There’s a lot to think about when
you get accepted into university. Where you’re going to live in the UK, what modules to pick,
but sorting your budget out should be one of your top priorities. Hi, Jack here from
Settle In, now I know it sounds really boring, but sticking to a set budget needs to be one
of the first things you do when coming to the UK. Having enough money can make or break
your time at university, but don’t worry by the end of this video you will be an expert
at managing and creating your own student budget tailored towards your own spending
needs. So you want to create your own student budget, first things first you want to work
out how much money you will be bringing to the UK so you can realistically plan your
budget ahead. Money coming in should be pretty straight forward to work out. It will be things
like your student loan, financial support from your parents, scholarships, grants and
other sources of income that you’re bringing to the UK. Once you’ve estimated how much
money you could potentially be bringing to the UK, you now need to work out how much
money is going to be going out. Now working out how much money you in particular may spend
in the UK will differ per person, you may have different student accommodation, you
may be bringing a car to the UK, there are so many different examples that are going
to be different depending on your spending. The sort of things that will be coming out
of your budget will include tuition fees, accommodation, living costs, even just going
out and hobbies, they will severely impact your outgoings. Now you’ve compared the money
going in your account against the money going out your account, you can now divide the overall
costs per weeks in a term. Now once you’ve worked out how much money you are leftover
with, you will have an idea of how much money you will have week to week and you shouldn’t
spend any more than this. And so that is your general budget sorted but calculating your
in-comings and out-goings is the first simple step. You will also need to think about how
you are going to record and continually track your budget throughout your time at university,
but we’ve got a few tips to help you get sorted. First tip: find out what you can get for free,
this one is a huge one, especially when you are going to events like freshers fair where
there’s free food, free gym membership and even free Amazon Prime memberships, if it’s
free and there’s no catch, take it! Why not right? Second tip: grab the best deals you
can. As a student, you’re entitled to so many sweet deals, TOTUM cards, Railcards, you can
literally save up to 50% on Greggs by simply showing your student card. So go out there
and use those student cards. Third tip: Don’t buy those new course books, rent them or buy
them second hand instead. This one comes from my own personal experience of literally going
to my university library and renting out the same law book for two semesters because it
cost 40 pounds by itself, guys, the library is your friend, use it, you’ll be saving money.
Fourth tip: Ask your parents to send you money, sending it to you in monthly allowances. If
you’re not that good at saving money or you like to spend a bit too much, just ask your
parents to hold your money and send it to you every month. That way you are living to
a set budget as if you are having a full-time job, it’s a great way to actually just stay
focused on your own budget. 5th tip: This one is pretty straightforward, ask yourself
do I need it? Can I afford it? And can I get it anywhere else cheaper. Before making any
purchase, ask yourself those three questions. Is it really that worth it? And the final
tip: Say no when you know you can’t afford it, sometimes just saying no will help you
save. It’s important to have fun at university, but that doesn’t mean you need to go out every
single night. And that applies to going to the movies, going for meals, having a takeaway,
trust me if you’re going to be worse off, maybe it’s not that worth it after all. And
there are many other ways you can save on your own individual spending and we’ve wrote
a blog about those, link in the description down below. If you realise you are spending
over 50 pounds on takeaway every month, maybe just cutting it down, or making your own meal
may save you so much money. And if cutting back isn’t your style, then maybe you should
look into getting a part-time job which we’ve also done another blog on, link in the description
down below. But that has been our quick guide to creating and managing your own budget while
studying in the UK. Make sure you like, share and subscribe to our channel and check out
settlein.com for all of your international student needs, but I’ve been Jack, you’ve
been awesome and we’ll see you in the next one.