Budgeting at Uni
A student loan is great right? It’s free money in a sense but once it’s gone…it’s gone. At my first year of university there were times where my friends had 5p to live on for two months because they blew it all in the first few weeks and so I thought I’d let you guys know how I was able to live well at uni and not blow my budget.
Student loans can be a hassle to get but once you have them you’ll miss them once they’re gone. Before I started uni my dad and I devised a plan so that I would never run out of money and I have followed this plan for all three years of my student life.
The budget plan:
- Work out how much money you’re going to get.
Student loans will tell you how much you get each term and so you can work out how much should be going into your bank account and if you have been given the right amount.
- Subtract your rent from that.
My rent is £915 a term (not including bills) and so from my student loan I took that money away all together because that is one expense you cannot miss.
- Divide your money by how many days you are at uni.
I did this by subtracting the amount I got by 3 then by 30 (3 months = a term and 30 days in each month) and then this would give me the amount I could spend each day.
- Subtracting and adding days.
When I worked it out I was getting about £10 a day which was amazing because when you look at cheaper supermarkets and shops you can stretch that. I also made it a thing where if I didn’t spend my ten pounds one day it would roll over to the next and if I did spend it from a day in the future it would simply mean I would have no money for that day.
Let me explain better:
Monday I spend no money. So that equals that I have an extra 10 pounds in Tuesday equalling Tuesday to 20 pounds. But, on Tuesday I spent 30 pounds meaning the 10 pounds I would have had Wednesday is already spent and so I have no money wednesday. This then means Thursday is a normal day with ten pounds again. Sounds like a math problem doesn’t it? Haha!
By doing it this way and keeping an eye on what I was spending and what I wasn’t it meant that some days I had more money and could by some treats for myself like makeup or a night out and other days I would have to eat what I have in my freezer instead of buying new food.
Of course this plan isn’t going to work for everyone as we all get different amounts of loan. But I believe even if you don get a lot of money this is still a helpful little thing y can do to stop yourself over spending.
I hope this has helped and I hope you are enjoying uni if you are there!
Until next time.