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Student Budgeting – The importance of remembering the essentials

Most important financial lessons for youngsters to learn

One of the biggest concerns for students is money – and of course, lack of it! From nights out, to accommodation costs to buying books, it’s easy to spend a great deal when studying, which is why it’s important to budget from the start.

Make a financial plan

It’s important to decide how much you can genuinely afford. Creating a financial plan and a weekly budget is a great place to start. From food essentials to transport costs, to a hectic social life and utility bills, it’s essential that you’re able to pay for both the fun things in life and also, the necessary things.

Avoid overspending

It’s extremely easy to over-spend at University, especially in the first couple of weeks. There’s always a great deal going on, including Fresher’s activities, new clubs and workshops. Despite this, it’s wise to rein in the spending!

Jobs

Applying for a job is not only a great way to make a little extra money, it’s also a good way to meet new people and make life-long friends. Both weekend and evening jobs are suitable for students, as long as they don’t get in the way of studying.

Open a bank account

There are a number of banks that now offer student deals. Many accounts even offer benefits in the shape of complementary student rail cards, free overdrafts and reduced loan rates – it certainly pays to shop around.

Food

Food can be a great expense, it is however essential. Try to limit eating out and instead of buying lunches every day, make a pack lunch instead. If you live with friends, sharing both cooking responsibilities and food costs is a great way to save a little money. Bulk buying and cooking from scratch is a much more cost-effective solution that buying expensive ready meals and eating out.

Reading material

Books are a huge expense to students, there are however ways to save when buying such essentials. From opting for second hand copies to becoming a member at the local library, there are a number of ways to avoid buying brand new books.

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Andrew Wayland
Marketing Director at Everyday Loans
Andrew Wayland is a financial marketing expert and helped set up Everyday Loans back in 2006. Prior to his position as Head of Marketing for Everyday Loans he worked as the Head of Commercial Development for a tech start up and ran his own PR agency for around 5 years. LinkedIn: https://www.linkedin.com/in/andrew-wayland-9018074