Student Budgeting – the Best Ways to do it | Prepaid365

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6 May 2014

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A student’s finances can be notoriously tight throughout university, which means that budgeting is a vital part of everyday life.

From managing essential spending to paying for a multitude of social events, giving money careful consideration can ensure the best university experience.

Here are some of the important things to think about and how best to manage student budgeting when at university:

Consider the absolute essentials

Money for aspects of life such as rent and food are vital, so it’s important to have enough money set aside to cover these outlays.

Other parts of life including travel costs can also add up, so having enough to afford your everyday travel requirements is also important – whether it comes in the form of petrol and insurance for a car or a weekly bus ticket.

Looking to pay less for food and groceries is also a popular tactic, and with various price promises covering the major retailers it’s possible to make a genuine saving.

Bulk-buying dry goods such as rice, pasta and cereal can also ensure that there is always something to eat, even if the recipes are very basic.

Less essential spending

Taking up a sport or joining a university club is a popular choice for many students and this can require a constant spend to pay for items such as membership fees and equipment.

Budgeting for these outgoings is also important, especially in the cases of things like a gym membership that can require regular payments.

Managing the money required for these clubs and any associated trips should give a better understanding of what money is available for other aspects of life.

Many books and university sources can be required for various courses, but purchasing them isn’t always necessary.

A reliance on the university library can mean access to a wide range of materials, although students should be warned that everyone may want the same book – especially around exam time.

Prepaid options

Having a prepaid card is a great way to prevent overspending, as only the money which is on a card can be spent, while it can always be topped up if necessary.

Unlike credit and debit cards, prepaid cards are not directly linked to a bank account making fraudulent activity a lot more difficult, providing peace of mind for users.

An added bonus is that many of the cards can be replaced if they are lost or stolen, without the funds on the card being affected.

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