Tips for living on a student budget

Is it possible to have enough money to spend on fun things without resorting to living off beans on toast every night? It is if you know how to budget.

Being broke

It's a fact: most students don't have much disposable income. Indeed, dropping out of university because of not being able to afford it is a major worry for many. But there are ways of eating well and having a good time on a measly student loan, you just have to know where to shop and how to budget.

Jennifer Woolf, 20, a second year student at the University of Manchester says that she survives by being a savvy shopper.

"Whenever I get my loan through I go to my local supermarket and buy loads of herbs and spices, tinned tomatoes and massive sacks of pasta, so I've always got something in when I'd rather spend my money on nights out than food," she says. "I cook meals in bulk – things like spaghetti bolognaise and chilli con carne freeze really easily."

Shopping at the end of the day when supermarkets start reducing prices can also save money. "I once bought a massive organic chicken for 20p," says Jennifer.

Living on a budget

For many students it's the first time living away from home, as well as the first time you've ever had to think about keeping – and sticking to – a budget. Your bank account may look healthier than ever once your loan comes through, but you'll be amazed at how quickly it disappears.

Jamie Potter, 22, currently combines part-time work in a bar with studying an MA in Politics at De Montford University. He now survives by budgeting and keeping a tight rein on his finances after overspending in his first term.

"I get paid at the end of the week so I just try to approach things on a weekly basis to save money. I try to limit myself to one or two nights out a week and over time have taught myself to say no to constant invites out," he says. "I also try to put aside £10 a week for things in the future, such as festivals or particularly big nights out."

Get a job

Like Jamie, many students survive by taking on a part-time job. The National Association of Student Employment Services (NASES) suggests working no more than 15 hours per week is best while studying. But how easy is it to keep to that, particularly if your work is related to what career you'd like to go into after you graduate? 

Orla Doherty, 23, graduated with a BA in Journalism and Broadcasting from the University of Salford earlier this year. She says that whilst working part-time helped her to progress in her chosen career, her commitments to her employer almost led to her quitting her studies altogether.

"I worked as a freelance blogger, writing anything between two to 12 articles per day, which meant I was working anywhere between one to five hours. This had a real impact on my studies."

Compromising studies

Whilst Orla felt lucky to be getting paid work in her dream profession, she ran into problems when she let her job take priority over her education.

"Thankfully my parents convinced me to carry on with my degree, which was a good move as I soon lost my job thanks to redundancies at the company," she says. "However, by this stage my university work had suffered badly from my lack of dedication and time."

Orla had to repeat a number of modules, leaving the final marks capped at a pass grade. "If I had my chance to do it over again, I'd realise that three years is no time at all to set aside for learning. In my experience, striking the right balance between work and education is key to making university worthwhile," she says.

By Christina Mcdermott

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