If you’re a student living on a budget, there’s no doubt that your living situation might not be everything you hoped for. This is even more the case if you’re studying abroad and are needing to adjust to a different way of life at the same time. The good news is that a budget can be managed in a way that you can squeeze the most out of it, however tight it may seem. In this article, we demonstrate a few of these great and simple tips to help give you a better understanding of how your budget can work better for you.
Start getting organised
If you’ve taken out one or more business student loans, you should have some idea how important a budget can be for a student. The first thing you should always be doing is making a plan. This is to ensure you can properly keep track of all of the money coming in and going out, and having an understanding of where it actually going. Developing a list of your expenses – such as rent, utilities, public transport and groceries – will give you a much clearer idea of where you can spend less, rather than you just having money disappear from your account every month. It also allows you to accurately understand how much money you can allocate to your fun budget, as underspending or overspending here can have negative consequences either way. If you’re finding that your fun budget is taking up too much space in your allowance, this would be a good opportunity to start figuring out fun things to do that don’t cost an arm and a leg – staying in and preparing meals with friends is much cheaper than going out, as is sharing a bottle of wine rather than a few expensive glasses out.
Save money in the little things
One of the best ways to save money in the long-term is by being very careful where you shop, which usually involves you doing your research and keeping an eye out for supermarket specials. The big supermarket chains usually do a lot of half price food, so it’s a good idea to structure your meals around these specials, rather than the other way around. It’s also a great way to help you find new and interesting food to eat that you might not have otherwise considered! If you live quite close to a few of these chains, you can split up your shopping between them if it is convenient to make the most savings possible. Significant sums of money are also spent on public transport – although it is unavoidable for some, trading public transport for being more active can save you a lot of money. Even if it requires you to purchase a bicycle, consider the net savings you can make in the long-term – plus, you now have a bike!
Small savings add up
Although you might not think it to be the case, lots of small savings can help bring a ballooning budget under control. Paying attention to small things like student-related benefits and cost savings can also save you a few dollars here and there. There are also a few lifelong money saving tips that you can learn along the way, such as making your own food instead of eating out – it all just takes a little bit of practice!