Budgeting for students

17th September 2015
Budgeting tips for students

If you’ve headed back to uni, or you’re about to embark on your new university life, your finances may have crossed your mind. Are you worried about how you’re going to budget? We’ve put together some advice to help you out.

Share with your flatmates

If you and your flatmates have similar tastes in food, why not share and split the cooking between you? Over time, it will work out much cheaper than regularly buying individual meals or grabbing a takeaway every night. We all love the occasional takeaway, but if it’s becoming a regular option, you will soon see this have a negative effect on your bank balance! As well as food, also have a think about which household items you can share, for example a toaster or hair straighteners.

Set a weekly or monthly maximum spend

If you’re not tracking and limiting your spend, it could end up as one big spending spree after another! Figure out your budgets and how much you’ll have to spend on a weekly or monthly basis, and stick to it as much as you can. If you overspend one week, try and underspend the next. Planning some retail therapy? Save up for a few weeks and then allow yourself to go on a splurge, you’ll feel like it’s well deserved! You might also want to use these extra pounds for a night out on the town with your friends.

Shop around

If you’ve been eyeing something up, whether it’s a flashy new outfit or something as small as stationery, don’t buy the first item you see! Take some time to shop around and you might hunt out a real bargain. To make it easier for yourself, download the RedLaser smartphone app, which will scan barcodes and automatically search for the best deals for you online.

Use your student discount

When you’re doing the above and shopping around, make sure you calculate the student discount you’re entitled to, before deciding where to buy from. Your student discount will come in very handy during your student years! Check out this great guide to finding the best student discounts from The Telegraph.

Be aware of your payment dates

Being aware of these dates will allow you to plan your spending in advance. Here are the Sanctuary Students payment dates for 2015/16.

If you have recurring card payments set up, you’ll need to ensure there is enough money in your account for the payment to be taken.

Check out our other advice on how to manage your money! If you have any great budgeting tips, let us know on Twitter or on our Facebook page.