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Budgeting Tips for Students

Liezl Hesketh in Tips 

5 budgeting tips for students

Being a student can be both exciting and challenging, especially if this will be your first year of study. However, studying can be expensive, especially if you have a limited income. Here are a few great budgeting tips for students in order to make the most of their money.

1. Plan in Advance

You can start by putting pen to paper and creating two sections called income and expenses. Write down all your income sources as well as everything that needs to be paid every month that forbids costs like liability charges, books and food. This will give you a good indication of what you have available after everything has been paid, as well as where you can cut out unnecessary expenses.

2. Find Affordable Accommodation

Since accommodation is one of the most important aspects of planning your study year, is important to find affordable accommodation that will fit in perfectly with your available budget. You can do this by searching for available student accommodation options online, or contacting your University and even study groups to find out what accommodation are available on campus. It is important to find accommodation in advance so that you can be ready for the start of the new study year and also work out your budget for the rest of the year.

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3. Second-Hand Books

As long as you have the right study materials, using second-hand books will make no difference in your performance. But it can definitely make a huge difference to your available budget, which is why you should always try to obtain second-hand books first, before you buy them brand new. Many universities have shops or facilities where new students can buy second-hand books at reduced prices. Alternatively, you can search online as there are often students who are selling books that they no longer use.

4. Household Kitties

Using a household kitty can often come in handy, especially when it comes to household chores and even food shopping. If you share a house with fellow students, take advantage of deals that you can all contribute to, such as the internet or television expenses. You can also rotate certain household chores to help free up time for other roommates; extra time can lead to extra shifts and extra money!

5. Student Benefits

As a student, you will benefit by having access to various discounts, including discounts on travel packages. You can also apply for an International Student Identity Card and benefit from discounts and services both locally and around the world. With more than 4.5 million students already using the card, you will have access to offers for travel, shopping, food, transport and entertainment.

Being a student is definitely exciting but you should also handle your money in a smart way. By budgeting in advance and always keep track of your spending you can benefit from having enough money to cover your expenses while still being able to enjoy student life.