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31 July 2024

Student budget: how to manage your expenses effectively

résidence étudiante - Noisy-Le-Grand - salle de sport

Managing your budget is essential during your studies to avoid financial difficulties. In this article, discover all the tips and student deals that will help you manage your budget effectively!

 

Essential expenses of a student budget

Daily expenses are a critical aspect of university life. For many students, managing finances represents a significant challenge, often encountered as soon as they enter higher education. These expenses cover essential needs such as housing, tuition fees, food, transportation, and communications. Each of these categories requires careful planning to avoid financial imbalances. Understanding and anticipating these expenses allows students to better control their budget, ensuring a more serene and balanced academic experience. Student houses within schools and universities are also full of good student deals that can help you manage your budget better.

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Housing

Student accommodation constitutes a substantial part of the student budget. In fact, it’s often one of the most significant expenses after tuition fees.

For many students, finding affordable housing is a major challenge. Rent prices vary considerably depending on the city and neighborhood, greatly influencing the cost of living. For example, large cities like Paris, Lyon, or Marseille have higher rents compared to smaller university towns.

In France, as elsewhere in the world, shared housing is a popular solution to reduce costs. Sharing an apartment allows for splitting the rent and utilities, making housing more affordable. Additionally, residences such as Maisons Ecla offer advantageous rates and include services like internet access, as well as common and recreational areas that make student life more enjoyable.

If you opt to rent an apartment or a studio, other associated costs need to be considered: utilities (water, electricity, heating), home insurance, and sometimes transportation costs if the housing is far from the university.

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Food

For students, food requires particular attention to avoid excesses while ensuring a healthy and balanced diet. Meals prepared at home, made from ingredients bought in supermarkets or local markets, are generally more economical than eating out. Significant savings can be made by planning meals, buying in bulk, and taking advantage of promotions.

In addition, for those who prefer to eat out, the student menu at university restaurants (RU) offers complete meals at subsidized prices, often lower than those of conventional restaurants. This means you can enjoy a balanced diet at lower cost. In addition, discount applications and loyalty cards can offer interesting discounts in certain stores and restaurants.

Optimizing your income for your student budget

Optimizing your income is essential to maintaining a balanced student budget. The first step is to explore available scholarships and financial aid. State, regional, and specific university scholarships can provide valuable financial support.

Student jobs are another source of income. Working part-time, whether in the restaurant industry or retail, allows you to earn money while gaining professional experience. It is important to choose a job compatible with your class schedule to avoid compromising your studies. Discussing with your peers or members of student associations can provide more ideas for student jobs.

Furthermore, some students turn to freelancing or small services (such as tutoring, babysitting, or pet-sitting) to make ends meet. These activities offer flexibility and can be adapted to the university timetable.

A rigorous management of your income, by establishing a precise budget and tracking your expenses, will prevent unpleasant surprises! By combining these different strategies, you will optimize your income and succeed in better managing your budget throughout your studies.

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Scholarships and financial aid

Social criteria-based scholarships, awarded by CROUS, are the most well-known and are based on parents’ income. They can cover a significant portion of tuition and daily living expenses.

Merit-based scholarships reward students with excellent academic results, while specific scholarships, such as those for students with disabilities or international students, meet particular needs. Additionally, some regions and local authorities offer specific financial aid for students in their area.

Housing assistance, such as ALS (Social Housing Allocation), also helps reduce rent costs and, consequently, the monthly budget. Emergency funds can also be requested in case of unexpected financial difficulties.

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Student jobs

Student jobs are essential for many students looking to manage their budget. Working part-time provides additional income to cover daily living expenses such as housing, food, and leisure. Positions in the restaurant industry, retail, or as university assistants are commonly sought. These jobs not only offer a source of income but also valuable professional experience.

As a student, it’s important to choose jobs compatible with your class schedule to avoid compromising your studies. Indeed, many students fall into the trap of increasing work hours outside of classes, which prevents them from focusing on their academic goals.

Practical tips for saving on your student budget

To save on your student budget, planning your expenses is crucial. Shopping with a list avoids impulse purchases and allows you to take advantage of promotions and bulk products. Cooking at home is often more economical than eating out. Using public transportation or biking reduces travel costs. Buying used books and school supplies, or borrowing them from the library, lowers costs. Comparing phone and internet plans helps choose the most advantageous packages. Finally, regularly monitoring your expenses and adjusting your budget keeps you on the right financial track.

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Tips to reduce your expenses

To reduce expenses and effectively manage your student budget, here are some essential tips:

  • Prioritize unavoidable expenses like rent and bills, and allocate enough funds at the beginning of the month.
  • For food purchases, prioritize homemade meals and avoid impulse buys by shopping on a full stomach.
  • Regularly track your finances with a budget management spreadsheet or app to anticipate potential deficits.
  • Compare prices to find the best deals, whether for food, school supplies, or internet and phone subscriptions.
  • Explore all housing options to find the most economical solution, and consider buying second-hand for clothes and other items.

By applying these simple but effective tips, you can better control your expenses and avoid financial difficulties during your studies.

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Tools and apps to track your student budget

To effectively track your student budget, use tools like Mint, YNAB (You Need A Budget), or integrated banking apps. They allow you to categorize expenses, track income, and receive alerts. These tools help maintain rigorous financial management and avoid overdrafts.

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