![]() ![]() So, make sure you get all the help you can. Think of your finances as a proper job which you’re accountable for. It’s more about finding the perfect middle ground between enjoying life and having a safety net. It’s all about giving yourself a little breathing room if, for instance, you lose your income or have a large unforeseen expense crop up. This doesn’t mean you have to forgo the smashed avocado lifestyle. Or it could be that you’re spending your money on items or services that also exist in a more affordable way. The next step is to think about any costs you could be cutting. Once you have all expenses together and know what you’re spending your money on, you are one step closer to having a functioning budget. Then, write down all your income sources, the safest option here is to over-estimate your expenses by factoring in incidentals i.e., birthday gifts, Friday drinks and travels. First, create two columns labelled ‘income’ and ‘expenses’. The first step to creating a budget that works is to understand your current financial situation. Here are some budgeting for student tips to get you going. Remember, taking control of your money and budgeting wisely can be challenging, but once you have turned it into a habit it will get easier. ‘Riaz is far more than just a method of investing small sums – it is also a brilliant educational tool,’ he says. Writer and author of Making Money Simple, Noel Whitaker, wrote in The Age last year that Riaz is one of the greatest products he has seen in his career. Down the track, you will be asking where all this money came from! So, your morning latte that costs $3.50 becomes $4.00, with 50c invested. You connect your bank account to Riaz and then every time you make a purchase it will round up to the nearest dollar and invest that amount. Riaz is an app that allows you to invest your spare change from everyday purchases into a diversified share portfolio. says that ‘YNAB is great for people who have rigorous habits and want a tool that will let them manipulate the fine details’. You Need A Budget (YNAB for short) is a detailed platform to manage all your finances – and you can connect your bank accounts and set yourself goals for reducing debt and saving. If you’re someone who quite enjoys managing an excel spreadsheet, then this budgeting app is a great option. However, ‘if you’re looking for an app that has more to offer in the analytics section, this isn’t the one for you,’ she says. Taylor Gordon from Magnify Money suggests Wally is best for people who simply want an app that will help cut down on excess spending and break down spending with minimal detail. With Wally you can set financial goals and achieve them by better understanding your money habits and altering them in the future. Like Track My Spend, this self-proclaimed ‘seamless and intuitive’ budgeting app helps you get a better idea of how you spend your money. ![]() By the end of the month, you will see which category a substantial percentage of your spending falls into. ![]() Every time you spend, you’ll enter the item into your app and attribute it to a ‘needs’ or ‘wants’ category. Through Track My Spend, you can nominate a spending limit (per week, fortnight, month, or year) and track your progress. This is by far one of the simplest budgeting apps out there and great for anyone who just wants a better idea of where their money is going. Here we look at ways to help you make your budgeting student-friendly by starting off with five of the best budgeting apps that can take some of the hassle out of budgeting and even, dare we say it, make the process fun! Track my Spend Getting a budget right first time isn't easy, so play around with what is important to you on a day-by-day basis and make sure you shop around for the best deals and compare prices in all aspects of your university life.Although finances can seem daunting at first, there are ways to make managing this area of your life a little easier. If it comes to more than you thought, just have a few less pints at the pub until you can find cheaper groceries. Give yourself a realistic budget, head down to the shops and buy yourself a week's worth of food. Try living the life of a student a few weeks before heading off. If you have relatives who can help with your finances then this can be the cheapest alternative to funding your university lifestyle as you can avoid paying any interest, and if you are lucky you may never need to pay the money back.įor more information on student budgeting read our Ultimate Student Finance Guide For Freshers. The trick is not to blow all the money on the first few weekends or you will be in real trouble for the remainder of the semester. Your student loan gives you large sums at the start of each semester. If you want to live the university lifestyle to its maximum you need to consider where the money is coming from to fund your nights out and your day-to-day expenses. ![]()
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