Student Special: Top Tips for Budgeting

Into The Vaults

Apps really do help you to get a fix on your finances. AIB have ‘My Money Manager’. Others like YNAB and Splitwise have their fans. Personally, I’ve been raving about Revolut ever since I downloaded it. Using Vaults, I save money without even thinking about it. I have vaults for groceries, pocket money, and bills. You can allot a specific sum to be deposited at a recurring rate (daily, weekly, monthly, etc), or you can turn on the spare change accelerator. Buying a coffee? Revolut will round up the cost to the nearest euro and deposit that in your Pocket Money vault. Need €50 a month for bills? Turn on a €5 daily deposit and you’ll have enough money when you need it. You can set deadlines, so automatic deposits stop when you’ve reached your goal, and begin again when you withdraw money from the vault. It works for me!

Meal plan and make grocery lists

Making lists before you go to the shop will curb impulsive spending (and prevent food waste)! I like to batch-cook on Sundays, making one or two larger meals that will last me a few days or can be frozen and reheated.

Check your local supermarket website for deals and sale items

Finding out, before even setting foot in the shop, will cut down the time spent wandering the aisles looking for cheaper groceries. Make a beeline for the friendliest looking member of staff in your nearest supermarket and ask what time they put the (usually) yellow stickers on items that have reached their sell-by date. My local Dunne’s starts off at around 2pm with 50% discounts and by 5pm is practically giving stuff away!

Make a monthly budget

I know, it’s boring. But sitting down and allocating a specific amount of money to cover your various expenses – rent, books, food and fun – can be a great way to cut back on spending. It helps you figure out exactly how much money you need to make to maintain your lifestyle, and to know if you need that part-time job!

Look for deals in pubs

Most pubs will have drink and food specials. If you’re going for a night out, look for those instead of getting whatever first springs to mind. Alternatively, for a COVID-friendly option, staying in and having some cans with your flatmates, or a Zoom happy-hour with far away friends, will help to cut costs. If you know it’s going to be a boozy one, have a supermarket pizza, kebab or curry waiting in the fridge – or better still cook something nutritious in advance – rather than stopping off at the take-away or getting whatever your late night snack of choice is, delivered.

Flash your student ID

Topshop, New Look, Specsavers, Office, Lifestyle Sports, Wagamama, Spotify and Omniplex are among the retail outlets offering decent discounts with a valid student ID. Signing up to sites like UNiDAYS and Student Beans also gets you online reductions from the likes of Boohoo, Missguided, Pretty Little Thing and Glossybox. If they don’t advertise student discounts, ask what’s available!