If you read our last blog, “How to Create a Student Budget” then you’ll know why we believe creating one is so important. But creating a student budget is one thing and sticking to it is quite another.
Today we want to offer some tips that will help you do this, but before we do, we want you to understand that budgeting is not about perfection but progression. No one expects you to keep to your budget on the first go, but rather that you keep trying until you do.
With that said, let’s kick it off!
The first thing you want to do is abandon the official term “budget”. Instead, call it something fun, something that gets you excited.
If you pick the right name for your financial plan it will turn a headache into something more exciting – so try our clever trick 😉
The moral of the story is to have fun with this.
No one says budgeting needs to be boring or formal. Switch it up and watch how much easier it will be sticking to your ‘they said I wouldn’t win but look at me winning plan.’
You want to create a budget in advance.
Before the next month begins, realize exactly what you can expect for the new month, like what expenses will be knocking on your door demanding payment.
The reason why this is important is that things change every month. We all know that life doesn’t stay the same and new responsibilities can pop up fast and unexpectedly. So you want to get on top of this unavoidable reality by being prepared so that when these expenses arrive guns blazing, you’re not scrambling frantically but can meet this chaos with calm and confidence.
You want to base your budget on your projected income for that month. In other words, determine how much money you can expect and arrange your budget accordingly.
This tip is necessary to list because we’ve come across some people who take their annual salary and divide it by 12 while putting together their budget. This might work for some people but usually it doesn’t, because salaries change: they can either increase or decrease. So planning ahead is crucial.
You want to pay yourself before you splurge.
Money has arrived in your account and now those new pair of shoes you’ve been dreaming about suddenly seem within your reach. But trust us when we say this, pay yourself first before you do anything: your expenses and those needed transfers into your savings.
Knowing that all your expenses are covered will instil within you a sense of peace, confidence and security. As great as it might be to have those new shoes, the growth of your savings account, at least in the long term, will be even greater once it reaches high and exciting numbers.
Look, sticking to your student budget is hard, we understand, and if you’re to get it right (eventually), you’ll need one last tip; plant yourself in an environment that makes sticking to your budget that much easier.
The Fields is a student’s home away from home because here, your expenses are kept small, leaving you with more at the end of each month.
You don’t need to worry about paying for internet when you’re living at The Fields as there is free uncapped WiFi. And travel expenses? Scratch that off your list too. Here, students have easy access to nearby shops, gym, laundromat and on-site restaurant.
Our rental rates are incredibly priced for both furnished and unfurnished apartments. Also, your water is included in your monthly rental. Electricity is on a pre-paid basis so you can see how much you are using and budget accordingly. Your safety is also a primary feature and it is available 24/7 at no additional charge.
There is so much to enjoy at The Fields, so why wait? – sign up now!
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