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How to Budget for University

college student loans budget

Going to university is undoubtedly one of the most exciting parts of a person’s life, and one which will prove to be an unforgettable experience. It is also a time of financial woes and being perpetually broke, if finances are not managed correctly. Luckily there are plenty of simple ways you can prepare for the financial hardships which university life will inevitably bring. Here are some of the ways to budget for university.

Set a Spending Limit

First and foremost, you should calculate the overall cost of all your necessary expenses, such as rent, food, and bills to get a good idea of how much you have to spend each week/month. You should then look at your income and see how much you have left over as disposable income once your necessities are paid for.

It is important to remember that things like bills can vary, and may take away more or less from your budget compared to the previous month. In this sense, it is a good idea to set a range rather than a precise number, and to consider all the possibilities.

Avoid Expensive Items

Students are certainly well known for being able to live on life’s bare necessities, so this one might come naturally after a while. Try to avoid buying the more expensive items unless you really need to, as these can significantly dent your budget when added up.

If, when food shopping, there are cheaper versions of the products you want, then opting for them could save you hefty amounts of money in the long run. You often pay a lot more for bigger brands even though the quality of the product is no different from cheaper alternatives, so be mindful of price vs quality.

Extra Income

If you are struggling with your finances, there are plenty of ways to boost your income without having to give up too much of your time. One way to do this would be to get a part time job, as there are plenty of roles which are suited to a student’s schedule, such as bar work.

You could also consider getting a payday loan from the likes of Smart Pig if you are really struggling with budgeting. These can be quite student friendly, but will have to be paid back with interest, so only consider them if completely necessary.

These are some of the ways you can manage your budget as a student. Be wise with your spending, and make sure you stick to your budget religiously in order to ensure its effectiveness.

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