Budgeting Sucks...

No one really likes to budget, especially me. But as students we have a limit on how much we can do with our money. Savings from over the summer plus, grant/ loan money and maybe the part-time job is all we have to keep us going for a year.

Personally, I’m going to start of budgeting for each week even if budgeting each month will save me more money; I’m one to spend, not save.

I had been thinking of doing a budgeting blog post for a while (but it seemed too hard), so when SaveTheStudent.org asked me to one - I had more motivation to actually do it.

Second Year

As a second year I:

• Can’t control my rent and my utility bills will vary month to month – which throws a spanner in the work.
• Have to cut back on my nights out due to my very hectic schedule this year. (A lovely looking fourth year told me to go out as much as I can at the start of the year because second year gets hard and gets hard fast. A hint for all you first years’.)
• Save money on travelling into university as I can now walk it in.
• Will be doing all my food shopping online to resist the temptation of getting snacks.
• Must only buy things that I can justify on; my best examples of this is when I go out shopping and come across something I want (i.e. a dress), I think of all the possible reasons for buying it and how much I will use it. If I have up to 5 good, proper reasons: Dress = bought. 
• Made myself a money jar to save up for my placement year in 2012. All those coins must add up over time… 
• Am trying to find myself a job…

Breakdown

Money coming in: My loan comes in every term, money saved from working over the summer and a lovely overdraft.

Money going out: clubbing (incl. taxi’s to and from, entry fees, drinks), food (incl. alcohol), rent, bills, travelling home, getting snacks on campus.

Goals

I’ve also decided to have goals this year. It just means that I know for myself what I’ll try to cut back on.

1. Trying not to spend much while on campus. A very limited budget of £4/ a meal deal a day – or rather, just under £10 a week. 

2. Food. I personally, cannot get my food shopping bill right. I try but I always fail. So I want a limit of £30 for two weeks’ worth of food, and that will include alcohol.

3. To spend a maximum of £20 on a night out. But before you gasp on whether you think that’s high or low, this covers my taxi’s (to and from), pre-drinks, entrance fees, and for that very drunken night, a cheeky subway.

4. To allow myself 4 takeaways a month (gasp!). Yes, this does mean the cheeky drunken subway too. 

5. Beauty/ clothes: to spend under £30 a month on all things beauty and clothes.

So, I plan ahead.

Budget for week commencing (10/10/11 – 16/10/11):

Monday – Campus – 70p

Tuesday – Campus – £0-4

Wednesday – Beauty – £5, clubbing – £20

Thursday – Campus – £0-4

Friday – Campus – £0-4/ travelling back home – £5/ Meal out – £30

Saturday – Clubbing – £40 (including pre-drinks, drinks out, entry fee)/ Travel – £10

Sunday – £0

= +/- £100

Real Budget:

Monday – Campus: 70p

Tuesday – University supplies: £3/ Drinks out: £5

Wednesday – Travel, beauty, food, clubbing: £30/ TV license: £24

Thursday – Campus: £0

Friday – Meal/ Travel: £30

Saturday – Travel: £5.30

Sunday – Meal: £10

=  £106… (oops)

Analysis

Looking back on the week, I spend most of my money on nights out but I already knew that.

I shouldn’t have spent that £5 on Wednesday on food (chocolate, tissues, fish fingers, milk) and I won’t have to think about the TV license again

Saturday was my most expensive night out because it was a birthday so I won’t be doing that again for a while which also means that I can justify it.

You know, this budgeting thing might just work out after all….

Survival of a University Student =) Tweet