To Buy or Not To Buy: Budgeting and Finances

Moving to uni abroad is not easy in any way – least of all on the pocket. I eternally live in envy of domestic students who pay barely a fraction of the amount we do as internationals and gallivant around the city like they own the world. While I’m constantly gratified to be able to live and study in Edinburgh, we can’t really help feeling like young, dumb, broke uni students every once in a while – have one look at our tuition fees and really, can you blame us?

For many of us, going to uni is the first step to adulting, and with it the inherent financial responsibilities - all starting with basic budgeting. Whether you go old-school with a paper record or your phone’s Notes app is your best friend, you’ll need to establish a way to record your transactions and stick to it, likely even before you get busy with classes, socialising and extracurriculars.

Now for the number – I couldn’t predict to any level of accuracy how much money I’d need for day-to-day expenses beyond tuition and accommodation. The number will definitely differ from person-to-person, but on a not-so-tight budget, you can expect to spend about £300 a month. For that amount, you can eat out a couple times in a week, go out for occasional nights out, cover transport costs and spend a little on leisure activities like movies or drinks.

Here's an estimate of prices of some common purchases –

· A loaf of bread or 10 small eggs - £1

· 100g of a common Indian spice - £1

· 2 packets of Maggi - £1

· A packet of crisps/chips - £1

· 1-way bus ride - £2

· A home-cooked meal - £2

· A wrap - £4

· A pint of beer - £5

· A movie ticket - £5

· A pack of cigarettes - £10

· Monthly sim recharge - £10

· Black cab from airport - £30

Looking at it, the price may look hefty – which is when part-time jobs come in handy. I’ll be talking about those in more depth in coming posts, but an average job will pay you £10 an hour and even working 10 hours a week (very manageable, but less than recommended for PG and UG students both) you can make that money back and have a bit left over, too. In any case, it’s important to keep track of where your money is coming from and where it’s going – and to always have some money on hand for emergencies.

As mentioned before, you use Google Pay or Apple Pay for most payments everywhere in the city, and your bank cards can be easily linked to these apps so you don’t need to carry your card around and can pay from the click of a button. Forex cards work everywhere but they may not be a practical option in the long term considering the conversion rates and transaction costs. The most use you’ll make of cash is when you’re splitting bills between friends, but it’s safe to carry about £10 in the unlikely event your apps don’t work.

For me, managing my own money was the closest thing I had experienced to adulting. It may be daunting at first, until you do it so often and it feels like second nature. Uni is a beautiful (albeit expensive) experience and all we can do is try our best to make the most of it.