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It’s helpful to stick to a daily budget while you’re studying. Discover how and why.

Sticking to a budget.

Design a budget and enjoy more control over your finances so you can focus on your studies.

Everyday budgeting.

You want money to spare, while still being able to afford food, rent and text books? That’s where budgeting comes in. Setting a budget and sticking to it keeps you on track to save for the things you’ve had your eye on.

The benefits of a budget.

Creating a budget gives you an overview of where your money is disappearing to. Once you know this, you can take control and decide that maybe all that money you’re spending on takeaway pizza could be better used on a holiday when you’ve finished your studies.

Preparing your budget.

There are a few steps you need to follow to prepare your budget, here’s how to get started:
 

  1. Set a time frame to reach your savings goal. What’s the quickest you can manage it?
  2. Find out what you spend money on. Is it a necessity, or is it something you can get by without?
  3. What’s your income? How much can you spare to put aside each week?
  4. Make priorities! Cut out anything you don’t need, like those sneakers that caught your eye last time you went shopping.
  5. Open a savings account. Set up a direct debit from your transaction account so you can regularly allocate a portion of your earnings to savings.
  6. And the most important thing – stick to it! The quicker you reach your goal, the better prepared you’ll be!

Using your budget.(And sticking to it!)

Once you’ve created a budget, it’s important to stick to it - here’s how:
 

  • Put your savings account to use – as soon as your pay arrives in your bank account, pay all bills that you have outstanding and transfer funds for what you are saving for across to your savings account.
  • Track your spendingyou can do this by regularly reviewing your bank accounts or downloading a budgeting app, such as TrackMySpend or Toshl.

How we can help.

Studying in the fields of innovation, research and social change? Apply for a scholarship.
 

Don’t forget, we’re not aware of your individual situation or needs, so we can only give you general tools and tips. Make sure you consider the full story before you act on any information or advice.