Talk Money Week | Budgeting tips for students

Becoming a student may be the first time you are managing your own money, which can be daunting prospect. Especially when you're moving to a new country as well. Asha Prathap, a first year international student, shares their tips for budgeting as a student.

If you're reading this, you might be an international student or about to become one. Let me share my experiences and offer some practical budgeting tips, along with highlighting the invaluable support I received from the Student Finance Centre.

Budgeting as an International Student

Studying abroad is an adventure of a lifetime, but managing finances can be quite a challenge. When I first arrived, I was excited yet overwhelmed. To fully embrace this experience, I knew I had to master my finances.

1 | Create a Budget

The first step is creating a budget. Begin by listing your income sources, including scholarships, part-time jobs, and any financial support from your family. Next, outline your expenses, such as tuition, accommodation, food, transportation, and entertainment.

2 | Stick to the Plan

Once you've established your budget, commit to sticking to it. This may require making some sacrifices, like opting to cook at home instead of dining out for the majority of your meals. Seek out free or low-cost activities through your university union or platforms like Eventbrite. For local festivals and celebrations, look for community events that offer free admission, as some parties can be costly.

3 | Save where you can

Explore student discounts and use apps like StudentBeans and Unidays. Make the most of your legs or public transportation, and consider shopping at second-hand stores or using apps like Olio for household items and textbooks. Save on groceries by shopping at budget-friendly stores like Lidl, Asda, and Tesco. Download their apps to access special discounts and deals.

Remember, every penny saved adds up. You typically only need one set of winter clothes, so consider waiting until you're earning if you're a master's student. If you're a bachelor's student, save up and take advantage of holiday discounts for items you truly need.

4 | Emergency Fund

Always set aside a small emergency fund for unexpected expenses. Life has a way of surprising you, and having a financial safety net is crucial.

Student Finance Centre Support

Now, here's where things get even better. The Student Finance Centre was my financial game-changer. They offered incredible support, helping me identify and rectify my financial missteps. They introduced me to a variety of money-saving apps like Totum and VoucherCloud. Moreover, they provided me with a pre-designed budgeting Excel sheet to help me meticulously track my expenses.

In conclusion, being an international student is an enriching journey filled with opportunities and personal growth. Mastering the art of budgeting will serve you well not only during your student years but also throughout your life. Remember, don't hesitate to reach out to your university's Student Finance Centre. They're here to help you succeed financially.