Student Budget Analysis

Becoming a student offers most young people many opportunities, from learning new things to accepting a handful of new responsibilities. However, one thing that can be hard to master and isn't always easily found in a textbook is understanding finance. Here are some student budgeting tips to help you during your studies from term time to later life.

Make a budget

This is a really important tip and although it may seem obvious a lot of students forget how useful it can be. Once students create a budget they are becoming aware of what money they have, and begin to understand their out goings and in comings and what that means to them. A student budget will show individuals the bare essentials, their cost and how much money they should and do spend in different areas. When creating your budget, be sure to include the necessary bills and room for any emergency or unaccounted for events that happen, such as losing your wallet or having to get a taxi unexpected. Also, students should include leisure activities in their budget like going out and partying as if they don't, they'll end up spending money from other areas without realising. Its okay to give yourself a break as you will need it! Check out our student budget calculator.

Stick to your limit

You have a limited amount of money, and when or if you go over this limit it can be tough to know how to survive the week, month or term. Once your student budget is created you should know how much money you have per day and what you can spend on what, e.g. on food or going out or shopping. If you go over this limit you'll end up spending into another area and it might not work out so nicely. You could end up missing bill payments or not being able to buy necessities so try to stick to your