How we budget as college students

Budgeting a student can be a big challenge. Often its the first time budgeting. Having a budget and sticking to it is the key to being successful with your finances at all stages in life and being a student is no exception. However, due to the intermittent nature of income and expenditure it can feel overwhelmingly challenging. When this post goes live I will be in my last ever exam in Law school and though Im done with my studies Chris still has a few more years on his Engineering degree. As students there a few things we have learnt along the way that can be done to make the whole process easier and more manageable.

As well as sharing some tips we have learnt that have helped us budget we are also including in this post an editable excel budget spreadsheet that is tailored towards student budgets. Click on the image below to be direct to Google Drive where you can download the spreadsheet

1. Knowing when all payments are going in and out.  
They key to managing a budget where this are intermittent is being in the know and consequently in control. In our budget spread sheet we note when our income streams are paid in by adding the comment boxes to annotate. Knowing how long a payment needs to last you helps you avoid big fluctuations in finances.
Things that count as income in a student budget include:
- Student Finance
- Grants/Scholarships
- Part-time work (term time)
- Holiday work
- Parental financial assistance
We also have on our calendar the dates of all our bills that come out through the month via standing order and direct debt and we have the amounts of each bill next to the date. I do this because before we were married I could just about remember the dates for all my expenses, but once we added Chris' stuff into the situation it just became too much for me to remember and left me feeling stress. Now I wonder why I didn't use a calendar before as it just makes life so much easier. For bigger, infrequent bills such as annual insurance we put a reminder on the calendar the week before its due (so if money needs to be transferred we have time) and then a note on the day its due.

2.  Budget for an academic year
When we make our budget spreadsheets we budget from September for 12 months rather than following the normal calendar year which most budgets apply. This allows us to see our expected income and expenditure over an academic year and avoid having to deal with two academic years at a time. We do this because it is easiest for us to project that time frame as most of our income is grants and scholarships and these are paid on an academic year basis. Taking this longer term perspective (rather than just looking at term time) allows you be aware if you need to make any changes for your budget to keep your balance in the green.

3. Pay your self a monthly income
We get student finance in three instalments and scholarships in two and they all come in at awkward times. We have easy access savings accounts linked to our current account and we divide up our total anticipated income over the year and pay ourselves a 1/12 each month. This works for us right now because we have 12 equal rent payments but when I was in halls my rent was paid in three instalments (the same as student finance) so what I would do is wait for the rent to go out (as it was only a day or so later) and with the remaining money divide it into the number of months it needed to last and put the other months money in an easy saver. To make things even easier (so you don't even have to remember to 'pay' yourself set up an automatic payment for each month.

How do you help keep your budget organised with the fluctuations of student life?

5 ways to get the most value from your degree

The end of the academic year is rolling around. For some this will mean the end of a journey, whilst others have several years to go. Getting a degree is an investment and an expensive one at that the average UK student will graduate with £44,000 in student finance (click here to learn more about UK student finance). Like all investments it is important to work to ensure you get the maximum return but sometimes its hard to understand return on investment in relation to education. The key return on investment in relation to a degree is the increase earning potential is provides over your working career. However, this can be difficult to appreciate this whilst you are studying and in the increasingly challenging employment market  makes it harder. There are things you can do whilst completing your degree that boost the value of your time at univeristy.

1. Attend the best university you can
Everyone has different academic abilities and not all universities offer the course you wish to pursue. But consider carefully the reputation of the university you are attending especially considering most universities in the UK charge the same fees. Also if you find you are doing much better academically at your degree than you did in your secondary education consider transferring to a better university. Though not particularly common it is not hugely difficult to transfer universities and is worth discussing with their admissions department. Also when deciding the subject you want to study consider the employability it brings.

2. Keep the cost of a degree low
Though the reputation of a university is important this should be viewed in light of the comparative cost. While tuition fees are likely to exactly the same (unless you are a non-English UK student) there are other areas cost occurs. Consider whether there a good university near by you could commute to allowing you to save on the cost of living. Consider if there is an equally reputable univeristy in a more affordable city? Cost of living is one the costs that varies the most between institutions but is commonly most overlooked when selecting a university. I know in hindsight I should have considered more the cost of living in Brighton before choosing to study here(though having expected to study in London everything seemed cheaper). While Chris was fortunate enough to be able to commute from home to univeristy before we got married doing this saved us considerable amounts on rent. It is also important to look at what scholarships and grants are available at those universities and which if any you may be eligible for. This may significantly reduce the cost of the degree and for me was one of the reasons I chose the University of Sussex as they offered a good scholarship scheme for those who are the first in their family to go to university.

2. Get the best grades you can
Graduating (on time) and with good grades is key to attributing value to your time at university. Though there is so much more to the experience graduate jobs will often require a degree with a certain grade. If you are looking to go into a certain field then look at the educational requirements that you will need. The value of your degree increases and opens more doors the better grades you achieve and yes you can always supplement bad grades with work experience but its just easier to work hard and get the best grade you can. When deciding modules try to be strategic, find a balance between subjects you find enjoyable, are likely to get the best grades in and those an employer would want to see.

3. Join clubs and societies.
University gives you the opportunity to join so many different activities the list is almost endless and the costs are often very low. Subject orientated societies are also a great way to learn more about career options, attend networking events and obtain internships. Being on a club/society committee allows you to develop practical skills that are beneficial to employers.

4. Complete work experience and internships
During you degree your unlikely to have little financial commitments and as such it makes it the perfect time to undertake unpaid (or if your lucky paid) work experience and internships. These can really make the difference and make your job application stand out from the crowd. Take advantage of the careers help offered at your university and put this valuable resource to great use when applying for internships (or your graduate job).  Undertaking work experience will also help you to gain a greater understanding of whether a career is for you as it is far easier to change your direction early on in your education that upon graduation.  You may choose to do a year in industry, these are a great opportunity to learn more about a sector and may result in an offer of full time work. Though it is important to remember whilst they are normally paid, you also have to pay tuition fees for that year (though normally at a reduced rate).

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If you are new to our blog, we are all about finding new ways for students and millennials to make and save money. Here are some of our favourite sites and products to help you out:

• Start a blog. Blogging is our side-hustle just over a year ago we didn't think I would bring us any income . You can create your own blog here with my easy-to-use tutorial. You can start your blog for as low as $3.49 per month plus you get a free domain if you sign-up through my tutorial.
• Save money with gift cards Whether its for buying clothes, your weekly shop or dining out use Zeek to buy discounted gift cards to get more bang for your buck. 
• Use Swagbucks for your online searches. Swagbucks is a passive way to earn gift cards. Over the course of a year you could earn $500.  Swagbucks is just like using Google to do your online searches, except you get rewarded “points called SB” for the things you do through their website. Then, when you have enough Swagbucks, you can redeem them for cash, gift cards, and more. Receive $5 for signing up today.
• Try matched betting. Matched betting is a great way to may easy money online. Despite the name it is not gambling and could see you earn £500-£1000 a month for only a couple of hours work a day see here and here. For your free trial head to profit accumulator or join the Facebook 'getting started' group.  
• Sign up for a cashback site like Quidco. where you can earn CASH BACK for just spending like how you normally would online. The service is free too! Plus, when you sign up through my link, you also receive a free £10 bonus!

Financial questions to ask before studying abroad

Studying abroad has increased in popularity rapidly over recent years. Though it can be a wonderful experience and an important part of your university life it is not an essential element to most degrees. It is important to consider several financial factors when determining if going on an optional year abroad is for you. It is important to assess not only if you can afford to study abroad but can you afford to go where you want. You may need consider alternative destinations as a compromise on the financial impact of a year abroad. Also don't forget studying abroad is not the only way to spend a year in a different country a year in industry (placement year) doesn't have to occur in your home country and could be the perfect opportunity to combine valuble work experience and international travel.

How much will the course cost? 
- will you be paying the tuition fees prices for your current school whilst abroad or increased fees as an international student?
- How much will it add to the cost of your degree tuition?

How much value will it add to your degree?
- This means asking why are you wanting to do a year abroad. If its just because you just want to visit  a country or your friend is applying too then perhaps an extended vacation would be better (and more cost efficient). Whereas, if you are doing a language degree then studying abroad is highly beneficial to the development of the skills you are using in your degree.
- Think about the quality of the univeristy you would be studying at does it rank as well or better than your current university.

What is the cost of living in that country?
- Depending on where you go the cost of living could be a lot more or a lot less than you are used too.
- It is also worth looking at how currency exchange rates have been over the past months are you going to get more or less for your money due to the exchange rate.


Do they offer scholarships, grants and work programs?
- Programs such as the erasmus scheme offer up to €300 a month grant for studying abroad.
- Will scholarships you have from your current university still apply on your year abroad and after?
- Does the university you are attending abroad offer any scholarships to exchange students.
- Would you be able to work whilst studying abroad. This will depend on visa restrictions and varies from country to country.

How much will additional costs be?
- Flights can be pricy if it is long haul. How often will you expect to visit home over the year?
- Cost of visas, passports and immunisations should also not be forgotten.
- Study abroad programs also offer lots of excursions and trips for students to participate in.

Did you go on a year abroad? What was your experience?

Demystifying UK student loans

Something we both found was when we were applying to University in the UK you are not given much information about student loans. I felt fearful having heard horror stories of US student loans about it being the only debt you can't default under bankruptcy under. However, the system in the UK is very different and is much more like a graduate tax. 

Key information on current student loans (2012 onwards)

• Public universities can charge unto £9,000 a year maximum. You can take out up to £9,000 in a tuition fee 'loan'. This article will not address student finance for private universities due to their rarity in the UK. For part time students you can take out up to £6750 a year. 
• You can take out a maintenance loan (and grant if you started in 2015/16, the've scrapped these for future years)
• You start repaying the April after you graduate at the earliest
• You repay 9% of everything you earn of £21,000 (this threshold was originally set to increase with inflation. However, it looks like they may be retroactively changing this and keeping it at £21,000. This means in reality, due to the impact of inflation you will pay more).
• Example- Your earn £25,000 (Pretax). You earn £4,000 over the threshold so you pay 9% of £4,000 which is £360 a year. 
• If your earning less than £21,000 you don't make any payments on the loan.
• Remember bonuses count. The Student loan company look at your monthly paycheque so if you go over the £1750 monthly threshold even though you don't normally, that month you will pay towards your loans.
• 30 years later it gets wiped (counting from the April after you graduate)
• You have the option to pay off early. Though this option should be carefully considered as unless you are likely to pay off all the loan in the 30 years. This is obviously hard to predict but unless you have a high grad starting salary you are unlikely to reach the average salary over the years to have it completely paid off. Also consider if you will be taking time out of work for a number of years (i.e. to have children) this reduces your chance of paying it off. 

Assume you maintained a salary of £25,000 for the 30 years you would only pay of £10800 of your loan (if you took out 3 years of tuition + maintenance loan) this is likely to be less than half of the amount owed. 

However if you earned £45,000 average over the 30 years you would repay approx £64800 which means you are likely to repay the amount owed within the 30 years.

Why they are more like a graduate tax

• There are no debt collectors. They payments come out of your pay check the same way your tax and national insurance does. You never see the money. 
• There is no penalty for having your debt wiped
• It doesn't affect your credit rating. The only time it affects anything is on affordability checks for mortgages i.e do you have enough money coming in to cover expenses + a mortgage.  
• the more you borrow doesn't increase the monthly payments

There are some different rules for Scotland, Norther Ireland and Wales. 

• Scotland- Scottish and studying in Scotland- tuition is free
• NI- NI and studying in NI max £3805
• Wales- Welsh and studying in Wales max £3810

Basically do not worry. Though we advise taking advantage of as many grants and scholarships as possible and if you don't have to take out the maintenance grant don't. But don't let the cost of tuition put you off getting a worthwhile degree (this is an important part, make you degree worth the money, think wisely about what you study and what employment potential it has). 

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If you are new to our blog, we are all about finding new ways for students and millennials to make and save money. Here are some of our favourite sites and products to help you out:

• Start a blog. Blogging is our side-hustle just over a year ago we didn't think I would bring us any income . You can create your own blog here with my easy-to-use tutorial. You can start your blog for as low as $3.49 per month plus you get a free domain if you sign-up through my tutorial.
• Save money with gift cards Whether its for buying clothes, your weekly shop or dining out use Zeek to buy discounted gift cards to get more bang for your buck. 
• Use Swagbucks for your online searches. Swagbucks is a passive way to earn gift cards. Over the course of a year you could earn $500.  Swagbucks is just like using Google to do your online searches, except you get rewarded “points called SB” for the things you do through their website. Then, when you have enough Swagbucks, you can redeem them for cash, gift cards, and more. Receive $5 for signing up today.
• Try matched betting. Matched betting is a great way to may easy money online. Despite the name it is not gambling and could see you earn £500-£1000 a month for only a couple of hours work a day see here and here. For your free trial head to profit accumulator or join the Facebook 'getting started' group.  
• Sign up for a cashback site like Quidco. where you can earn CASH BACK for just spending like how you normally would online. The service is free too! Plus, when you sign up through my link, you also receive a free £10 bonus!

We're Debt FREE

The big day has come and the credit card is finally paid off for good. Over the past 7 months C's paid off over £2400 (as a college student). As previously mentioned in my post about being engaged to someone with debt I personally have found this a very humbling experience. As someone has always prided herself on her financial sensibility to have to deal with debt has made me grow and become more considerate to others. Though it has been tough, especially in the beginning, C and I's relationship has grown much stronger for it and I am thankful for the challenges we have been given. 

For C the amount seems pretty overwhelming and difficult to cut down. However, once he realised that if broken down into monthly chunks of on average £350 it was much more manageable. By creating a plan with smaller term goals we were able to feel constant progress. C's credit card was 0% interest until this November (so it was essentially a free loan), so the challenge was initially to pay it off before interest kicks in. However, when we realised we could pay it off before the next academic year that was when the goal was set. Now in September 2014 (two weeks before class starts) we are able to say that the goal was met. 

Debt Kicking Changes
- We made paying the debt a priority. It is one of the first things to get paid after payday. Meaning the rest of the month revolves around how much we put towards debt. Rather than paying it at the end of the month where you can end up overspending in other areas because you forget about the payment.
- Making our own lunches. This is a simple way to save approx. £3 a day. We opt for pasta and a tomato sauce most days.
- Cutting down how often we eat out (and how much we spend eating out). Eating out is a big part of our social life and so it has been hard to cut back. Encouraging pot lucks, and having dinner at home with friends has been a great option so that we don't lose out on the social side. 
- C move job locations so that he could be contracted for more hours and pick up more overtime resulting a increase in his paycheque 
- We had a lodger in our lounge for 6 weeks. Though not intentionally a side hustle at first (rather just helping a friend out) it managed to bring in about £300.
- C sold some of his holiday (that he wasn't going to use) at work to get some extra cash raising about £200

In hindsight we probably could have had it paid of sooner. We had a holiday booked during this period before the decision was made to focus on becoming debt free. Had we not had taken would have cut the paying off time down by a few months. But as we were not battling with interest rates we were not feeling bound to be super 'gazelle intense'. However, this is very limited to our circumstances and not something I would generally advocate during a debt free process. 

Share your debt free journey with us below by commenting.

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If you are new to our blog, we are all about finding new ways for students and millennials to make and save money. Here are some of our favourite sites and products to help you out:

• Start a blog. Blogging is our side-hustle just over a year ago we didn't think I would bring us any income . You can create your own blog here with my easy-to-use tutorial. You can start your blog for as low as $3.49 per month plus you get a free domain if you sign-up through my tutorial.
• Save money with gift cards Whether its for buying clothes, your weekly shop or dining out use Zeek to buy discounted gift cards to get more bang for your buck. 
• Use Swagbucks for your online searches. Swagbucks is a passive way to earn gift cards. Over the course of a year you could earn $500.  Swagbucks is just like using Google to do your online searches, except you get rewarded “points called SB” for the things you do through their website. Then, when you have enough Swagbucks, you can redeem them for cash, gift cards, and more. Receive $5 for signing up today.
• Try matched betting. Matched betting is a great way to may easy money online. Despite the name it is not gambling and could see you earn £500-£1000 a month for only a couple of hours work a day see here and here. For your free trial head to profit accumulator or join the Facebook 'getting started' group.  
• Sign up for a cashback site like Quidco. where you can earn CASH BACK for just spending like how you normally would online. The service is free too! Plus, when you sign up through my link, you also receive a free £10 bonus!

How to watch TV for free

The average cable subscription in the USA has just hit $100 a month and they are increasing at crazy levels (up 39% since 2010). Now is the time to look into alternative options for TV.
But it is possible to never pay a penny for TV, that means no crazy cable subscriptions, no TV license fee, nothing. 

There are some great online TV viewing services such as Netflix, Hulu and AmazonPrime that cost a fraction of the price of cable and are great alternatives. But they aren't free so if your looking for the ultimate money saving option for TV viewing then keep reading. 

All you need is an internet connection and your ready to go.

The TV license is required when you are watching live TV and is £145.50 a year. But it is not required when you are watching play-back. This mean you can watch services such as BBC Iplayer, 4od, ITV player and demand 5 for free a they all offer delayed showing of the live TV of the main UK TV channels. It the same high quality TV, and the exact same programs you would watch live but just at a different time and on-demand, which in many ways makes it more convenient. 

* Update- New laws require you to have a TV license to watch on demand TV. However, there is a loophole for students, if you parents have a TV license and you watch it on a device that is not plugged into the mains (i.e a laptop not on charge or a mobile phone) then you don't need a license*

Students can watch amazon prime FREE for 6 months

Amazon Student gives you free six month subscription of amazon prime (including its online video service). All you need to do is use your academic email to register and your ready to go. Team up with your friends and stagger your 6 month trials back to back to give you free TV throughout the whole of your degree. Be sure to cancel before you are charged the £39 fee upon the end of the 6 months trial. 

Saving money on utility bills in college

Managing bills can be challenging at the best of times. There are so many factors that impact how much they will cost and it can be difficult to predict future expenditure. For students bills are one of the most unpredictable outgoings (unless your super lucky to have them included in your rent). Living in a shared house you are not in complete control of your household consumption. But there are a number of things you can do to to ease the cost. 

1.  Sit down with your housemates at the start of the year and talk about your expectations for consumption. Do this again when you get bills especially if it has gone up and discuss what changes can be made. Discuss who is in charge of which bills and when things will be paid and how. 
2. Don't assume the previous tenants found the best deal. Seach for the best energy supplier at the start of your tenancy. Try using a comparison site like MoneySupermarket  to compare prices. Companies will try and lure you in with 'student' deals. But depending on your consumption they are not always the best value especially if you will be living there over the summer. 
3. Set heating and hot water on timers. Most of the time you will be out of the house so during the winter it is economical to have heating and hot water set to a couple of hours in the morning and evening. We have it set for 7-9am and 6-8pm and this works really well. It also means that there is no arguing about heating being on too much or not enough as it is all pre-set.
4. Give the dishwasher a miss. It is super easy to just chuck your pots in the dishwasher and be done with washing up but it costs a lot more in energy than washing up by hand. As you will only have your washing up to do it will be over and done with in no time. 
5. Say bye-bye to stand-by. Try to ensure all communal appliances (and your own as well) are turned off at the socket after use. Though they don't use tones of energy for such a simple task of switching off it is definitely worth it. 
6. Share laundry loads. If your house comes with a washing machine rather than everyone doing laundry individually and share loads and you wont use the washing machine as much. Saving you electricity and water. Also give the tumble dryer a miss and use an indoor airer or an outdoor washing line.

How did you save money on your utility bills in college?