As a student, learning how to budget is a huge part of the university experience. It can be stressful when you do not know when or where your next income is coming from. There are plenty of ways in which you can budget as a student. Continue reading for our top budgeting tips for students.
Track Your Spendings
Write down every single purchase you make. There are budget apps available for this such as Goodbudget, Mint, Wally, and many more. Once you begin to track what you spend you will notice little patterns and these little patterns will help to make you aware of whereabouts your money is going and help you to figure out how you are going to make changes.
Figure Out The Difference Between ‘Wants’ and ‘Needs’
It can be difficult to think about whether certain spendings are things you need or only want. Once you figure out the difference and only purchase things you need, you will notice a change in your bank account and your budgeting ways. You will begin to save money by only buying what you need, and this gives you more flexibility within your budget.
Create A Routine
Create a routine for yourself, by making a record of your purchases, expenses, and outgoings. If you are finding that you are unable to record your finances daily, then record them weekly, if you find this easier. If you wait any longer than two weeks to record your purchases, you will begin to forget some of the smaller purchases i.e., bread and milk from the corner shop.
A comparison shop is when you are trying to get the best prices and the best value for certain products. To do this, you will need to do your research before going to the shops, especially when it comes to the more expensive items. Use phone apps to compare the prices of different items from different shops.
Use Your Overdraft Wisely
Banks tend to tempt students with a sizeable free overdraft. Yes, take it but use it wisely. It is a clever idea to just use your overdraft for emergencies and always put the money back in when you can, so you do not go too deep into it. A lot of people tend to treat overdrafts as free money, which might work whilst you are at university however it will not feel the same when you have to work.
Keep An Eye Out For Student Discounts
Student discounts are everywhere, there are several ways to find out what shops offer student discounts. If you are shopping in person, as the person at the checkout till, or if you are shopping online use the apps Unidays or Student Beans, they both have a wide range of shops that offer student discounts. In many shops to use student discount you will need your student card, so make sure to bring this with you when shopping.
These are our top tips on how to budget as a student. If you are a student who requires cheap storage over the summer when you are leaving student accommodation. Contact us here at Cheap Storage Manchester. We offer units from £5.50 per week (what a bargain!!).