How to Start Budgeting
A budget is a plan for your spending and saving. Budgeting can seem daunting, but getting started is simpler than it seems. Follow the steps below and you'll be on the right track.
How to Start Budgeting
Creating budget spreadsheets is simple when using apps like Microsoft Excel or Google Sheets, and some online banking apps have useful features for managing money, e.g: Revolut pockets.
It's a good idea to budget around the times that grant payments come through, though some dates like rent payments are non-negotiable, so be sure to put money aside for these things.
Remember to budget for your placement! Most courses will have a placement aspect at points and you might require books or other materials you weren't expecting. Pay close attention to induction lectures to ensure you learn about these costs early, and put aside a few euro each week to account for them ahead of time.
Groceries and Meal Planning
Shopping efficiently and planning meals ahead of time can be one of the best ways to save on groceries. There are a few ways you can achieve both of these using the below tips & tricks.
Tips & Tricks for Groceries & Meal Planning
- Avoid Brands: Supermarket own brand products are often just as good as named brands but at a fraction of the cost. Most of the time, you're just paying for a fancier label rather than a fancier product.
- Search High and Low: Branded items tend to be placed in the centre of aisles at eye level, own brand products are normally at the top or bottom of shelves.
- Cook in Bulk and Freeze: This is useful for dishes like curry, stew or soup. Batch cooking reduces food waste and by dedicating one night a week to meal prep you can save time every other evening.
- Pack Lunches and Bring Water Bottles: Packing a lunch not only saves money but allows you to control what you eat, meaning your choices are wider than the canteen or shop offerings. Most buildings on campus have water fountains so bring a refillable bottle.
- Don't Shop on an Empty Stomach: You might end up buying things you don't need!
- Sign Up For a Clubcard: Most supermarkets have loyalty schemes which give you access to savings or a reward point system. Using these to the best of your ability can save money or get you nice bonuses down the line.
- Buy According to Weight: Checking the weights of products and buying in bulk can get you better deals on lots of things, especially items that will last a while like pasta.
- Always Make a Shopping List and Stick to it: This will save you money but also makes meal prepping much easier. Be decisive with your ingredients and only buy things your dishes will actually require.
- Check Out Reduced Sections: Lots of reduced products will last a few days after their "display until" date, and their lives can be extended further by including them in your batch cooking.
Banking
This is the big one! You've got in to college, applied for a grant and wondering what to do next...? You're going to need a bank account! Many of the leading banks in Ireland offer some varient of a student current account with the main providers being:
AIB (Student Plus Account)
Bank of Ireland (Third Level Current Account)
Permanent TSB (Student Current Account)
Credit Union (Current Account)
Revolut (Not a bank but offers standard account)
An Post Current Account (Not a bank but offers standard account)
Remember to do your research and to read the fine print when selecting a bank account suitable for you. Some accounts can carry maintenance fees, transaction fees, quarterly fees and may be limited in terms of contactless payments or internet and phone banking. Be sure to also check for useful features such as emergency cash funds or rewards programmes and think longterm with your banking by having a look at what each provider offers in terms of Graduate Accounts for after graduation.
Avoid Overdraft! Most accounts will also offer 'X' amount as an overdraft allowance but no matter how tempting, we strongly urge you to avoid going near this. If you don't have the money now, how are you going to pay back the overdraft balance later? Spending money that isn’t yours is a really bad habit to get in to and it’s much easier in the long run to budget than overspend.
Websites such as bonkers.ie and the Competition and Consumer Protection Commission (CCPC) have useful comparison tools to help you find the best bank account suitable for you!