… In 1 week I have purchased a pink horse USB drive that I’ve never used, 3 mini snow globes before winter and a bonsai tree that has died – RIP Bertie…
I remember when I told my mum I didn’t budget at uni – she was horrified (haha – sorry mum).
I was deep into my overdraft but didn’t seem to realise there was a correlation between being broke and not budgeting…
The idea of ‘finance’ and ‘budgeting’ just seemed sooooo boring and actually quite daunting to me in first year; it’s never something I had to seriously think about before moving out and looking after myself. I’m now in second year and have sorted an easy way of budgeting without it being time-consuming or terrifying (big yay).
Firstly, I figured out vaguely how much income I would receive in one term. This includes:
- allowance from parents
- wages from job etc.
Once I’d looked at my income I worked out what I could afford per term – my expenditure. These include:
- uni fees
- leisure, etc.
This method can be as precise or vague as you want it to be, I personally keep it quite fluid and interchangeable because expenses pop-up that you didn’t expect and jobs can come up that bring in a little extra dollar. Plus when you’re thinking so much about budgeting you’re not thinking about having fun or just enjoying university!
From the above ‘calculations’ you can figure out how much money you have to spend on food and ‘leisuring’ per week. This is really helpful because it either stops you buying ridiculous things you don’t need (my pink horse USB drive, 3 mini snow globes and (now dead) bonsai tree) or it allows you to treat yourself at the end of the week if you still have money left over!
So budgeting isn’t that time consuming and you can still buy stupid things now and then (as long as you add them to your spreadsheet (lol I don’t actually have a spreadsheet)).
Posted on 7 April 2016 by Emily Southwell