How To Get Your Student Budget Back On Track

As much as I love the buzz of Christmas, it can be an incredibly expensive period - especially for students, who are on a tight enough budget as it is! Whilst I try not to skimp on presents for my friends and family, I do so knowing I'm going to have to cut back in the new year. Here's some of the ways I’ve tried to get my budget back on track over the past few years - feel free to add your own below! :smile:

Review your regular subscriptions.
Although subscription payments may only account for a small percentage of your monthly outgoings, it's important to review them every now and then to decide whether or not they're worth continuing. I've recently cut back on my Patreon memberships and my Netflix membership which (combined) should save me approximately £10-15 a month. Make sure to also take advantage of student plans when available, as they can be significantly cheaper than the standard plans.

Take part in a no-spend challenge.
Looking for a budget-friendly New Year's resolution? A no-spend challenge might be the perfect choice: limit your outgoings to essentials only (e.g. rent/groceries/transport) to prevent unnecessary spending on items you don't need. You don't have to commit to the challenge for the entire year: even a week or two can make a significant difference to your bank account! I did a month-long no-spend challenge last January and noticed an extra £120 in my bank account come February.

Re-use, re-sell, recycle!
As the end of the year approaches, consider having a closet clear-out; go through your wardrobe and sort your clothes into items you'll definitely wear again, items you hope to re-sell (e.g. on Vinted or eBay), and items you'd like to recycle. Aside from helping you rediscover some of those great, forgotten pieces hiding at the back of your wardrobe, a closet clear-out can also generate some much-needed income for the post holiday period. Personally, I'm a huge fan of selling on Vinted - I can make £30-50 a week if I upload regularly, and buyers pay postage.

Eve (Kingston Rep).