Postgraduate Budgeting: How to Keep the Piggy Bank Oinking

You curse the empty swear jar as you shake it vigorously towards the heavens (a lone button rattles against the glass walls, but you don’t think you can trade it for anything other than a cashier’s sneering laughter). With your supplies of detergent and clean clothes both exhausted, you are starting to question your decision of purchasing that Superdry shirt at the collective price of the new socks, underwear, jeans and jacket you were originally out to buy.

Not far away lie the remains of your childhood piggy bank: it oinked its final breath on the last Dominos’ ‘Two for Tuesday’ while you reassuringly stroked it, whispering ‘it’s a deal’ right before you hammered three days’ worth of groceries from poor Piggy!

Speaking of essential nutrients all this thinking about budgeting has started making your stomach grumble. Like a man possessed, you make your way to the kitchen. You pull the cupboard door, hypnotically murmuring “sustenance. . .”, but next thing you know, you’re buried under a cascade of Doritos wrappers and empty ramen pots.

Outside, darkness is descending upon the world. If only you could afford electricity. . .

. . .The truth is, when it comes to budgeting, we students don’t always do so well. Much has been written on the topic of reasonable spending (some of it is even helpful) but having dealt with my own share of money-related challenges, I figured the shiniest pearls of wisdom come from experience.

If you are having trouble budgeting, chances are one of your main problems is keeping track of what you are actually spending money on.

I discovered Monzo not long ago and it’s been a game changer. In short, Monzo is a digital bank, exclusively operating through an app. It takes you about 5min to set up an account on your phone, and then you get the physical (neon orange!) card mailed to you. You can then transfer money from your main bank account to Monzo.

Why is it good? Well, as soon as you use your Monzo card, the app notifies you of the expenditure, classifies the payment (bills, groceries, eating out, etc.), updates your remaining funds and tells you what your daily spending amounts to. You can also make a savings pot or allocate weekly allowances, including the option to cap the money available for certain categories (e.g. to curb any urges of splurging on things like takeout or clothes). The app also tracks your history, so you can review a breakdown of spending by type (currently and in the past months) and readjust your habits. For the travelling student, Monzo’s system for spending abroad is simple and transparent, and can save you plenty of precious pennies on your dream holiday.

The figure of the impoverished student, living off fast food and snacks may be a popular stereotype, but it isn't one you need to live up (down?) to. Certainly not on a Masters or PhD.

In fact, living healthily and saving money can actually go hand-in-hand. Let me explain. . .

Once upon a time, I, too, was a student who loved to hoard products with a long shelf-life for some impending apocalypse. Then I realised there’s really no need.

My secret to eating well is simple: plan your meals so that you can shop little and often.

It’s much easier to plan for 2-3 days ahead without changing your mind, than it is to decide on a week’s worth of meals and then just end up back in the supermarket with a new idea while the food in the fridge expires. By the way, shorter shopping lists also keep you off the junk food. An overflowing basket of groceries does an excellent job at hiding (and excusing) the half-priced chocolate bars you just chucked in, but with five or six things to get, you will be in and out in no time, without sneaky and unhealthy extras snuggled at the bottom of your bag.

Plus, those frequent shopping trips will really contribute to your golden 10,000 steps a day, so chop, chop!

Bonus tip #1:

Try your local markets for cheaper, better quality produce that’ll help support smaller businesses.

Bonus tip #2:

In supermarkets, always check the bottom shelf – that’s where the cheapest items are. The stuff at eye level will rip a hole in your pocket.

If you are a legit student, you’ll know exactly what exercise’s greatest enemy is: BOREDOM. Like every other daily ordeal (cooking, shopping, laundry – even hygiene), procrastination, is exercise’s very own kiss of death. The key to staying in shape is keeping it interesting. That is to say, always switch up the carrot on the stick.

Besides, you’d be surprised how finding new ways to exercise can actually save you money. Let me explain. . .

Little (student) house on the prairie

Proximity to the library or lab is usually a top priority when choosing postgrad accommodation. Chances are, however, that expanding your radius to properties 30-40min walk away from uni will drop rent costs and / or improve the housing quality. It will also force you to move more. If not by walking, then biking or even jogging every day.

Lunch-munch

Instead of grabbing a sandwich and a doughnut then simply migrating from one seat to another, use your lunch break to stroll about with a colleague (or even on your own). Getting away from your place of work has numerous benefits and besides, if you’re pulling long hours in the lab or library, you could probably use some vitamin D.

Just jog it out

It’s that simple. Running is flexible, free, and you can always drag a friend along. Sunny weekend ahead? Go for a hike! See a museum! Trust me, those steps add up.

A lot of gyms nowadays offer affordable subscriptions and/or student discounts. If the price still doesn’t quite fit into your monthly allowance, all is not lost.

First of all, you'll need to invest a little in some equipment.

And I don’t mean anything fancy. Your choices can be as simple as dumbbells. Relatively cheap, surprisingly versatile, and they probably fit under your bed. Other candidates include: a skipping rope, an exercise mat, some resistance bands and, if you live in a house, your staircase.

Next, see if you can take advantage of free exercise videos and phone apps.

I’m a shy exerciser, so I do a lot of my workouts at home. Exercise videos and apps are a convenient way to stay fit. They are timetable-friendly and their huge variety guarantees something new to try out every day.

All magic comes with a price. This includes the magic of friendship.

As awesome as it was boosting your Facebook friends list during Fresher’s week, more friends means more birthday gifts and, of course, more expenses come Christmas (a.k.a. The-Time-of-the-Year-Grinch-ate-my-Wallet). Can you feel the regret creeping in? Stay strong.

If you are a crafty little bee, the weapon is in your hands and it’s a glue-stick. The options for customising boxes, photo albums, and stationary are endless. Hand-made gifts are endearing and inexpensive; even if they come out kinda dorky, you can totally roll with it. The cooks amongst us are even more blessed – preserves, jams, chocolate spreads, home-made truffles and cookies, all you need is get some pretty wrapping, maybe a basket and you’re sorted.

Ever noticed how most shops have 70% discounts right after Christmas? Remember that next autumn when you decide you need some make-up, clothes and accessories. List your desires and come January, bring out those precious banknotes your grandma popped in your Christmas stocking and go crazy.

Need some extra cash? Keep an eye out for part-time jobs in your department or university (uncover your local Student Employment services), register online to be a private tutor, maybe even write a Kindle Book, if you are so inclined. Some advice on this can be found on our part-time jobs for postgraduates blog.

Bottom line is, whatever you do, remember that your health comes first and while it may be tempting to take on as many responsibilities as possible to revive Piggy, beware of the pitfalls of burnout. And eat your greens!

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