30th September 2009 | The Urbanest Team | Comments [4]
Ways for Students to manage their money
Managing a student budget is tough. Not only do you have to pay for your text books and study, but also your food, internet, rent, phone bill, contents insurance, utilities but also find some spare change to have a fun filled weekend…sounds all too hard, doesn’t it.
We get that most students can’t work a full week, so we have devised some great tips for all students to get the bang out of every buck.
Budget:
Write out all your income and expenses for a month so you can gauge whether or not you are allowed to splurge this month. Remember to keep it updated, particularly if you are a casual earner as your income is likely to fluctuate.
Limit your food spend:
• Plan your meals for the week to avoid eating out as much as possible.
• Cutting out one store bought coffee per day will save you $15 per week!
• Write a list when you are headed to the supermarket to avoid buying unnecessary products.
• Taking your own lunch can save you up to $40 per week.
• Doing one big shop every fortnight to cut down on the amount you spend in smaller shops throughout the week.
Arrange your travel in advance
If you catch the bus, train or ferry regularly, be sure to buy a weekly or even a monthly travel ticket, they end up cheaper in the long run and you don’t have to fumble around for money every time you need to travel.
Don’t forget to check notice boards on campus or ask around for any car pooling buddies, there surely to be other students heading your way.
Avoid Credit Cards
Some banks will try and draw you in with fancy deals and then slug you with huge interest rates if you are slow to pay off your debts. Try and avoid getting a credit card, Visa Debit cards are available at most banks now, and are a much safer way to spend. At the end of the day you can’t spend more than you have.
Live somewhere easy
Choose a home that has a majority of your bills included so you know where you stand every month. Look for inclusive rates for utilities and internet, that way your budget is easier to forecast.
Have Fun
Budget for your nights out with your friends and only withdraw that much money, once you have run out, you know it is time to go home. It’ll probably save you a hangover and you’ll actually be able to eat for the rest of the week.
Save Save Save
Every spare dollar you can find, put it in a jar and watch it grow, when you find some great new trainers or a little black dress that you just have to have, ask yourself “do I need this? or do I just want this?” Unfortunately the answer is most likely B. It’s awesome to spoil yourself every once in a while, but try and fit it into the budget!
As we said living on a student budget is tough, but it can be fun too, get outdoors with your friends and take in as many free events as possible. It’s easy, be careful with your money, spend wisely and get great value.
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