It's time to break those bad spending habits

When you're student loan drops, it's so tempting to start splashing the cash but it's important that you know how to budget for all of your essentials and plans so you can make the most of your student life. 

From your rent to rewards after all of your hard work, planning for your costs can save you a lot of stress as a student. Here are some handy tips and tricks to help you budget successfully.

1. Work out your income

The first thing you'll need to do is total all of the money you will have coming into your bank account before you spend. This includes things like: 

• Your student loan
• Grants, bursaries, maintenance loans etc.
• Money from your guardians
• Income from a job

Now you'll know exactly how much money you have before anything leaves your account. 

2. Total your essentials

After your student loan bulks out your bank account, make sure you know the total of all of your fixed expenses. This includes: 

• Rent
• Bills
• Subscriptions (like Spotify or Netflix)
• Travel expenses
• Food shopping

This way, you can work out how much money you will have left over throughout the month or term and create a weekly/monthly budget for each category. All you need to do is subtract this total from your income. Remember that with us your fixed bills won't change and there are lots of flexible payment options too which should make this much easier. 

If you're struggling to make a start, the UCAS budget calculator can do most of the work for you. Although it won't have the exact costs of all of your fixed fees, it can give you an idea of how much you'll need! 

3. Split your spending into categories

Categorising your spendings makes it a lot easier to focus on specific costs so you can have more control over where you're choosing to spend your money. This is especially handy if you want to see where you're overspending and save for other things you would like to do throughout the term/year. 

A lot of people plan their budget and categorise using Excel sheets but it can be easier to keep track of your spendings when you can visualise your costs in an app. There are so many apps out there to help you manage your money like Monefy and Monzo so they're definitely worth downloading. 

4. Try using cash more often

Contactless payments have made spending so much easier, just one tap on the card machine and it's all done! However, just by tapping away you never realise how much money is actually leaving your account. If you can, try withdrawing a certain amount of cash for the day so you know exactly how much you're spending. 

This way, you can withdraw an amount and set a spending limit that fits within your budget to stop you from overspending. Plus any change you have left over can always go into a separate savings jar and by the end of the term you never know how much you'll end up with!  

5. Make the most of your student discounts

Your student privilege comes with so many benefits...so make the most of it before your student life is over! 

Student discounts can save you so much extra cash and we even partner with Student Beans to give you access to hundreds of amazing and exclusive student discounts. So start downloading Unidays, Totum and Student Beans to get access to all of those incredible offers. 

Don't forget about other ways you can save money as a student. It can cost a lot to stock up on those uni essentials. Books for your studies can cost a fortune but instead of buying them brand new why not take them on a long loan from the library? Or get them for a fraction of the price from someone in the year above you. 

If you're worried about your finances...

Talking to friends and family or your university can be really helpful. They can signpost you to other support services, help you create a plan and give you great advice. 

We're also here to help. You can access support from our partners at Health Assured to talk about any of your struggles from finance problems to your wellbeing. All you need to do is call 0800 030 5182 to chat to a professional who will listen to your struggles and help you take the next steps. They're available all day every day so don't hesitate to get in contact. 

Planning your budget in advance can save you a lot of stress through university, so start making those steps today to make the most of your time as a student.