budgeting at uniWatch
Student life, in partnership with UEA
right how on earth do u plan ur budgeting for uni because i’m already stressed out and i won’t even be starting for another year
I would start looking at recipes and shopping now so you can roughly figure out how much you spend in a week on breakfast lunch and dinner.. and figure out how much additional things you buy, so how often you get a new outfit, hair done, etc!
But you have plenty of time to figure it all out so don't get too stressed!
Typical things I would include on there are:
- tuition - if the student loan doesn't cover it
- rent - need to account for deposits
- utilities - if not included e.g. broadband, water, electricity, gas
- travel costs
- going out
- car costs - if applicable - MOT, service, petrol, insurance, road tax, parking permit (if applicable)
- textbooks - I'd try the library when I can to save on buying bad books
- Stationery - for some reason people like to buy a lot of paperclips
- laptop costs - if you have one, don't get another one unless you really need to
- room decor
- TV licence - soon to be redundant
- other - including netflix, newspaper subscription, sports, societies, socials, library fines, overdraft fees, books for casual reading
Start off with the presumption that you don't have a part time job, but if you get one, and the uni allows it, forecast the income as well.
Depending on where you're based and how lavish you want to spend your time, you can start off with something as low as £5k to tens of thousands for one year. I'm a bit frugal and like to keep costs low unless it's necessary or I'm meeting someone important. I'd occasionally go on the odd holiday, so I'd save £400-500 for it if it's for 1 week or 3-4 days at a cheap destination
The thing you should never forget is to track each and every one of your expense item, no matter how trivial, because the small items do add up if you keep overlooking it (try it out for one day and you'd see what I mean - ideally a week).
Always try to do comparison shopping where possible, ask if it's necessary to buy, and why you need to spend the money.
Standard budgets have 2-3 columns: one for the name of the cost, another for the item's value, and the total.
Cash flow forecasts have 14: name, each month of the year, total. I prefer the forecast because there's more information in there.