Overhaul Your Student Budget (in 3 easy steps)

By Alice Gerwat

It’s no secret that students struggle with finances – receiving loans in just three large instalments a year makes it incredibly difficult to work out how to evenly distribute your money.

Alice is a money-saving expert from Magic Freebies, and she’s here to explain how the 50/30/20 budgeting rule is a simple way to make your money go further.

What is 50/30/20?

This budgeting technique was coined by Elizabeth Warren. Warren is a bankruptcy expert from Harvard, so it’s fair to say she knows a thing or two about money woes.

As student finance comes through in fewer but larger chunks than a set monthly income, start by adding up everything you are set to receive for the academic year, and then divide it by the number of months you need to budget for. The average student tenancy agreement is 44 weeks, so that’s roughly 11 months. This will show you exactly how much you have to live off each month. If you have a job then make sure you factor in those numbers too – in the immortal words of Tesco “every little helps”!

Credit: Just Giving