Storage Giant Guide to Student Budgeting
Let’s face it – starting university is hard, and we aren’t just talking about the number of lectures you need to get through to pass. Being at university requires having a cleverly structured financial plan that will allow you to make the most of your student life with minimal effort. At Storage Giant, we’ve utilised our expertise to put together the ultimate budget guide to help you to keep your finances under control.
Being a student is an expensive ride. According to Save The Student, 1 in 4 students admitted they had never budgeted before due to poor budgeting skills. The average student spends about £790 per month, so understanding whether you’re spending on the right things is a significant first step.
Before you embark on planning your budget, make a checklist of all your current expenses. Try to realistically assess how much you spend on food, clothes and travel, and then move on to regular spends (including rent and monthly bills) and entertainment. By creating such a list, you’ll get an apparent breakdown of how much you spend and how much you need to remain financially security.
If your everyday routine consists of grabbing a coffee every morning from Starbucks, try to cut down your habit. Why not treat yourself once a week and commit to making your morning drink at home the other days? Just cutting out a few coffees a week could save you up to £15 per week and almost £60 a month.
Now, imagine that you can cut the cost of everything you need as a student. Need a new dress for a night out? Do your research in-store but try purchasing online to see if you can get a better deal. Heading out to the club? Organise a pre-drinks party at your place, so you don’t have to order overpriced drinks at the bar. Taking a cab back home? Organise a group of people heading in the same direction and split the fare.
Student accommodation you can afford
If you’re about to start living away from home, choose your accommodation wisely. Renting a flat on your own sounds like a great plan, but think again if you can afford it. Many students prefer to live in a student dorm as the cost is lower, but living in a shared house is not always convenient.
If you want to live by yourself, think about the size of a property you want to rent. Remember that to live comfortably you don’t need a big apartment – on the contrary, smaller spaces are cosier and usually cost less, which is why they are an excellent solution for students living on a limited budget. If you worry about your belongings, search for an affordable self-storage provider who offers a low rate student storage units.
Being a student comes with many privileges, and student-approved discounts are definitely one of them. You can get a rebate on almost everything from clothes to food and you can either claim them through universal discount cards such as NUS Extra or via student portals such as UNiDAYS. Also, watch announcements from big retailers such as River Island or ASOS that often offer exclusive, in-house offers if you show your student ID at the checkout.
Make extra money
We know how hard it is to be a student and work full-time, but If you feel like the maintenance loan isn’t sufficient enough to cover your expenses then it’s time to make some extra money.
You can either opt for part-time, student-friendly jobs that you can find on portals such as Student Job, Save The Student or Indeed. You might also want to look at your university’s job board, which gathers together top local student jobs from trusted employers. If you’re looking for a more convenient role, search for home working opportunities. Those include freelancer jobs, online tutoring and website testing which will allow you to earn extra income at any time, without leaving your room.