Wellbeing & Support

Creating together

Budgeting is one of the main concerns for students. It is something that we are not taught and must learn the hard way when we are on our own, usually when we start University. Therefore, it is very important to get budgeting right, especially at this time of the year. It is very easy to lose track of expenses around Christmas and holidays, but with a little attention and planning on your part, you can save yourself from the guilt trip later.

Smart shopping

Being a student, you can get discounts in most places so always ask. Some restaurants and clothing stores provide up to 20% student discounts. If you get a NUS card, you will be entitled to a larger variety of discounts online as well as high-street. So, checking out the benefits is always a good idea. If you are a frequent traveller, getting a 16-25 railcard will be a big help as you save a third on rail fares. Additionally, building small habits always help-simple things like avoiding cash machines that charge a fee save unnecessary expenses.

Use an app

There are many apps that will help you to set your budgeting right, like ‘SquirrelMe’ and ‘Wally’. These apps show how much you are spending daily or by sections, like food, transport, and clothes. Visualising your expenses help to understand how much you are actually spending, which is usually more than what we think. Sometimes we need to see our expenses in numbers to understand our spending patterns and these apps are perfect for that purpose. Other apps will help you to compare prices of major supermarkets and help to cut costs, e.g. ‘MySupermarket.’ You can also use ‘Splitwise’ to split bills with friends or perhaps flatmates. This makes the process easier and quicker.

Set a limit for yourself

You should always set aside an amount for each month which you can spend on guilty pleasures. Now this amount can be higher during Christmas, but you still need to set a limit and by no means go over this limit. Put the rest of your money in a savings accounts to stop yourself from spending too much.

Balance with Earning

If you are doing a part-time job, make sure you spend according to what you earn. If you are not working for a week, or working less due to holidays or exams, you need to control your spending for that period of time. This is to make sure your money outflow is not greater than your inflow.

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