Student budgeting tips are welcomed by all in education – whether you’re a first year ‘fresher’ or a seasoned studier, managing your finances is a skill that will serve you well throughout your university journey, as well as later life.
In this blog, we’re going to explore four top tips for better student budgeting.
Financial Wellbeing Education and Understanding
Did you know 64% of students wish they had received better financial education at school. Balancing day-to-day budgeting alongside student loans, grants, and rent can become confusing.
The key to unlocking financial success lies in financial education. Equip yourself with the knowledge you need to make informed decisions about your money.
Meal Prep for Budget Student Meals
After a busy day of lectures, the temptation to order takeaway is real. But your bank account will thank you if you embrace the art of meal prep. Not only is it budget-friendly, but it’s also a way to ensure you’re getting the right nutrients to sustain mental and physical wellbeing.
Invest in some Tupperware, scour the web – like BBC goodfood – for budget-friendly recipes and let your inner chef shine. Planning your meals in advance not only saves you money but also helps you avoid the dreaded “I have nothing to eat, let’s order pizza” scenario.
Shop Smart as a Student
First things first, make a shopping list and stick to it. Impulse buys are the arch-nemesis of the budget-conscious student.
Look out for student discounts and don’t forget to sign up to in-store loyalty membership schemes. Registration is usually free and can be done in a couple of minutes via your phone – the savings and reward vouchers could be substantial.
Embrace the Gig Economy
When the going gets tough, the tough get gigging! The gig economy involves short-term jobs or roles, and the industry is booming. Over half of those involved in the gig economy (56 per cent) were aged 18 to 34. There are plenty of flexible opportunities for students looking to earn some extra cash. From freelance writing and graphic design to dog walking and food delivery, there’s something for everyone.
Apps like Stint allow flexible working opportunities for students. Choose when and where you want to work each week, with shifts ranging from 2 to 8 hours long. Just remember to balance work and study, so you don’t find yourself overwhelmed.
Student Budgeting Tips: Conclusion
Budgeting as a student might seem daunting at first, but armed with the right knowledge and a dash of creativity, you can navigate the financial maze with confidence.
Encourage your Student Union to invest in financial education, embrace the art of meal prep, shop smart, and explore the gig economy. You’ll soon be well on your way to financial success.