But if you want to save money, these types of purchases need to be eliminated from your budget first.įor instance, you can cut out some unnecessary luxuries. We all know that when you're in school, it can be tempting to spend money on things that don't matter much when compared with the cost of tuition and living expenses. Well, this step might be a little unpleasant: it’s time to cut out those outgoings. Read: Packing for University: Ultimate Guide Step 3: Figure out what you can cut from your budgetĪll that being said, when you open your banking app at the end of the week, you might notice at least a few unnecessary expenditures. If you want to make a weekly budget, then take a little time at the end of each week to open that app, and make a note of where your money ended up. This means that you have access to your bank account 24/7, all from your phone! Since Covid-19, most banks in the world have moved their services online. We are constantly on the run and already have a million things to think about.Īn easy way to keep track of incomings and outgoings is by using banking apps. This would be too overwhelming in a student’s life. No one expects you to stop and write down exactly where you spend money, every time you spend anything. Hobbies and entertainment: cinema, clubs and other activities.Subscriptions: Netflix, Amazon Prime, Spotify….Next, consider tracking other categories that might be less obvious but still add up over time: You can start by simply adding up all of the money you spend on food, transportation, etc. So, how do you figure out where your money goes? It’s time to track your expenses and see where you're spending the most. Any kind of cash flowing out of your account is an outgoing expense. They include things such as rent, food, bills, transport, and that Friday night pint at the pub. This includes any income regardless of its source, incomings include any sort of cash flow coming your way. IncomingsĪs a student, this may be from your parents or your part-time job. Outgoings are the things you spend money on. Your incomings should always be higher than your outgoings. To do this, you need to keep an eye on two things: your Incomings and your Outgoings. This will help you get a better idea of how much money is being spent and what you can cut out to save more. ![]() The first step to saving money as a student is figuring out where your money is going each month. Some of us may not know how much we spend each month on groceries, clothing and other expenses. Step 2: Figure out where your money is going each month
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