So much changes when you head out to university, for many students it is their first time living away from home, it is their first time being responsible entirely for themselves and perhaps most importantly it is their first time being in charge of sensibly budgeting for themselves.
Budgets can make or break a student’s year at university, the last thing any undergraduate needs is money worries while they are trying to do well with their studies.
It is important to set out a budget and stick to it when you are a student otherwise you can face some serious difficulties. You should make sure you know the maximum you can spend each week and be really strict with yourself.
The smallest items can be the biggest offenders
It is often the little things that do the most damage to a student’s budget. For example if you spent $5 a day at Starbucks for your year, you would run up a $1,825 coffee bill! Think of the damage that could do to student’s budget over a year.
Another common occurrence, and not really as small as the latter example, is over spending on nights out. We have all been there, the good times are rolling and you want it to continue and you don’t notice anything wrong with it until you wake up in the morning and realise you have no money until the end of the month.
How can you make your money go further?
There are many things that students can do to make their money go further, obviously one of them is creating and effectively managing a budget, but another option is to do some sort of part time work.
So there you have it, if you want to be really successful at university then you need to be organised and plan in advance. Doesn’t sound the most exciting prospect but it can really make the difference.
A great read for students: Money-Saving Idea Book: Tips for Starving Students
