Many young people’s lives include an exciting chapter that is university. From studying a topic they are enthusiastic about to having fun with their new friends, Liverpool students have a lot to look forward to.
Change, though, may be unsettling. Students may not have done their laundry, cooked for themselves, or cleaned up while they were in sixth form or college, but the university forces them to do these things.
Money seems to be the main concern for most aspiring students. You have come to the correct place if this applies to you.
Most people will have to pay for everything on their own for the first time at university. For many students, this may be their first time receiving a large sum of money, and we know how difficult it may be to resist spending it on things you want but may not need.
We have developed a quick Liverpool student financial guide for that starting university. Continue reading to find out more…
Why is budgeting crucial for a Liverpool student?
To survive financially while attending university, budgeting is crucial.
Making a budget will enable you to distinguish between necessary and unnecessary expenses. It is easy to overpay on your wants (such as clothing, drink, and takeout) while underfunding your needs (e.g., rent, weekly food shopping and toiletries).
When you know how much you must spend on necessities, you can indulge in non-essential expenditures without running out of money.
How to figure out your budget as a Liverpool student
Budgeting is easier than you would imagine, but it’s also one of the essential things to create to stay financially afloat. This is how we recommend you determine your budget.
1. Determine your income
Calculate the amount entering your bank account as a first step. This will include any additional income sources, such as your employment salary, money from your family, grants or scholarships, and maintenance loan.
Student Finance England (SFE) will award you a maintenance loan according to your home income and unique circumstances. They will send it to your bank account at the start of each term in three instalments throughout the course of the academic year.
2. Calculate your expenses
Identifying your outgoings is the next stage. First, figure out all of your important weekly expenses, such as:
- Rent payments
- Groceries for the week
- Credit card or debt repayments
- Phone bills
- Transportation expenditures
You can calculate the amount left over for non-essential expenses by deducting necessary expenses from your weekly limit. You can choose how to spend the money once you have estimated how much remains for discretionary expenditures. Non-essential purchases might include dates, clothing, takeout, movie and concert tickets, and more.
We hope this Student budget guide has been useful in helping you learn how budgeting can help you in surviving university. Good luck with your new path at university!