Money may not buy happiness – as the old saying goes – but it can have a huge impact on your wellbeing. So if you are having financial problems, this can have a negative effect on all aspects of your life and study, including your health.
It can be so tempting to fritter away money on things you don’t need. If you’re having a bad day or stressful week, splashing out on a new top or a takeaway pizza can feel like the best way of taking the edge off, but you might not thank yourself the next time you check your bank balance. While you should allow yourself some room for treats in your budget, clothes and food are areas where students often overspend; so stop feeling guilty and take steps to mend these habits.
Looking at your spending can be scary sometimes, particularly if you’re not sure exactly where your money is going. It can also be difficult to work out where you can cut back. But even if you only make small changes, you can still save money – which is hugely important if you are trying to manage a fixed income like a student loan. Try our suggestions below to stretch your finances and you might even be motivated enough to start a savings account!
Budgeting helps to give you an idea of your overall financial situation and reduce any unnecessary spending, through making you more aware of exactly what you are spending and what you are getting for your money. Budgeting is a great way of minimising the possibility of getting into debt – you might even be able to save money once all of your essential bills are paid! Creating a budget plan might not be much fun, but it will help you to live within your financial means so that you potentially have more money to spend on leisure and for occasional treats.