How to Budget as a Student: Tips and Tools for Financial Success

Understand Your Income and Expenses

The first step in budgeting is understanding your income and expenses. Here’s how you can get started:

• List Your Income: Include all sources of income such as student loans, grants, part-time job earnings, and any financial support from family.
• Track Your Expenses: Write down all your monthly expenses, including rent, utilities, groceries, transportation, and entertainment.

Create a Budget Plan

Once you have a clear picture of your income and expenses, create a budget plan. Here’s a simple approach:

• Prioritise Essentials: Allocate funds first to essential expenses like rent, utilities, and groceries.
• Set Limits for Non-Essentials: Determine how much you can spend on non-essential items like nights out, clothes, and hobbies.
• Save for Emergencies: Set aside a small amount each month for unexpected expenses, like that next-day delivery Mother’s Day card when you forget!

Use Budgeting Tools and Apps

To make budgeting easier, consider using budgeting tools and apps. There are many options, spreadsheets, and tools available on the SaveTheStudent’s Website. The best one we found is available here.

Take Advantage of Housr’s Fixed Monthly Costs

One of the biggest challenges in budgeting is dealing with utility bills that change every single month. Housr simplifies this with fixed monthly costs:

• Convenient Utility Management: Housr handles all your utilities for students, including water, broadband, electricity, and gas, consolidating them into one easy payment.
• Fixed Monthly Payments: With Housr Unlimited Bills, you pay the same amount each month, making it easier to plan and stick to your budget.
• Split Liability: Housr ensures you only pay your share of the bills, avoiding conflicts with housemates and making financial management smoother.

Tips for Successful Budgeting

Here are some final tips to help you stay on track:

• Track Your Spending Regularly: Review your budget weekly to ensure you’re staying within your limits and adjust as necessary.
• Cut Unnecessary Expenses: Identify areas where you can cut back, such as dining out or subscription services you don’t use.
• Seek Discounts and Deals: Take advantage of student bills deals, and check out the many ways students can save through deals on the Housr Perks page!
• Take Advantage of New Customer Offers: Some of the best food delivery offers are also available on the Housr perks page.
• Stay Disciplined: Stick to your budget as closely as possible and avoid impulse purchases. If you struggle with cooking and always buy expensive food out, getting a meal plan or subscription service can even save you money!