Student budgeting tips for you.

Student budgeting tips for you.

 Living on a student budget may not be the easiest thing to do, especially when you’re still adjusting in a new country. Even though  you’ll have plenty of time work during holidays, your hours during the semester will be a lot more restricted. Following are a few budgeting tips to help you manage your finances:

 1. Stick to a plan.
The key to keep track of your spending is to set a budget either monthly or weekly and list down all your known expenses, like rent, utilities, public transport and groceries, as well as your income or savings. You will then be able to allocate money towards entertainment, travel and outings based on how much you have left to spend.

2. Look out for supermarket specials.
Planning your grocery shopping around what’s on special can save you a sizeable amount of money in the long term. Stock up on non-perishable food items or household supplies if you see them on sale or try to incorporate some supermarket specials into your weekly meals. While specials can be great, be careful not to fall into the trap of buying things you don’t need, or buying too much and end up creating wastage.

3. Brainstorm ways to earn some extra money.
If you see that your current income isn’t always covering everything you need it to, there are many little things you can do to earn money. You could babysit a couple of nights a week or pick up some work tutoring other students or you could also hold a garage sale or market stall to sell some of your unwanted items.

 4. Use your student card.
Try using student concessions wherever possible  whether it’s at the movies, sports games, events, retail stores, the bank or on public transport (if your state permits). These discounts may only save you a few dollars, but it all adds up in the long run.

If you are spending a lot of money on petrol, parking or public transport, you may want to consider walking or riding a bike to close destinations. To do this, you will have to leave a little earlier, but it will save money, as well as provide a great exercise opportunity.

We know that a social life at a university is great, but it can also become become a financial burden if you are heading out more often the your allowances permit. You may find yourself running out of cash so it’s a good idea to start thinking of some alternatives to your usual activities. Instead of going to a restaurant, you could cook your own feast at someone’s house. Instead of going to the cinema, you could watch a movie at home.

One of the benefits of being a student is not having the same weekday commitments as those who work normal hours. Instead of keeping the weekends for partying, consider getting a group together during the week. Restaurants and bars often have cheap food and drink specials on weeknights, which may help you save up almost half of what you ordinarily pay on weekends.

Bringing homemade lunch everyday instead of buying it, will save you a lot of money. You can consider bringing leftovers from the previous night’s dinner or making something simple like a sandwich.

You can save money on a wide range of things by looking for second-hand options, everything from textbooks, clothes and electronics to cars and furniture. You can do your shopping at garage sales, markets and second-hand stores; online on websites such as eBay and Gumtree or on social media forums, or simply by asking around for items you need.

Its a hard reality is that money is likely going to be limited while you’re studying, so be realistic about what you can afford, especially when it comes to things like rent, or a car. If you are well inclined to save money, you’re going to have to be prepared to make some sacrifices — big and small. The good thing is that your student years won’t last forever, and you’ll be able to start spending more when you begin working full time.