Avoid The Top 10 Student Budgeting Mistakes

Posted February 15, 2016 by Student Profit Staff

Make your student life so much easier and manage your money better with no work: Simply avoid doing these Basic student budgeting mistakes.

student budget
via LendingMemo.com

Not making a budget in the first place

Do it. Do it now. Even if you’re halfway through a year, make a budget. It’s boring but it’s key to making sure you get the most out of your money and don’t get into problems down the line.

Ignoring debts

Make sure that you include any debt repayments, such as credit card charges, in any budget you make. Also, if you’ve any spare cash, use it to pay off any debts first and foremost before enjoying it or putting into savings.

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Impulse buys

We’ve all done it. You go into town at the weekend with the aim of picking up a few things and come back having maxed our your credit card with allsorts. Training yourself to avoid impulse buying is hard but the easiest way is to make a strict list of what you need, stick to it and not to even look or go anywhere else.

Buying new

You can buy almost everything second hand – or even get it for free. Books at the obvious place to save money, but you can use websites like Freecycle or Gumtree‘s free section to get all sorts of stuff – from furniture to TVs – for NOTHING.

Not comparing

Always compare before committing. Don’t say yes to the first house you visit or sign up to the first broadband company you find on Google. See who can offer the best deals and don’t be afraid to haggle with rival companies.

Being enticed by freebies you wont use

Many companies offer freebies for signing up, whether it’s opening a bank account or buying a newspaper, or extra services included for nothing. If you’re not going to use what they’re offering, IGNORE IT when it comes to your decision making process. Don’t be enticed by extras that you won’t benefit from.

Refusing help

It can sometimes be a bit hard to admit you’re in need of a helping hand, especially when it comes to money, but it’s often the easiest way forward. If you find yourself getting into signifcant finanical trouble (that’s not just not being able to afford a night out), talk to family, friends or your University at the first opportunity. They may be able to lend support, advice or even cash itself.

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via Flickr/Barn Images

Forgetting those small, every day costs

You know, the morning coffee or the monthly gym membership. These are the expenses where cuts can easily be made. While it may only be a few pounds a week or month, it all adds up over a year and can save you hundreds of pounds.

Keeping up with that ridiculously rich friend

It can seem that some students at University have an endless pot of cash and that can seriously harm you’re own wallet if they’re twisting your arm to join their expensive tastes or social life. While it can be tough to say no if you can’t afford it, learn to do so.

Not keeping up to date

Budgets are fluid things and you should always take the opportunity to review and update them now and then to see how you’re getting on and to change any figures that may have fluctuated.