Even if you’ve never budgeted before, having a financial plan in place will make managing your money so much easier. When you get more used to budgeting as an international student, it’ll come naturally to you so you know how much to spend and what to spend it on during your time at university.
It’s a great skill to learn as it can help you long after your days of studying abroad are over. When you have a budget in place, you’ll see how helpful it will be saving money. Whether you’re travelling to take in the amazing sights to saving money on educational materials.
Here's some more handy and helpful guidance that’ll make you budget like a professional during your time at university.
- Drawing up a budget so you know how much you can spend
- Distinguish between wants and needs to save more money
- Share costs with your flatmates on things you all use
- Rent educational materials rather than buying them
- Use student discount apps and sites for even more savings
- Explore without paying too much with student travel passes
Drawing up a budget so you know how much you can spend
To start off, write down all of your sources of monthly income. This includes scholarships, money from your parents, money from any jobs that you do in your spare time and any other source of income that comes into your account.
Once you’ve totalled up your income, it’s time to think about all of your expenses. Whether they’re regular or infrequent expenses, they all need to be included in your budget plan, so it’s important you use accurate figures, even if they’re guesses at this stage.
Once you have these figures, you need to subtract the expenses from your income.
Your expenses shouldn’t exceed your income as it’s not a sustainable way of living. If it does, then just revisit your budget again. If your budget is going to be limited, then look into a city where the living cost is lower.
Distinguish between wants and needs to save more money
Your expenses can be broken up into two categories, things that you want, and things that you need. Utility bills, rent, tuition and food are all expenses that are necessary. So, these are the ‘things that you need’. Whereas, your ‘things that you want’ are things that you can live without and can afford to cut back on if you need to.
So, mobile phone bills because of long contracts, eating out at one of the UK’s many restaurant options every night and spending money on clothes and shoes are all things that you can treat yourself with at the right times. However, you'll still be fine because your rent and food are already budgeted for. It’s nice to do that from time to time, so keep some money set aside for meals with friends or a night out.
Share costs with your flatmates on things you all use
A good way to save money and cut down on your expenses is by sharing out costs with your flatmates. There will be items in your flat that you all need to use, so why not share the costs out to make it cheaper for you all?
For example, you’ll all use the WiFi, cleaning products and even food items like milk and butter. By spreading the costs and buying in bulk the things you’ll all regularly use, you and your flatmates will all save money which you can use elsewhere.
Rent educational materials rather than buying them
Most university courses will require a lot of extra reading. Textbooks can prove to be pretty expensive, especially if you’re buying more than one at a time and you won’t use them again.
So, rent them from the library. As long as they’re being returned in the right condition and on-time, you should be able to access your educational materials cheaper. But, make sure to get in there before anybody else gets the same idea.
Or, check to see if former students are selling theirs for a cheaper price. Then when you don’t need those materials, you can do the same and sell them to other students.
Use student discount apps and sites for even more savings
Student discount apps and sites are useful at university. Whether it’s a new jacket you want to reward yourself with or you just need some new toiletries, there are “money off deals” in a lot of different shops.
And it’s not just from stores. By signing up to student discount apps like Student Beans and Unidays, you can save on restaurants, gym memberships, cinema tickets, music streaming services and so much more to bring down your expenses without giving anything up entirely.
Explore without paying too much with student travel passes
Whether you’re travelling to and from university or going to visit friends in other cities, there are transport links that connect all major cities in the UK together. For example, you can get from Newcastle to stunning Edinburgh in less than one hour and 39 minutes.
In fact, various major cities like Newcastle even have airports nearby. This makes it the perfect place to get away and see the sites across the UK and Europe too.
Not only are these services convenient but as a student, you’re also able to get discount travel cards for the train and bus services throughout the UK. This means that you can see the famous Houses of Parliament or even the iconic Lake District, all at a discounted rate.
So, now that you know how to budget like a pro, it’s time to think about the other requirements to have everything in place to start your UK university journey. This includes applying for your visa and obtaining the other documents required to make your move smooth.
How to be fully prepared for University life in the UK
As we’ve mentioned, you should now be more confident with your budgeting skills and be prepared to finance your university life. Now it’s time to think of all the other requirements you need to have in place before making the big move to the UK.
Don’t worry if you’re not sure what you need to prepare for. We’ve created an all-in-one International Students page that outlines everything you need to think about in order to prosper at university in the UK.
