Budgeting tips for university life: how to make the most of your money
Written by Maryam and reviewed by our team. Maryam is a Kortext student ambassador at the University of East London
For university students, managing finances can be one of the biggest challenges, especially when juggling tuition fees, living costs, and day-to-day expenses.
Effective budgeting not only reduces financial stress but also helps you enjoy your university life without constantly worrying about money. In this blog, we’ll dive into practical budgeting tips to help you stretch your budget and make the most of your resources.
Start with a simple budget plan
Creating a budget plan is the first step in taking control of your finances.
Begin by listing your monthly income, including any student loans, part-time job earnings, or financial support from family. Then, categorise your expenses into essential (such as rent, utilities, and groceries) and non-essential (like eating out, subscriptions, and social activities).
Budgeting apps
Apps like Blackbullion, YNAB (You Need A Budget), and Goodbudget can make budgeting easier by tracking your spending and helping you visualise where your money goes.
Prioritise essentials and limit unnecessary spending
It’s easy to overspend on social activities, streaming services, or coffee runs, but sticking to a budget means making sacrifices in non-essential areas.
Prioritise essentials like food, bills, and transportation. Once these are covered, allocate a specific amount for ‘fun’ spending, and try to stay within this limit.
The 50/30/20 rule
A popular budgeting rule is to allocate 50% of your budget to necessities, 30% to personal expenses, and 20% to savings or debt repayment. Adjust these percentages based on your financial situation.
Find student discounts and free resources
University students have access to countless discounts on everything from food to tech products.
Many businesses, apps, and websites offer discounts exclusively for students, so always ask if there’s a student price available.
For textbooks, platforms like Kortext can save you money compared to buying physical books, while also providing easy-to-access digital resources.
Websites and apps for deals
Apps like UNiDAYS and Student Beans aggregate student discounts across a wide range of categories, helping you get the best deals.
Embrace meal planning and home-cooked meals
Food is one of the largest variable expenses for students, and meal planning can drastically reduce costs. Plan your meals weekly, make a shopping list, and stick to it. Cooking in bulk can save time and money, plus you’ll avoid the high costs of takeout and convenience foods.
Take advantage of campus resources
Most universities offer resources that can help you save, from libraries and computer labs to gym facilities and health services. By maximising what’s available on campus, you can reduce the need to pay for similar services elsewhere.
Many universities even host free events and workshops that offer free food, supplies, or even entertainment. These can be great opportunities to socialise without spending extra.
Save for emergencies
It’s essential to set aside a small amount each month for unexpected expenses, like medical bills or car repairs. Even if you can only save a little, having a financial cushion can help you avoid debt when surprises arise.
Use a separate savings account
Consider opening a dedicated savings account just for emergencies. Many banks offer student accounts with no fees, making it easier to save without worrying about charges.
Track your spending regularly
Regularly reviewing your spending is the key to staying on track with your budget.
Check your bank statements weekly and adjust your spending if you’re going over budget in any area. Being mindful of your finances will help you stay disciplined and make smarter financial decisions.
Consider part-time work
If you find your finances stretched too thin, consider looking for part-time work.
Many universities offer flexible job opportunities for students that can fit around your class schedule. This extra income can ease financial stress and even provide work experience.
Campus jobs are often designed with students’ schedules in mind, offering more flexibility than off-campus positions. Explore roles like library assistant, tutor, or administrative work, which can provide valuable skills along with extra cash.
Conclusion
Managing money as a student may seem overwhelming at first, but with a clear budget and mindful spending habits, you can make your finances work for you.
From creating a budget and tracking your expenses to finding discounts and utilising university resources, these budgeting tips can help you focus more on your studies and less on financial stress.
Start implementing these tips today to take control of your financial future!
Sources:
https://business.blackbullion.com/blog/fresh-new-look-and-logo-for-blackbullion/
https://www.myunidays.com/GB/en-GB
https://www.studentbeans.com/uk
