Budgeting at University

BUDGET - what is this word? I'm pretty sure before everyone came to university, budgeting was the last thing on their mind or they only had to budget for the needs of themselves such as clothing or nails and makeup. Not essentials such as food, toilet roll plus clothing and treats like getting your nails done!

As a second year student, I'm not going to sit here and tell you I am financially stable and have never asked my dad to lend me money because quite frankly I've probably borrowed more money in the past few months than I have ever before. Which, honestly is embarrassing but a lack of student loan due to my dad 'earning too much money' okay..... as a single parent he most definitely isn't earning as much as a combined couple but ok student finance, we'll save that rant for another day. 

By Images Money under CC BY 2.0

First things first, you need to work out how much money you are going to receive at university, including jobs, money from parents and wherever else you are getting money from. 

So say, £2100 from Student finance, £150 from parents a month (150 x 4)

That's £2700 to last you.

Now time to calcuate how much you will be spending per term. This will include rent, bills (if not included), food shops, nights out, social events and also treats (if you can afford it!)

So rent = £1584

food shopping = £20 a week = £80 a month = £80 x 4 = £320

Nights out = £20 a week = £80 a month = £80 x 4 = £320

Nails = £20 x 4 = £80

Study books and printing = £65

Total = £2369

Next take away your expenditure from your income...  

Leftover = 331 = social events & other treats during the term

Basically the rest of the money you can do what you like with, but consider time of the year like christmas, birthdays and other things.

A few tips I've learnt over the year with money are:

1) DON'T buy key textbooks, go to library and literally make notes from the books in the library it will save you so much money and will probably go into your brain a lot more detailed than thinking 'i'll read that when I get home' which will never happen!

2) Try to split taxi fares on nights out with people who live near you, or if  you live close enough walk, obviously not on your own but if there is more than 2 of you, I really recommend walking instead of paying £5 for a taxi which could be free.

3) Try not to buy food after a night out unless you have budgeted for it as you will literally buy food you probably will either sick back up or look at in the morning with regrets.

4) DON'T TAKE YOUR BANK CARD OUT WITH YOU

5) Make lunch instead of buying it, Greggs may seem nice with their £3.00 meal deal but it adds up and you honestly can't afford it.

6) Be selfish with your money, don't offer to pay for someone's taxi or entry into a club. When you have no money they most likely won't do the same back and you end up out of pocket.

If you have any other tips that might be useful, please feel free to leave a comment.