Budgeting for a student has never been easy when there are so many necessary expenses, as well as all those tricky temptations! Here are seven tips on how to budget as a student.
1. Live in a shared rented flat or house
If you're a fresher this is not easy but doable. You can come prior to the freshers week and put up some posters in uni or look for some that are already there.
In the worst case scenario, you can look for a student accommodation online with people you haven't met yet. There is a bright side to it though - these people will become your friends. You might end up playing PlayStation on Sunday mornings following with a homemade roast dinner. It is easier for second years and third years when you already have your mates.
2. Get a bike
Commuting to uni by bus may not seem like much of a cost at first but it definitely adds up. Plus, getting a bike will give you the freedom to go wherever whenever and to explore the city. And what about that Uber and taxis after a night out. Add that it's a free gym and... sold!
3. Shop around
It may be time-consuming but it is so well worth it! LIDL has cheap vegetables, Aldi has great cereal for half price and Asda has great meat promos. On the other hand, Poundland has cheap cleaning products and, well, almost every other random thing you could wish for (caution: don't get carried away!). This is quite important when you're looking for accommodation as some nice places are located in student-friendly places however shops nearby may be very expensive.
4. Wait for the sales
We all love to shop. All student discount reminders coming through your mailbox urging you with last minute deals and it’s so easy to give in! Don't. Wait for sales. They will come. I also advise shopping online as it is almost always cheaper than buying in store.
5. If you smoke; quit!
Smoking is becoming less and less popular now anyway so quitting is the obvious choice. Even if you only smoke ‘rollies’ and you can still easily spend £20 a month which works out as £240 a year. What else could you do with £240?
6. Make staying in the new going out
It can be tempting to go out every night, especially if it’s your first year at uni and your first time away from home. Try to limit yourself the nights out where you spend a lot of money. Instead, enjoy a night in with your friends and housemates. Get together for dinner, to watch films and to play games.
7. Don't get that newest phone contract
Do you really need a brand new phone? If your phone is still working, once you're done with your initial contract you can pay as little as £10 a month for 2GB of data, all-you-can-eat texts and 500 minutes. A new contract for a new phone will cost you probably around £20 to £40 more every month.
Don't forget to enjoy yourself as this is the best time of your life but do it in the smartest way possible. The money you save can contribute to keeping your debt to a minimum, to travelling, or to searching for the job of your dreams with way less stress trying to make the ends meet.
