Finance

A Brief Guide To Student Budgeting

Budgeting is a harsh word to many students but a harsh reality it is all the same. With high expenses attributed to studying in higher education, it also impacts heavily upon student lifestyle. Sometimes simple money saving tips can be enough to stretch out that budget and make living more tolerable. And money can last a little longer and student life can seem a little more fun.

Budgeting is a harsh word to many students but a harsh reality it is all the same. With high expenses attributed to studying in higher education, it also impacts heavily upon student lifestyle. Sometimes simple money saving tips can be enough to stretch out that budget and make living more tolerable. And money can last a little longer and student life can seem a little more fun.

If you adhere to a budget you will see that your resources can reach further than you first thought and your time at university can be an enjoyable one. What is inevitable is that if you are smart with your resources and make them last the distance, your bowings needs will be minimised and your debt once you have completed university will be a manageable one. It will also give you good experience of budgeting which could serve you well later in life.

The first thing to do, as an exercise, is to make a list of all the things that you want in the short-term such as a holiday or a new computer. Now, assess your current financial situation both in terms of bank balance and regular incomings from part-time work, parental contribution etc. Now look at what you need both in terms of educational and lifestyle. Education should always be the more important of the two. Now, look at your list of wants and see if there is anything that you can realistically aim for.

There are often alternatives to what may be essential or even luxury spending. For example, many students insist on owning their own laptop but universities have such facilities on hand and can be accessed for almost all of the waking day with some universities even providing 24/7 access. The library may stock the books you need and on a more personal note, you can often find trendy and even hardly worn clothes at charity shops. Charity shops have a certain connotation but some, though with a higher price-tag deal exclusively in trendier fashions.

Be smart about budgeting. Make use of the internet to look at price comparison and resist daily splurges. Look upon budgeting as a diet. Spend healthily to stop your debt piling on the pounds.

Check out a complete Student Finance Guide for more information about budgeting for students.