SPEAKING FROM EXPERIENCE - budgeting

The problem: budgeting

I have decided to focus on the problem of budgeting, and how money can cause a lot of problems for a student. 
Money issues really depend on entitlements, income and outgoings. Although some people may receive a lot more, or parents are able to help them out, individuals still struggle with money, many letting their problems spiral out of control.
According to the government, on average a typical student will end up spending £11,000 per year. Whilst a lot of this will go on either rent or accommodation, it can be tricky to work out how much you should be spending on your social life, and also other aspects of life. It's easy enough to work out how much you should be spending per week or month, but it's another thing decided what this money goes on.
The Guardian have ten steps on how to be money savvy:


1. Put pen to paper
- Start with a sheet divided into two sections headed Income and Expenses and write down all of your sources of money and all the things you expect to have to shell out for.
- Don't forget costs like laundry or library charges, alongside rent, food and books.
2. Organise your income
- It can be a good idea to put the money to cover your rent or hall fees into a separate account that you don't touch on a day-to-day basis. That way you know how much you have left to spend for the rest of the term. 
- Divide up any money you have left so you know how much you have to spend each week.
- Whether income is in the form of a loan, parental contribution, bursary or wages know where it's coming from before it arrives. 
- Work out how it breaks down week-by-week or term-by-term.
3. Maximise your income
- Four out of 10 students - 750,000 undergraduates - have a job while they study. But you shouldn't work too hard, say the experts. Try to keep it to less than 15 hours a week in term time.
- Full-time work in the holidays can be tax-free and good for your CV as well as your bank balance.
4. Get help
- Your university or college bank branch will most likely have a student adviser. Take advantage of them - the advice will be free and they can help you manage your money better.
5. Get a discount
- Look out for deals, such as special offer haircuts and take advantage of money off vouchers, bogofs – buy one get one free offers - and student deals in restaurants, bars or at the cinema.
- Use the NUS Extra card to get money off at your favourite retailers
6. Learn to cook
- Even the college canteen will charge a couple of pounds for something you can make yourself in a matter of minutes. Make your own sandwiches, refill your water or juice bottle, nick your granny's flask and make your own coffee for lectures.
- se markets to buy cheap vegetables and fruit, buy own-brand labels in the big stores, buy a decent cookbook in the sale, or at a secondhand shop, and get staples like rice in bulk and you can eat well for £25 a week. 
7. Turn unnecessary things into cash
- Amazon is a great place to buy and sell used textbooks. Worth knowing when faced with a £150 reading list.
- Auction sites like eBay are also good for getting rid of unwanted Christmas presents or misplaced purchases.
8. Manage your debt
- You will be offered student overdrafts, student credit cards and student storecards but think carefully before you accept any of them.
- A 0% credit card can also be useful for paying off big-ticket items or short-term borrowing, but don't keep money on it for longer than the 0% offer lasts – you will be hammered with interest.
9. Keep tabs on spending
- Bank online, read your statements, look at receipts, save your coppers in a jar, compare prices in the supermarket and don't take out more than you need from the cash machine.
10. Avoid unnecessary expenses
- Don't smoke, obviously. It's bad for your health and is very expensive. A 10-a-day habit will cost you £80 a month - £1,000 a year.
- If you are living in private accommodation make sure you don't pay council tax and sort out your TV licence with your housemates.
- And avoid laundrettes if you can - they chew through money: either share a load with a flatmate, rent a washing machine for the flat (from £3 a week) or do what generations have done before you and take it home to mum.