Firstly apologies for my lack of post over the past week, the end of term brought with it a load of deadlines which took up all my free time. In my last post I was discussing how to budget as a student, so as promised, here is part two.
5. Be realistic
When working out what you need to spend each week on food make sure to give yourself some breathing room. If you plan on spending £15 a week, then allow £20 as there will be times where you may need to go over, equally there will be times when you go under. If you do this well, then by the end of the month you may have a bit extra for a night out.
6. Don’t always buy cheap
As attractive as shops like Primark are for shoes etc with their low prices, they are never of the same quality as a more expensive pair. They don’t last as long and mean you will end up buying multiple pairs throughout the year. This may work out as more expensive than just buying one good pair that will last a few years. However this isn’t an excuse to go out and buy Waitrose’s finest cuts of meat each week.
7. Student discount
Obviously you are going to go out at some point and spend more money than you should on a new coat that you don’t really need but want. I speak from experience on this one. Lots of shops offer a student discount with NUS or just your student card, so don’t be afraid to ask at the tills if they offer one, you may be pleasantly surprised. It’s often not a huge discount, but every penny counts and at least then you can feel a little less guilty by saving yourself a few pounds.
8. Have some fun
Don’t panic about finances, they may seem daunting at first but once you get the hang of it, it’s actually quite easy, and you will find yourself with a bit extra here and there to spend on the things you want to do, rather then that £50 text book. And remember, most people around you are in the same situation, look for things to do on the cheap around the university, sometimes just going for a kick around in the park with your mates is enough.
So there is my guide to budgeting as a student, I hope you find it useful and good luck with yours.