If you don’t know what New Year’s resolutions to give yourself, budgeting can be a great place to start.
New Year, New Budget
Setting yourself budgets allows you to build healthy financial habits and manage your spending a lot better. If you find that you’re often left with very little in your bank account, it’s time to make a change for 2025.
The Important Things to Budget For:
We’ve put together some money management tips for students to make your time at university easier!
How to Budget Your Student Loan in 2025
Unfortunately, university maintenance loans don’t always cover as much as you’d expect them to. To make sure you stay on top of your spending, knowing how to budget your student loans can be a huge help. Closely monitor where your money is going to see if there are any areas where you’re overspending. Many modern digital banking apps have the option to categorise your spending to help you do this. If you notice you’re spending a lot in a certain area, you can plan on how to start budgeting and set financial goals. For example, if you spend lots on drinks at the pub, you can give yourself a goal to buy one less drink or spend no more than a specific amount.
Deciding on budgets means you can start saving money. This can be put aside into an emergency stash which can be used when needed. Having this will be really helpful if you find yourself low on money. If you’re unemployed and you’re still struggling to budget, getting a part time job can be useful. Many retail and hospitality businesses are willing to hire students for part time hours.
The New Year Food Budget
When doing your weekly food shop, decide on a spending cap. If you think it’s too high or low, you can adjust it accordingly. Many shops and supermarkets have scanners you can use so you can track how much you’re spending as you go around the shop.
Meal prepping can be useful because you’ll know exactly what you need to buy. Write down what meals you’ll be having that week and then note what you’ll need to buy on a shopping list. Avoid impulse spending and stick to your list as closely as you can. If you buy food often during your work breaks and in between lectures, then you can incorporate packed lunches into your meal plan. A loaf of bread goes a long way in making a week’s worth of sandwiches. If you usually buy from more expensive brands, you could start looking for cheaper alternatives as well. Small changes make a huge difference to how much money leaves your bank account.
How to Budget Your Bills in 2025
If you find your water and electricity bills are high, you and your housemates can work together to try and lower them.
If you want to save money on gas and electricity, here are some things you can try:
- Turn off the lights whenever you leave a room
- Lower your thermostat by a few degrees
- Replace old light bulbs with LED bulbs because they use less energy
If you’re on a metered tariff for your water bill, here are some things you can try:
- Take shorter showers
- Collect rainwater and use it to water your plants
- Don’t leave the tap running when you’re not using it (such as when you’re brushing your teeth)
The 2025 Party Budget
When having a party, encourage everyone coming to split the costs. Food, drinks and decorations will be much cheaper if everyone pays their part. As an alternative, you could ask everyone to bring their favourite food and drinks to your party. By doing this, everyone can contribute in some way.
When buying your outfit for a party, consider buying second-hand. Charity shops as well as platforms like Vinted can save you money and help you be more sustainable with your choices.
How The Student Energy Group Helps Students
At The Student Energy Group, we understand that managing your student loans can be a pain. To help, we’ll combine all your bills into one monthly student bills package. This can include water, gas, electricity, internet and your TV licence. You can then split this cost between you and all of your housemates. We’ll also plant a tree if you sign up with us. Get a free no obligation quote from us today.
