Budgeting 101 for University students
Posted on 29/09/2016
 

A new chapter of your life has opened up! Starting university is a very exciting time in your life; the experience of meeting new people, your ideas being challenged, a more adult lifestyle could make it both thrilling and intimidating! 

It could be overwhelming with the enormous amount of information you have to take in and remember, and it could get hectic attending your lectures, getting to grips with the university facilities, and a busy social calendar but make sure you enjoy every moment of it without ending up with an empty wallet!

There always is someone who blows an entire semester’s money in the first couple of weeks. Make sure that’s not you by drawing up a budget plan that suits your lifestyle. 

A budget is nothing more than a breakdown and plan of how much money you have coming in and where it goes. Follow our tips below to help make your university life as financial comfortable as possible:

To help you with the below, either use one of the ready excel templates on monthly budgets or download one of the monthly expenses apps to your smartphone.

1.     Calculate your income

Do you get your income from a few sources? Some of you might be getting an allowance from your parents and/or  working a part-time job, getting financial aid, etc. Combine the total amount for all the sources as a monthly amount.

2.    Add up your expenses

Add up the expected expenses for the month such as books, supplies, and any living expenses you have. Everything from your phone bills to your morning coffee – absolutely everything you spend on in a month.

Ideally, you should be spending less than you receive, if not breaking even.  If that’s not the case, look at which areas can you cut costs on.

3.    Stay on track

Now that you have your budget stay on track! If you notice you are spending more than you had anticipated, make adjustments quickly and get back on track!

4.    Don’t try to keep up with others!

Some of your friends might be receiving more money than you, avoid the temptation to keep up with them.

5.      Pay attention to the little expenses

It’s just a cup of coffee, or it’s just a trip to the movies, or it’s just quick bite – these little expenses can easily add up and the next thing you know is that you have spent so much money or little things here and there.  Just make sure these small expenses don’t eat up a huge part of your budget.

This budgeting exercise forces you to make choices so you are spending your money on what’s most important to you.

Remember, being a student you are eligible to Bank of Beirut’s 3D University Account which has been designed specifically for students and includes many benefits such as the chance entering draws with the chance to winning scholarships.  Learn more here. 

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