Student Budgeting & Saving Tips with Ola Majekodunmi
STUDENT BUDGETING & SAVING TIPS
WITH OLA MAJEKODUNMI
Having to manage your finances at Uni is hard enough let alone throwing a whole pandemic that seems to be never-ending into the mix. For some of you, this uni year may have been a huge financial struggle. However, I am here to share with you a few of my budgeting and saving tips to try and help you out during these weird and challenging times. Even if you haven’t struggled financially in the last few months, these tips are still relevant to you too!
I promise you, budgeting isn’t as boring as it sounds. Budgeting is something you should try and get into the habit of doing whilst you are at Uni. Otherwise, you can easily find yourself splurging all of your student loan in two weeks when it probably needs to last a lot longer than that! When budgeting your money at Uni, here are a few simple steps I recommend taking:
1) Work out your income for the semester. This may include an instalment of your student loan, money from your parents or money from your part-time job!
2) List down a rough estimate of your expenses for the semester too. This can include your rent, bills and any other subscriptions you may have such as Netflix.
3) Work out a weekly budget. Working out a weekly budget will help you see how much money you can afford to spend on a weekly basis, hopefully reducing your chances of overspending! You can do this by working out the difference between your income and your expenses and dividing whatever is left over by the number of weeks in the semester.
If working out a budget using the method above doesn’t work for you, then I highly recommend downloading a budgeting app that is designed to help you budget better! Apps such as Monzo and Emma are two great apps to help you do so!
As well as budgeting, it is important to save wherever possible too as savings can help you in the event of an emergency such as that last minute train ticket home. As saving money at Uni can sometimes feel like an impossible task (I know the feeling, I’ve been there before!) I also wanted to share a few of my money saving tips too:
1) Create a separate savings account so you don’t get tempted to spend the money that is meant for your savings! Not sure where to find the best savings account? Well, moneysupermarket.com or money.co.uk are great comparison websites if you want to find the best savings accounts currently on the market!
2) Start small –Saving doesn’t have to be associated with large sums of money! If you can, try and start saving with a small amount first. If you feel like you are unable to save at all, is there anything you can sacrifice? This may include the odd lockdown takeaway or the occasional online shopping splurge! Whatever amount you are able to save, whether that is £5 or £100 a week, your future self will love you for it!
3) Make sure you take advantage of student discount apps and websites such as UNiDAYS and Student Beans as they allow you to take advantage of exclusive student offers, allowing you to save some extra pennies. This was a huge lifesaver for me!
If you are currently unable to save any money at university, then please don’t stress too much. It’s important to remember that times are tough at the moment! However, I hope these simple but effective budgeting and saving tips are a great starting point to helping you manage your finances!