Budgeting or allocating cash is not just for parents or employed people. Students should also know how to allocate their money wisely because this can be a good foundation toward a more stable financial situation in their later lives.
The need to budget is often encountered once we entered the university. We are now compelled to allocate the money that our parents gave us in monthly basis. We should start listing down our expenditures and the easiest way is to detail our expenses in a weekly and monthly basis.
Here is a basic list of common student expenditures:
* Accommodation rent, associated utility bills such as. heating, telephone, TV, internet
* Food shopping, lunches.
* Books, stationery, printing costs etc.
* Travel- weekly costs and trips home.
* Insurance for personal belongings.
* Clothes, shoes, toiletries etc.
* Socializing drinks, cigarettes, tickets to discos, cinema.
* after school costs, laundry
* Tuition fees
* Council tax only if living with non-students.
* Other credit card or loan repayments
If your monthly allowance is not enough, cut some expenses from your socializing activities and other things such as clothes, toiletries or unnecessary snacks. Check out this great write up for successful budgeting for students.