Student life is probably one of the best phases in one's life to learn to live within one's means. Hands on lessons on budgeting gives you a good enough base to budget your expenses even later on in life.
Student life can be a tough one to lead with a limited amount of money in hand and a list of expenses to cater to. So it’s going to be watching every penny that is going out of your hand and keep you eye open for discounts and freebies. Planning a budget may sound too esoteric on its face for a student but taking the trouble to get one in place will definitely make life easier and far more enjoyable for you at the university. It might even get let you have a few nights of revelry without scraping and borrowing money.
Here is some help on how to plan and live on a budget. You will need to start with calculating the amount of money you will receive for the year, from student loans, part time work etc. The next step will be to work out how much money will be spent on the following expenses -
- Rent
- Books and equipment for study
- Food
- Water
- Gas
- Travel costs
- Clothing
- Laundry
- Mobile phone
- Telephone
- Internet
- Leisure
- Insurance
- Childcare (if needed)
- Miscellaneous (emergencies/unplanned expenses)
The money needed for all the above is what you need to know about and subtract the same from your income. This will give you an indication on how much money you will have left with you for spending on beer and other leisure activities. This figure can then be divided into the number of weeks you will be at the university for the year and find out your weekly budget. If you overspend one week then you can make it up over the next week by cutting some lower priority item.
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