Monday, 1 September 2014

Preparing for university: Budgeting

For most students they struggle most with budgeting so hopefully this will help you to plan out what you need to prioritise and how to work out your outgoings better.
First look at your student finance and work out how much you will get for your first semester, once you have that you can also add on whatever wages you will receive from a job if you are have one at the time.

I will do this in two parts the first will be mainly for about how to manage your money by listing what you need to pay out for and how much you can spend here and there. This post is mainly for those staying at home but you can apply this to your budget for living at student accommodation. 

For this I will use an example of a student loan of £2000 first for the first semester,
First you need to work out what you need so. Remember that everyone is different and may need a little extra here an there, so you can make your own budget pan this is just to help you see how to manage your money.
Rent (if your parent's want any, but it is good to make a contribution, if not then that's extra money for you) Lets say that this. Lets say your rent is realistically roughly around £500 for the semester which is 4 months.
Travel expenses Bus fair or fuel/car expenses, If you are taking the bus then you can get discounted deals as a student, If you live in the UK then First do a yearly student bus pass for £299 the link for that is Here.
Uni trips and deposits I have one to new York in the second semester which requires a deposit and I may also have to pay for it the rest in the first semester. This can vary so I will use mine as an example £60 for one trip then £150 as a deposit and £400 for the trip which includes the deposit.
Extra food money if you like to buy your own stuff or buy your food when your out save around £200.
Equipment or stationary You may need to buy Microsoft word or Photoshop and pens and paper.  word is around £90 for a student and then say £20 for stationary.
Phone bill say you are on a contract of £25 a month.

This then leaves you with £156 which needs to be divided up into the 4 months which leaves you with £39 a month, 
It is a good idea to have a part time job with this so I will use my job as example 8 hours a week roughly at my rubbish wage is £200 a month or more if you get more hours, so if you get or have a job that earns that much then you will have that extra £200+ a month to spend on whatever else you may need.
Another thing that I want to add is that don't get an overdraft or if you do, don't ever use it unless you really need to because you will paying back that and if you borrow £500 in your first semester when your second loan goes in you will b £500 down, so don't use it if you don't have to.

I hope this has helped and gives you some insight into budgeting for Uni and I will also be doing another post student to help you a bit more if you are moving away. 
Thank you for reading.

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