Planning a budget can be hard, particularly if you are new to it. However, as a student, it is crucial to plan a budget in order to be able to manage your money throughout the year, especially if you don’t have regular revenue.

First of all, you need to calculate your anticipated monthly income (including student loans, student grants, financial aid from your parents, etc.) and expenses. The most common expenses, apart from tuition, will be your housing expenditure, (including rent and utilities such as electricity, gas, heating), telephone or cell phone payments, food expenses (including groceries and dining out), transport fees, various insurances, textbooks and school items, and of course recreational expenditure.

Here are some guidelines on how much money you should budget for each expense category

For those of you who need to move in order to be closer to school, finding an affordable house or apartment can be hard, but there are many ways to lower the costs of housing: consider living in school dorms on your campus, or think about living with roommates if you don’t already, which has the advantage of spreading the same overhead costs over a larger number of people.