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HomeBlogFinance6 Ways to Survive January on a Student Budget
Christmas is over (sad face), and you’ve been dreading the thought of checking your bank balance following the fun and indulgence of the festive period. If your student budget is feeling particularly stressed this month, don’t panic! Try our tips below to stay financially viable through the month.
1. Shop your stash
Time to stop shopping IRL, and start raiding your own stash! Whether you’re addicted to buying games, beauty products, clothes, shoes, sports gear, music, books, or anything else – now is the time to cut down on the spending and instead rediscover old favorites and hidden gems you’d forgotten about. It will be (almost!) like shopping, but without the damage to your student budget. If you find stuff you no longer want, it’s also a good opportunity to have a clear out, and donate or sell unwanted items.
2. Cancel unused subscriptions
Are you paying for a subscription every month that you no longer need or use? Now’s the time to cancel it! Ask yourself if you really need that gym membership – even if your New Year’s resolution was to keep fit, are you actually getting your money’s worth on the membership fee?
3. Cut down on takeaways
You might be doing this already as a January detox, but cutting down on takeaways will also be healthier for your finances. Do your food shopping towards the end of the day for a better chance of getting reduced-price items, and NEVER enter the supermarket when hungry! If you want to treat yourself following the dreaded January exams, remember to look up special offers and discounts – you can get a range of student discounts in the UK, for example.
4. Consider getting a student job
If you don’t have one already, finding a part-time student job is a great way to top up your student budget while simultaneously gaining work experience to add to your CV. If you’ve got exams, leave the job hunting until afterwards, and make sure your working hours don’t detract from your studies or ability to enjoy university life.
5. Keep track of your spending habits
Yes, this tip does involve the dreaded task of checking your bank statement, or downloading an app to keep a regular tab on your outgoings. If you can identify where you’re habitually spending money, you can start making simple changes, such as taking your own coffee to lectures in a reusable mug rather than getting an expensive takeout. You’ll be surprised how much these small changes add up!
Just because you’re a bit broke after Christmas doesn’t mean you have to become a recluse in January! Chances are that your fellow students are feeling the pinch as well, so organize cheap activities such as movie or games nights, and take advantage of free events at your university students’ union. This is also the perfect time to make the most of affordable things to do in your city – for example in London there are a variety of things you can do for £10 (~US$12) or less!
The former Assistant Editor of TopUniversities.com, Sabrina wrote and edited articles to guide students from around the world on a wide range of topics. She has a bachelor's degree in English Literature and Creative Writing from Aberystwyth University and grew up in Staffordshire, UK.
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6 Ways to Survive January on a Student Budget
Sabrina Collier
Updated Sep 19, 2017Save
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Christmas is over (sad face), and you’ve been dreading the thought of checking your bank balance following the fun and indulgence of the festive period. If your student budget is feeling particularly stressed this month, don’t panic! Try our tips below to stay financially viable through the month.
1. Shop your stash
Time to stop shopping IRL, and start raiding your own stash! Whether you’re addicted to buying games, beauty products, clothes, shoes, sports gear, music, books, or anything else – now is the time to cut down on the spending and instead rediscover old favorites and hidden gems you’d forgotten about. It will be (almost!) like shopping, but without the damage to your student budget. If you find stuff you no longer want, it’s also a good opportunity to have a clear out, and donate or sell unwanted items.
2. Cancel unused subscriptions
Are you paying for a subscription every month that you no longer need or use? Now’s the time to cancel it! Ask yourself if you really need that gym membership – even if your New Year’s resolution was to keep fit, are you actually getting your money’s worth on the membership fee?
3. Cut down on takeaways
You might be doing this already as a January detox, but cutting down on takeaways will also be healthier for your finances. Do your food shopping towards the end of the day for a better chance of getting reduced-price items, and NEVER enter the supermarket when hungry! If you want to treat yourself following the dreaded January exams, remember to look up special offers and discounts – you can get a range of student discounts in the UK, for example.
4. Consider getting a student job
If you don’t have one already, finding a part-time student job is a great way to top up your student budget while simultaneously gaining work experience to add to your CV. If you’ve got exams, leave the job hunting until afterwards, and make sure your working hours don’t detract from your studies or ability to enjoy university life.
5. Keep track of your spending habits
Yes, this tip does involve the dreaded task of checking your bank statement, or downloading an app to keep a regular tab on your outgoings. If you can identify where you’re habitually spending money, you can start making simple changes, such as taking your own coffee to lectures in a reusable mug rather than getting an expensive takeout. You’ll be surprised how much these small changes add up!
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6. Find affordable ways to socialize
Just because you’re a bit broke after Christmas doesn’t mean you have to become a recluse in January! Chances are that your fellow students are feeling the pinch as well, so organize cheap activities such as movie or games nights, and take advantage of free events at your university students’ union. This is also the perfect time to make the most of affordable things to do in your city – for example in London there are a variety of things you can do for £10 (~US$12) or less!
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The former Assistant Editor of TopUniversities.com, Sabrina wrote and edited articles to guide students from around the world on a wide range of topics. She has a bachelor's degree in English Literature and Creative Writing from Aberystwyth University and grew up in Staffordshire, UK.
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