How to Budget at University without Giving up Coffee
We’ve heard it time and time again, you can save money by giving up your daily run to the local coffee shop. Let’s be realistic when you’re sitting in the library trying to find the motivation to start your assignments or study for exams what’s the one thing that gives you that extra push? It’s coffee! Coming from a coffee addict, like myself, I’ve had to find thrifty ways to save money, pay bills, buy groceries, have enough money for a social life and buy coffee, so here are my few tips on how to budget during university.
Have a savings goal in mind
Are you saving money? What are you saving for? Have a goal in mind and do not deter from it. It makes it easier to save when you have a visual in mind.
Make your payments automated.
Make sure all your bills automatically deducted from your account the minute you get money. That way you don’t have to think about it and there is no way to spend it.
As a general rule-
- 50% of your income should go to necessities such as bills, rent, groceries.
- 20% of your income should go into a savings account
- 30% of your income can be used for all the fun stuff!
Keep track of your money
Track your spendings for a week to see where your money is really going. It’s easy to make mindless or impulse purchases and forget about them. There are many apps that can keep an eye of your weekly spendings and some can even link to your debit cards and accounts. Budgeting apps like Mint help you to save money by linking your bank accounts, bills and cards under one platform.
Withdraw the cash you need for the week
This technique has helped me a lot. With new technology emerging it is becoming too simple to spend money and not even think twice. It is quite easy to make impulse purchases while using your card, ApplePay and now ZipPay or AfterPay. Withdraw your cash for the week- it will help you visualize exactly how much money you have.
I withdraw the amount I need for each week, that way when I reach for my wallet I know exactly how much I have to spend.
Make a weekly coffee expense
Just like you would consider a grocery expense or a bill, make sure you have a set amount each week to spend on your cup of coffee and stick to it. Withdraw it with your weekly cash.
If you buy a reusable coffee cup you may be able to receive a discount at some of Griffith’s coffee outlets.
Throughout the semester Griffith runs budgeting workshops to help you save money and survive financially. Keep an eye out for the next one at https://www.griffith.edu.au/student-services.
By Zehra Rabbani