5 Things You Need to Budget for at Uni

Published: 28/03/2019 | Last Updated: 06/04/2020

5 Things You Need to Budget for at Uni

In order to make it through university, you will need to develop a number of new skills. Among these, budgeting is one of the most useful in your day to day life. When your student loan money comes in, it may well be more money than you’ve ever had at once in your entire life. But that money will go quicker than you think, especially if you don’t budget.

Budgeting makes managing your money responsibly much easier and in turn greatly reduces the amount of stress you’ll be under as a student. The following are the most important components of a healthy budget – these are the things that you need to prioritise above all others.

Accommodation

Accommodation is perhaps the most important of your unavoidable university expenses. Obviously, the accommodation you choose will have a considerable impact on the quality of your overall university experience. It is therefore important that you set aside the necessary budget to secure the accommodation you want.

Some students will be happy with bare bones digs. However, if you would like something that is a clear cut above the average, there are usually luxury options. One example can be seen through Collegiate’s Mcdonald Road apartments which are representative of the luxury student accommodation available in Edinburgh. If you want a more luxurious university experience in Edinburgh, these are the perfect choice. These apartments feature a residents’ club lounge, a private fitness suite and a cinema which you definitely wouldn’t be able to find with your basic student accommodation.

Food

Food can end up costing you a lot of money, or not much money at all. There are a lot of factors to consider when you are setting your food budget. Depending on the local supermarket options, it can be remarkably cheap to feed yourself. As a general rule of thumb, the more work you are willing to put into preparing your meals, the cheaper it will be for you.

Phone Bill

The cost of your mobile phone is something else that you have a lot of control over. If you are happy getting by with the most basic phone model, why pay for anything more? Some people require a more powerful phone so they can study on the go, and others use their smartphones in place of a laptop.

Decide how advanced your phone needs are and select a model accordingly. Don’t pay more for features you will never use – stick to whatever works best for you.

Socialising

Of course, you should always budget for your most essential costs first. However, it is also important that you ensure you have enough money to budget for some level of socialising. University isn’t much fun if you spend it in isolation. Making friends is important, as is taking the occasional day to unwind.

Travel

Make sure you look online for any local travel deals for students. You might be surprised by how much money you can save simply by being a student. It is always worth asking about student discounts whenever you are buying anything. The more you are able to budget for it, the easier and further you will be able to travel.

Managing your money well is all about striking a balance between things that you need and things that you want. Developing good budgeting habits now will help you later on in life and will make your university experience much easier.