Effective ways to stretch student budget

Being a student in the UK or elsewhere in the world is expensive. According to government records, the cost of being a student is £11,000 a year on average with most of it going to rent, fees and other student needs. All is however, not lost because with good planning, you can actually stretch this budget and still have some kicks for a social life. Here is how you can plan or create a budget for your expenses as a student.

Put it down on paper

Writing out your financial status is considered one of the most effective ways to plan.  A simple source and income expense works. The essence of this is to enable you determine how you spend your money and if there are any gluts in the spending. This will also enable you to determine what expenses you need to cut.

Organize your income

Expenses are quite unpredictable because they come all the time. However, income usually and most certainly shows up in a lump sum when you are a student. The best strategy is to have this money put into different accounts and then, marking each as it’s spent, on what its intended in an ordered manner. Set spending limits, stick to it.

Maximize the income

It’s estimated that about 40% of all the students hold a job as they study to leverage their living expenses and this is a good thing. Experts say that, as long as it does not interfere with the studies, it is a great way to boost your income. Keeping the work load at least 15 hours per week is advisable. Doing this will enable you to spare some cash for a social life.

Get help

Students have an immense support platform in colleges and they need to use them to benefit. First, there are cheap student loans, student banking platforms and support students can take advantage of. There are also several counsellors, students can seek advice on how to spend and optimize costs ending up with loads of real savings.

Get a discount

Students need to be on the lookout for deals, discounts and sales when shopping. Doing this ensures that you buy whatever you buy at a bargain. Buying at lower prices has direct benefits on the finances as it saves you a lot of money you can use for other things.

Learn to cook

Home cooked meals are generally, not only sweeter but also cheaper compared to eating out. Invest in a few favourite recipes and start cooking to save on cash. You might even discover that you actually love it.

Manage debt

It’s practically impossible to live debt free unless you live in a cocoon. The secret to a good life and an abundant one for that matter is managing debt and learning how to quickly pay off student loans.                     

The best way is to avoid the expensive ones like student store cards, overdrafts and credit card debts, and opt for student loan forgiveness programs, if you have taken student loan and unable to pay back.

Put tabs on expenses

The secret to managing money is becoming sceptical on expenses. Ensure that side of the ledger has little activity if you can. This will not only enable you keep track of hefty expenses, but it will also save your income from erosion.

Author’s bio:

Helen Fern is a dissertation writer at uk.bestdissertation.com.