If you are a student, then you’d probably want to know how to manage your money. I had my first job when I was 16, but never used the money earned, because I didn’t really have the need to. But as soon as I started going to university and got extra money through student finance (loan), I went out of control.
When I was in my first year, I had money which I saved up for like 3 years, the money from student finance and more money from my part time job. I paid my rent in full and basically had lots of money left just to spend on me. So I went shopping at least once a week, ate out a lot and to be honest I was spending money like crazy.
However, in my second year, I started to realise I am spending way too much money and I really needed to stop. My rent was way to high. I had to pay £550 per month for my studio. I was only fine for the first month of my second year. I struggled a lot. Second year was pretty much the complete opposite from my first year at uni.
So now I’m in third year, you would assume that I would have finally learned a lesson. Heck no. Well, to be honest, I am doing better now than last year. My rent is about £200 per month less than last year. I have been fine with paying all my bills, and I am not starving myself.
I’m fine right? I mean where’s the problem? Well, at the beginning of the year, I had to buy a new laptop because my other one died. I mean I could have bought something cheaper, but no… I had to buy the macbook. In my defence, I had a shitty laptop for about 6 years and I deserve a nice laptop.
So long story short. I need to budget the money I have left now and I thought…Hey, I could help you guys a bit as well !
Before you spend your money, work out whether it will still be sufficient for you to look after yourself.
Keep track of your money every time you want to spend your money, make a note. Work out whether you’ll still be fine after spending it.
I have set up a text service with my bank. Every time I spend money, I will receive a text message letting me know how much I have spent and how much I still have left in my account.
Pay your rent/bills as soon as you can, so you won’t have to worry about it all the time.
The one thing people spend a lot of money on and don’t realise is on food and stuff like toiletries.
Before you go grocery shopping, the best thing to do, is to do, is to make a list of the things you want and work out how much you will spend. My budget for food and drink is £20 per week. At the beginning of the week, I take £20 out of the ATM machine. I will tell myself that I only have £20 left and try to use it as carefully as I can.
I have noticed, that a lot of people think Poundland/Dollarshop/anything equivalent, is cheaper than other stores. In most cases it is, but what I have noticed is, some things are in fact cheaper at your normal stores. There are cheaper alternatives, you just have to do your research before you head out to get items. An easy way to find the cheaper alternative is to use the mySupermarket app.
And that’s it!
If you have any tips for me, comment below :)