How do you manage your expenses?
A study carried out by SMEREP as part of a survey on "The health of students and high schools" showed that the average monthly budget of a student was €382 per month, with 52% of them even declaring financial difficulties.
How does the student budget break down?
Please note that this article does not take into account external financial assistance (parents, family, social assistance, etc.).
The main areas of expenditure for students are as follows:
- Accommodation ;
- Meals ;
- Public transport ;
- Telephone and internet ;
- Care and hygiene ;
- Outings.
The average monthly budget for a single student varies from €600 to €1,100 per month, for an average monthly income of €382!
How can I best manage my expenses?
Draw up a precise budget of mandatory expenses:
You need to move forward. Objective: to find out what companies need in order to find an internship. As a first step, you will contact the people around you. This is your basic list:
- Family ;
- Friends and relatives of friends ;
- Schoolmates and their parents ;
- Teachers ;
- Anyone you meet during a work placement;
- Anyone you meet on the job;
- Any person met in the context of extra-curricular and extra-professional activities: associations, sports, culture, etc...
The first thing to do is to itemize the expenses you'll need to cover, pole by pole, in order to draw up a precise budget. It's important to keep track of your expenses if you hope to reduce them. For example, sorting them by category can help you realize the weight of an expense that you may think is minimal at the outset, but which can become a real budget at the end of the month (e.g. home food delivery).
Take stock of your monthly subscriptions, cancel the ones you don't use or don't use much (Netflix, Amazon Prime, Canal +...) and look at how much you earn per month and how much you're obliged to spend.
Have a goal in mind, like saving 10, 20 or even 50% of what you earn. This is always useful in case of unforeseen circumstances.
Avoid eating out
In today's digital age, it's easy to have food delivered straight to your door. But it's an expense that can quickly become a significant part of your monthly budget.
Prefer homemade! For one thing, it's economical, and it's generally better and more balanced. As for lunch, bringing your own lunch is much more economical than buying a sandwich at the corner shop.
At least you know what you're eating!
Shopping
The first piece of advice, which I'm sure you've heard before, don't go shopping on an empty stomach. Drawing up a shopping list will help you distinguish between what you want and what you need. Drawing up a weekly menu will even help you to channel your energy in this direction.
Look at prices per kilo: even if a product seems cheaper to buy in small quantities, its price per kilo will give you a good indication.
Don't forget to scan your loyalty card to add euros to your kitty!
Going out and shopping
We know how hard it is not to splurge on a little outfit when you're out shopping. But there are two techniques you can use to avoid spending money you'll regret at the end of the month.
The first technique is to wait several days, which may make you realize that the purchase isn't essential, that it's not necessarily in your budget, or even that it's not as pretty as you thought after thinking about it.
If you're still in the mood, use the Internet to compare prices on different sites and get the best possible deal.
The second technique is more drastic, as it involves leaving the premises without any means of payment.
This avoids impulse buying and gives you time to think things over, as seen in the first technique.
Apply for the student rate
Student status entitles you to student rates on the TCL, cultural outings (museums), cinema, fast-food outlets, hairdressers, retailers and department stores (Apple sometimes has student offers). Don't hesitate to ask!
Check out scholarships and grants
Student status also entitles you to scholarships and grants. Below is a list of scholarships you may be eligible for.
You may also be eligible for housing subsidies paid by the Caisse d'allocations familiales (CAF).
You can simulate the amount of housing benefit you may be entitled to directly on the CAF website. You can then start the process of applying for student housing assistance. Don't delay in submitting your application, as CAF grants are not retroactive!
Please note! Housing subsidies are automatically suspended on July 1 for all students, unless you inform the CAF that you are keeping your accommodation beyond this date.
Good energy-saving habits
Saving water and energy is not only good for the environment, it can also save you a lot of money at the end of the month. I invite you to visit our website for a detailed article on this subject: Read the article
Keeping a student budget is no easy task. It's demanding and requires a lot of effort.
However, you'll spend the end of the month more serenely, and don't forget that it's also formative for the future. Today you forge the person you'll be tomorrow!
