Millennials and Generation Z are known for being highly educated and diverse. However, when it comes to personal finance and money management, they seem to have no idea. We are here to give some budgeting tips for university students to help you manage your student budget. First things first…
Plan your finances
What is your budget? How much money are you getting per month? Think about your expenses and write them down. This way it is easier to see how much money you have left after you set aside the outgoings for each month. How much money is left? Are you planning to spend it, to save it or both? Or are you planning to invest it? These are the questions you need to ask yourself at the beginning of the month!
Track your finances
Create an excel spreadsheet for your uni budget. Add all your Income; it can be jobs, student support, parents support, online businesses, simply list all the sources of income you currently have. Next add the expenses; in this column you will add all your outgoings and fixed expenses as well as projected expenses for the month. In your outgoings, you should also include how much you are planning to save for the month. Remember, do not spend and save, rather save and spend what you have left!
Always, always, always save money
It does not matter the amount of money you can or want to save, what is really important is to always put some money aside. Businessmen like T. Harv Eker, Robert Kiyosaki says you should always save 10% of your income. Therefore, if you get £1.000 per month, you should save £100 minimum. However, some people cannot really save this much, this does not matter. What is important is to get into the habit of saving. The more you save, the more you will want to save.
What is the money spent on?
Think about where and how are you spending your spare money. Sometimes people spend a lot of money on shoes, bags or makeup which is perfectly fine if you actually need it! However, sometimes we just buy stuff and put it in our wardrobe never to be seen again. Just try to think if you actually need something before you buy it.
Watch your spending off and online
Every time you find yourself putting your card details to make a purchase, re-think if you should really make this purchase, or if it is something that you will hardly use. If you decide to go ahead with the purchase, put it on your spreadsheet. This way you will be able to see how much you are actually spending and be conscious of your overall expenditure. What we tend to do is spend and not keep a record – then we are left wondering where all our money went.
Keep your spreadsheet with your personal finance in Google Sheets so you can access it from your smartphone or laptop anytime! Set some time aside each day to update your finance sheet – your bank balance will thank you for this later!
We hope you found our university student budget guide useful. For more money tips, check out our complete student finance guide here.