much you have to spend a week, and this can be spent on anything from books to clothes or even that cheeky takeaway when you can’t be bothered to cook!
You can do your working out either on a notepad or on the computer with excel. There are also loads of different apps and websites that are set up to help you budget correctly. You are then able to input what you have spent money on and can use this to see where you can save in the future.
Helpful budgeting apps/resources:
Emma
Monzo
Starling Bank
Squirrel
Wally
Student Budget Spreadsheet
HOW TO MAKE YOUR MONEY GO FURTHER:
1. Is what you’re buying a want or a need? There is a big difference between the two! You don’t want to have bought a brand-new pair of jeans and then find out you have no money left to buy toilet paper.
2. You don’t always have to buy name brand items. You’ll find that most of the shop brands are the exact same and always so much cheaper!
3. Have you changed your wardrobe or are there items you don’t wear or use anymore? Sell it! It gives you that little bit of extra income. There are so many places to sell your items including Facebook Marketplace, Depop, Vinted, Ebay Etc.
4. Have some money left over at the end of the month? Don’t feel like you have to spend it. Save your money when you have a little left over. You then have a pot of money for a rainy day or emergency.
5. Plan ahead! This helps when you go shopping. Make a list of meals and ingredients you need for the week. That way when you go shopping you only focus on what you need and are not tempted to buy random stuff.
6. Find out what you can get for free or discounted! As a student there is so many perks to help you get discounted or free items. Make sure you sign up to uni student websites and you will always be given the best offers.
We hope our little guide helps you to budget throughout your student life. Save time and money – book UniWiz to store your belongings.
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