Why Do Students Need a Budget?
Why do you need a student budget?
One of the biggest challenges that college students face is budget planning and managing money. If you're a university student, you need to create a budget for your living expenses and avoid financial debt.
As a student, some of the questions you may be asking are:
How much living allowance do you need?
How can you balance your expenses and still enjoy an active student life?
How can you avoid getting into debt or running out of money before the end of the month?
How do you cope with emergencies or save for future goals?
FromHighSchooltoUni has the answers.
Why it is important to create a student budget?
You need to create a student budget as an important step on your journey to financial stability and success during your time at university. It will act as your financial roadmap, helping you to make informed decisions about your spending, pay your bills and ensure you get through the month without falling into debt.
In this blog post, we'll look at why creating a student budget is not only important, but essential. You'll discover how a well-structured budget can help you manage your finances effectively, avoid the pitfalls of debt, and ensure that your university experience is financially stress-free.
What's more, by becoming a member on our FromHighSchooltoUni.com website community, you'll gain access to valuable tools such as sample student budgets and an easy-to-use budget calculator. These resources will simplify the budgeting process and set you on the path to financial success throughout your academic journey. You'll also find a wealth of other helpful resources, such as checklists and templates, to optimise your transition to university life.
Join us as we explore the profound importance of creating a student budget and how it can shape your financial future for the better.
What Students Say About Budgeting
A survey conducted amongst UK-based university students in 2020* revealed that over 70% of them worried about making ends meet. Yet at least 10% of them had never even attempted to compile a budget.
The survey results also showed that most students who dropped out in their first year at university did so due to money worries. Don't let that happen to you!
As a university student, and newly-independent adult, budgeting can be a daunting task, especially when you are juggling classes and potentially a part-time job too. The good news is that it doesn't have to be complicated, and as you will not be in class full-time, you will definitely have time to manage this!
* https://www.savethestudent.org/money/student-money-survey-2020.html#key
By following a few simple steps, you can easily create a successful budgeting plan to help you mane your finances throughout your university years.
What are the benefits of creating a student budget?
A student budget is a plan that shows how much income you have and how much you spend on different categories. You need to make your funds stretch to cover all essentials, such as rent, food, transportation, mobile phone costs to socializing.
A budget plan can help you:
Avoid getting into debt or running out of money before the end of the month
Track your spending habits and identify areas where you can cut costs
Enjoy your student life without worrying about money
Save money for your future goals or emergencies
It may be fun to go out clubbing every week, but if that means eating toast and drinking water for the rest of the month because you have no money left to buy food, was it really worth splurging on alcohol? Or could you budget appropriately to make sure you know how much is available in your social funds each month to cover your social activities? Even if you are lucky enough to be receiving a scholarship or student loan, this does not mean you have a bottomless pit of money. You still need to be responsible and smart with your finances.
Managing your monthly allowance
It is important to be flexible and proactive with your budget. Don't blow your monthly allowance the day you get it. Unless you're earning well with a part-time job to supplement your income, your funds have limits. It will take you a while to get used to budgeting, but you can do it! Adjust as necessary on a monthly or quarterly basis.
Finally - read our other blogs and follow us on Instagram (@fromhighschooltouni) for tips and tricks for student savings such as meal planning, efficient food shopping, etc.
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