Living on a student budget
Posted: January 24 2022
Learning how to manage your money whilst at university is a really important skill.
It’s important to make sure you know how to do this, so you have enough money to last you the whole term, or until you get your next instalment from student finance. Everyone’s budget will be different, but these tips could be beneficial no matter your budget!
If you’re planning on living on campus whilst at university, you’re going to have to pay rent for your accommodation. After this rent payment is when budgeting becomes really important. A helpful thing to do is work out how much you can spend each week, by dividing the total amount of money you have by the number of weeks you have left until the next instalment. You could then split this into categories, such as money for food, essential items e.g., cleaning products, travel, and socialising. Breaking down your money like this really helps you to see exactly how much you can comfortably spend per week, and you can allocate a certain amount to each category. This saves you from worrying about how much money you can spend or worrying about running out of money before the term is over.
It definitely helps to find some deals when you’re shopping, whether that be for food or clothes etc. Many students at Brunel shop at Lidl, not only because it’s closest to campus but also because it’s cheap. However, doing some research and seeing what which shops have deals you may be interested in is always a good idea. Signing up to UniDays or StudentBeans is a great idea, these will give you student discounts in a lot of retailers, which can help with your budget!
Student budgets can be tight sometimes, so getting a part-time job that fits around your studies can be a beneficial thing to do. By working part-time around your studies, this means you still have time to socialise, relax and also be earning some extra money you could add into your budget.
Finally, opening a student bank account can be great for managing your money. Santander is one of many banks that offers a student bank account, which includes a free four-year railcard, as well as an arranged overdraft.