How to stick to a student budget

As a student, learning how to budget effectively can be one of the most valuable life skills you’ll pick up during your time at university. With limited funds and growing expenses, it’s important to make sure that you’re in control of your finances. This blog will outline how to create a budget and, most importantly, how to stick to it.

Calculate your income and expenditures

First things first, you need to realistically note your income and estimate your expenses to see how much money you’ve got to play with.

Your income might include your maintenance loan, bursaries, money from your family, part-time work, and savings. 

Your expenses consist of fixed and variable expenses. Fixed expenses might include tuition fees, rent, phone bills and gym memberships. Variable expenses might include food, transport (car fuel and insurance if your primary form of transport is a car), course materials, and entertainment.

Once you have a clear understanding of your income and expenses, you can start budgeting accordingly by allocating a specific amount of money to each expenditure category.

Use budgeting apps

To successfully allocate specific money to each expenditure category and keep track of this, consider downloading budgeting apps. Some popular budgeting apps include Monzo, Starling, Revolut, and Moneyhub. Using a budgeting app will allow you to better track your income and expenses and you may notice areas where you could possibly reduce your spending. Sticking to these limits will help you avoid impulse buying and running out of money before the end of the month.

Use cash or prepaid cards

If you tend to overspend with your debit or credit card and aren’t a fan of using budgeting apps, try switching to cash and/or prepaid cards. Seeing the money physically leaving your hand may make you more aware of your spending. For example, if you have budgeted £50 for a social event, withdraw that exact amount, and when it’s gone, it’s gone.

Another option is to use prepaid cards for specific expenses. At Wrexham University, students can get catering cards, which can be pre-loaded with amounts like £30, £50, or £100 and used to purchase food and drinks at any campus catering outlet. This is a great way to keep track of how much you’re spending on campus, ensuring that you don’t accidentally overspend on food during the month.

Take advantage of student discounts

Familiarise yourself with student discounts that are available to you, as these can help to stretch your money further. Many retailers and restaurants offer student discounts, such as Boots, JD, ASOS, Pizza Express, Bella Italia, and much more! If you are ever unsure, ask at the till.

Sign up to sites like Unidays and Student Beans for exclusive student deals and for a digital student card which can be useful in retailers/restaurants if you’ve forgotten your physical student ID card.

Consider cheaper alternatives

Just because you’re on a budget, doesn’t mean you have to miss out on everything. Look for low-cost alternatives when it comes to entertainment, food, and socialising.

If you really fancy a takeaway, why not see if there are any TooGoodToGo bags available? This way, you can get a ‘Surprise Bag’ for between £3 and £5, and you won’t necessarily know what you’re going to get from the shop or restaurant you choose, making it exciting!

If you love shopping but don’t have much budget allocated for this expense, you could use online marketplaces like Vinted or Depop. Buying second-hand is not only good for your finances, but it’s also better for the environment too.

If you’re into the gym but think that it might be taking up too much of your budget (gyms can be expensive!), check if there’s a cheaper alternative. At Wrexham University, our on-campus gym is significantly cheaper than any of the gyms in the local area. If you’d prefer to venture further afield, many gyms offer student discounts. If your current gym does not have student incentives, consider finding another.

University support

If you are struggling with your finances, check out what university support is available. For example, you may be eligible for scholarships and/or bursaries. Alternatively, reach out to your university’s student funding and money advice department to receive tailored advice and guidance regarding managing your finances.

Budgeting as a student may seem overwhelming at first, but it doesn’t have to be. With the right tools and approach, you can take control of your finances and stretch your money further. Simply create a realistic budget, monitor your spending, and always look for ways to save.

If you’re still considering which university to attend or want to learn more about student life at Wrexham University, why not see it all in person at our next open day? Explore the campus, meet current students, and learn more about our funding and money advice team and how they can support you as a student.