With less debt, you can save for buying a house, going travelling, or any big purchases you want to make. But, if you budget effectively, you’ll be more likely to avoid going into debt. If you take out payday loans, you’ll be paying them off far into the future. One of the main benefits of budgeting as a student is that it sets you up for future success. Benefits of Budgeting It Sets You Up for the Future No matter whether you want to buy the latest games console, treat yourself to a brand-new outfit, or splash out on drinks (no judgement here!), a budget can take the stress out of these purchases. Essentially, it helps you become more aware of your finances, so you can make more informed choices about what you’re willing to spend. This way, you can feel more confident in how much you have left to spend, so you can enjoy yourself without having to worry about breaking the bank.īut if you do want to save up for something - travelling abroad, or a new laptop for example - that’s when a budget is super handy. It’s just a good idea to keep an eye on where your money is coming from and going to. That doesn’t mean you have to count your pennies every day, or stay in every night to save up. Otherwise, you may run into trouble with your landlord or energy providers which, trust us, you don’t want! Managing your budget is crucial if you need to make payments like these. That includes making sure your rent and bills are paid on time. When you’re at uni, you’ll probably have more responsibilities than ever before. You’ll also discover tools you can use, places to go for support, plus our top tips. Get an insight into common incomings, outgoings and how you can strategically manage your money, so your bank balance stays healthy even at the end of your loan payment!Īvoid money worries and overdrafts with our student budget guide. But you’re in the right place: in this blog post, you’ll learn all about how to budget as a student. These are very common (and valid!) questions you may have about your finances. What should I be spending my money on? Will I have enough left over to last me the entire term? What will happen if I run out? As a result, it can feel intimidating when you’re given a student loan for the first time. For many students, it’s the first time handling their own finances. It also provides information about how to manage if you find yourself in financial difficulties.Managing your money isn’t always easy at uni. The Advice Place offers one to one budgeting support and advice and has a wealth of further information about helping you to plan and manage your budget. The Refillery Edinburgh Advice on managing your budget Blackwell's Bookshop (South Clerk Street)īe eco-friendly and save yourself some cash with the trove of amazing charity shops that Edinburgh offers.If you are aged between 16 - 25 years or a Mature Student you can get 1/3 off your rail price on any journey in the UK, which is a huge discount if you were traveling by train regularly.īuying second-hand books if much more cost-effective than brand new books, especially at the start of University: Travel around the city for a discounted rate with Lothian Buses There are also other ways to adapt your spending to take advantage of student discounts and offers or to purchase less expensive branded goods. If your expenses exceed your income, you should start thinking about the difference between a 'need' and a 'want'. There is also a dedicated page with a video from our Deputy Secretary, Students Lucy Evans and Students’ Association President Niamh Roberts talking about the cost of living crisis.Ĭost of living | The University of Edinburgh Money-saving tips You can also take advantage of many helpful expense tracker apps to record your spending. Keeping a regular track of your spending is vital to be sure that you do not unexpectantly run out of money. We would recommend that you start by using one of the budget calculator tools below to start with: You first need to learn about your income and spending behaviours. Student living costs Managing your budget Do you know when and how you will need to pay for bills?.Are you aware of all of the costs associated with studying your programme?.Do you know what your fixed monthly costs will be?.Do you know where all of your income will be coming from each month that you are at University?.Are you working or planning to get a part-time job?.Are you receiving any funding from anyone or an external company?.Do you have money saved for University?.Once you work out your expected income versus your expected expenditure, it’s easy to plan for what’s left - or seek help if there’s going to be a shortfall. We advise that you begin to estimate your future living costs, as this will help you budget for your experience during your studies.Įvery budget is unique and will vary by person depending on your living situation, such as if you have any dependents, a job or are living in an off-campus flat.
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