Being a student brings with it a whole range of financial responsibilities - many of which you may not have faced before.
From rent and food costs, to buying books and spending money socialising, your funds will have to stretch in quite a few directions while at university - which means keeping on top of your finances should be high on your list of priorities.
Let's look at the importance of planning a successful student budget and perhaps using a budgeting bank account a budgeting bank account along with your budget - which could really help you cover all your essential costs, and take care of the fun stuff too!
Planning a student budget
Managing your money at university could seem daunting - but taking a few tried-and-tested steps could really help to make all the difference to your finances.
Firstly, work out all your monthly income - so any money you regularly receive in your account from month to month. This includes any wages from a part-time/weekend job, your maintenance loan or any bursaries you receive, and any money you may receive from family.
Having your 'payment schedule' from the Student Loans Company and your monthly bank statements at hand could really help you here. Remember that most people receive their loan in instalments each term, so you'll need to make sure you divide this money carefully. For example, if there are three months in a term, divide your loan payment by three before working out your monthly budget.
Secondly, work out all your essential outgoings: from your living expenses, such as rent, food, transport costs and utility bills, to your important uni costs - including textbooks, stationery and any other items you regularly spend money on.
Finally, if you subtract everything you spend from everything that comes into your account, you'll be left with your 'spending money' - the money you can safely spend on the things you enjoy, and some of which you could put into savings for the summer holidays if you wish.
Find a suitable bank account
Exams, revision, hours in the library: when you're studying, your time could really feel squeezed. This makes finding the best student bank account an important consideration.
Some bank accounts offer services such as SMS text message alerts and telephone banking, which could allow you to keep an eye on your balance even when you're on the go. Additionally, if you feel like you could benefit from some help with your budgeting, you could apply for a budgeting bank account.
A 'budgeting bank account' could help you by dividing your money into two separate accounts - one for essential costs, and one for your 'spending money' - which could help reassure you that all your financial commitments are comfortably covered every month. However, do keep in mind that some of these accounts charge a monthly fee, which may not be ideal if your finances are already stretched.
