Social header sharing

The Don’ts of budgeting

A Picture of Yashna

Don’t over rely on takeaways!

Takeaways sure seem like a very tempting option when you are a student with little to none experience in cooking. I mean, having delicious and piping hot food delivered at your door just makes student life so much easier! But there is absolutely no need to overspend on pricey takeaways while longing for home-cooked food when you can learn how to cook! Learn the basics of cooking such as making omelettes, jacket potatoes and simple sandwiches. This will not only help you stretch your cash but it’s also so much healthier! You can find lots of ideas for cheap and easy cooking online. Also cooking with your flat mates can be a great bonding experience!

shanice-garcia-41911

You can make simple sandwiches at home!

Don’t overuse energy!

Many of you will be renting private accommodation if you are not living in university halls . Electricity and heating bills can easily eat up a huge part of your budget, so cutting down on energy costs is a must. Turn down the thermostat and use that comfy jumper in the back of your closet. Remember to always switch off lights when leaving a room and unplug any electrical appliances when not in use!

 

anthony-indraus-134161

 

Don’t overspend on travelling

As a student, it may seem to you that you will never get the chance to travel again or that you should be taking advantage of your student loan to travel. That’s simply not true! You will have many chances to travel in the future, whether that is during holidays or for work-related purposes. You should keep these facts in mind when deciding how much to spend on travel.  Prioritise countries within Europe. Plan ahead to get low cost flights and accommodation. Or even put the money you would be spending on travelling aside for a study abroad trip! This will not only satisfy your travelling whims but you will also get the opportunity to soak in the student culture in a completely different country. Indeed, Newcastle University offers many study abroad opportunities

11854290-Vector-illustration-of-travel-girl-at-the-airport-Stock-Vector-cartoon-travel-airplane

Don’t succumb to peer pressure

Learning how to handle peer pressure is a very important step in learning how not to overspend. You need to understand that it’s sometime okay to say no to your friends. If you do not have enough money to spend on entertainment, it’s perfectly fine to decline invitations to go out, eat out or go to the movies. It is far better to determine financial goals such as a study abroad trip and stick to it than incurring unnecessary expenditure.

Don’t confuse needs and wants

Believe me the two main things Uni students want is to eat food and go out! This may sound pretty basic but because most of us find it hard to distinguish between needs and wants, we end up spending way too much on food and drink! For example, in the morning, while you are still groggy-eyed, a Starbucks latte may seem like a necessity but if you make it at home yourself, it will cut back on your expenditure a lot and also save you the trip to the coffee shop! Being able to determine between needs and wants will help you avoid impulse buying and overspending!

High angle view looking into the mug of a person pouring milk into a mug of black coffee

Homemade coffee is the best!

Effective budgeting and money management may seem daunting but if you avoid the points laid out in this article,  it can be an easier task for you! It is an empowering experience and will help you be confident both financially and emotionally!

Pin It
Share on Tumblr

Got a question? just ask us

dropdown arrow

Legal | Freedom of information | Sitemap
Newcastle University, NE1 7RU, United Kingdom, Telephone: (0191) 208 6000
From outside the UK dial +44 191 208 6000.