You’re at uni, you have a student overdraft and your student finance comes in and you feel rich. How can you possible burn your way through this money so quickly? You pay your rent, buy food, alcohol, a trip out and the odd takeaway…and suddenly that huge pot of money looks significantly smaller and you are living off the cheapest food you can buy. Hoorah for pot noodles, baked beans and that sliced bread your mum made you freeze. To avoid this, there are a few easy ways for you to budget, which will make your student finance go further and will keep you eating real food all term.
First, ask yourself this questions:
What money do you actually get?
Do you get a maintanance loan? Do you get any other grants or funding from the government? Will your parents be sending you any money whilst you are away? Do you get any income from a job?
How much money do you have to spend?
How much is your accommodation? Phone contract? Subscription services (netflix, amazon prime, apple music, etc.)? Do you have a car you need to pay insurance or fuel for? Do you have a car loan or credit card payments you need to make?
Second, create a budget sheet
Make a budget sheet which will work for you or use the one I have made. This is alsomost identical to the one I use. All the formulae is written in, simply add in your numbers and it will add it all up for you. There are notes on some individual cells to help you fill it in. This will help you calculate a weekly amount you have left, after putting aside money for essentials (like rent) and subscriptions (like netflix). The weekly amount is how much you have to spend on food, drinks and anythign else.
Finally, do you have a job?
If you have a job or are planning to get a job, that’s great you’ll appreciate the extra income. I don’t include my additional income from my job into my budget as it varies so much depending on the number of hours I work. Instead, any additional money I make I either spend or put into my savings.
Love Bet x