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Why build a budget at university?

Building a budget won't be the most exciting thing you do at university - but it will give you more opportunity to afford the things that really matter to you...

Your money will last longer
The average student spends the first instalment of their loan a month before the end of term. That means four weeks of sitting in your room eating beans. With a proper budget, you can keep your money going all the way to the end of the year.
You won't be as stressed
University can be stressful in lots of ways, so why add money worries if you can avoid it? Building a budget puts you in control: you won't have to worry about how much you're spending day to day, and you won't have the stress of checking your balance and finding that you've run out of money.
You can choose to spend on what you need most
It's easy to spend without thinking about it. A latte on the way to your lecture or one last drink on a night out doesn't seem like much at the time, but these little purchases can eat up so much of your money that you can't afford the things you really need or want.

Building a budget lets you plan it all out in advance, so you know exactly how much your coffee habit will cost you, and whether you'd be better off spending that money somewhere else.
You can prepare for emergencies
A budget won't prevent financial emergencies, but it can help you to prepare. By including a fixed amount for emergencies in your budget you can take away some of the worry. Even a small amount of money set aside can make life easier - for example, by covering the excess on an insurance policy, or covering you for a few days while you find financial help from elsewhere.
It's the start of a habit
University might be the first time you have to take care of your finances completely independently. That means it's a good time to learn how to do it properly. If you get used to budgeting while you're at uni, you'll find it much easier to manage your money once you start work.
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