Most students have to live on a limited income while at university, so it’s essential that you make a realistic spending plan at the beginning of each year. Budgeting your time, energy and money will help to prevent money worries and help you get the most out of your student experience.
It’s really important to draw up and keep to a realistic budget. If you don’t you could get confused over how much money you have coming in and going out. It’s important to work out your budget before you start your studies to make sure you have enough money to live on.
Your student loan will come in three instalments. Planning your budget will help you ensure that your payments cover all the essentials, such as rent, food and other expenses. A simple way of doing this is to:
When working out your student budget remember to include:
Make sure you stick to your budget and don’t overspend by using online banking apps to help manage your money. There are lots of apps out there, but a few we’d recommend are:
Money saving bots make it easier than ever to put money away for a rainy day. Using some clever maths, money saving bots can assess your spending, decide how much you can afford to save, and put it away for you. All you have to do is give the app access to your bank account (read-only), and it'll take care of the rest.
There are a few bots out there, but we'd recommend Chip as it's currently the only one to offer interest on your savings.
To help get you started check out this useful guide from Money Saving Expert and handy budget planner from Save The Student
Student Budgeting Planner
Just add your income and outgoings following the column headings (or customise your own). The spreadsheet will then do the calculations for you and track whether you're living within your means each month.
Learning how to manage your money is an important life skill. Staffs offers a wide range of support to help you develop essential money skills and get confident about your finances. If you want to learn more and master the art of juggling your money while at university you could:
Check out The Student Money Manual put together by the Money Charity, which offers handy tips and advice on how to stay on top of your finances throughout your studies and beyond.
Book a Financial Health Check appointment
An adviser can help you look into:• Maximising your income• Ways to reduce your spending• Creating your personal budget plan.
Contact email@example.com or the Student Advice Centre (Tel. 01782 294629) or pop to their reception above the Ember Lounge) to arrange to speak to an Adviser.
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