Studying on a budget

Life as a student is an exciting time but is not without its share of challenges, such as managing money.

If you have a limited income, making a budget and keeping track of your money makes sense. The less money you have to live on, the greater the need to budget - you will know when the bills are due and what you need to put aside to cope with big expenses (like textbooks at the beginning of each session).

Budgeting means planning ahead so that you do not feel overwhelmed or panicked every time you get a bill. It means being in control of your money, rather than letting it control your choices.

Budgeting tips from students:

• Keep the money needed for fixed expenses such as regular bills in a separate bank account and do not touch it for anything else
• Try to save even a small amount every week – it all adds up. $10 a week over a year will give you $520 to pay for a holiday or Christmas presents, medical or dental expenses
• Before making purchases, think in terms of your needs and wants. Is it something you can do without? Can you get it another time?
• Keep receipts for all purchases and money transactions to check against your bank statements
• Be aware of (and avoid if possible) the things that blow out the budget, such as impulse buying 
• Try to avoid having a credit card, as they create a debt
• If your budget shows you are on your way to serious debt, you may need to take drastic action on ‘big-ticket’ items, for example move to cheaper accommodation or get rid of the car and use public transport

Additional UWS resources are available:

• Budgeting and financial aid - Student Welfare Service