Budgeting Tips for University Students

It might not sound like the most exciting thing in the world, BUT if you can learn to budget then you can ensure that you make the most of the money that you have.

If that is not incentive enough, then consider the option of spending your entire life paying off debt to a loan company even if it's the student loan company - not too clever, right?

And the good news is that budgeting is quite easy.

To start with benchmark where you are at. Spend a month noting down what you spend in total, then categorise it - e.g. food, going out, rent and so on. This will give you an idea of your total ongoings.

Next work out what you have to spend each month. If you get a loan of, say, £2100 for three months, then that is £700 a month. Adjust to the figures that are relevant to you.

Now, assuming that you don't want to get into debt, this means that you have to ensure that you don't spend more than £700 per month.

Now take out your fixed costs - e.g. what your rent is per month, your basic food rations and any other fixed costs, perhaps your mobile phone bill and so on.

Whatever is left is the money that you have for fun stuff - such as buying food, buying new clothes, the occasional music download and so forth.

By setting up your budgets and working out what you have to spend when each month, and keeping track of spending, you can ensure that when you leave the only money you have to pay back is the student loan, without having spiralling bank overdrafts and credit card debts to boot!

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