It’s often said that your student days are the best of your life. Graduating is the end goal, but of course you want to have fun in the meantime. Proper budgeting of your finances will ensure you don’t have to miss any of the fun. Here’s how to get going.
Going to the cinema, on nights out and doing your hobbies: it all costs money. Then there’s also books, your student accommodation and food shopping. Budgeting your finances as a student ensures that you don’t inadvertently end up in the red without skimping on any of the fun.
Start by listing your expenses…
Data equals knowledge! It’s important to know how much you spend in a month and how much money comes in. If you repeat that exercise a few months in a row, it will give you a good idea of your average monthly expenses.
In practice, you should divide your expenses into three categories. Only list the things that have to come out of your own student budget:
- Your income. This includes wages from your student job as well as any pocket money you get from your parents. It may also include your academic scholarship.
- Your basic expenses. This includes recurrent monthly expenses like your rent and phone subscription, but also what you spend on food and drink. Your academic registration fees and books also go in this category. And don’t forget to set a monthly savings goal and put that amount aside at the start of each month.
- The extras. Things like going to the cinema, going out for dinner or joining your student association’s skiing trip. These are things you can skimp on when things get tight at the end of the month.
Tip:
It’s easy to check your income and expenses in the last months via the ING Banking app. And you can check the balance on your ING Lion Account current account whenever and wherever you want.
…then determine your budget
A piece of paper or an Excel file is the easiest budget planner. But there are also plenty of handy free budgeting apps to help you budget on your smartphone. The Wikifin online budgeting tool is worth a try if you want to learn how to handle money. This budget calculator is an initiative by the Financial Services and Markets Authority (FSMA). Another tip: immediately make up your student budget for the entire academic year at the start.
Extra tips for saving on your student budget
1. Double-check if you are eligible for a scholarship. You can do so on the Flemish government website or the Wallonia-Brussels Federation website, depending on where you study.
2. Assess your subscriptions. Have you stopped going to the gym? Do you only occasionally read the newspaper? Cancel your subscriptions to save money. The free feature ING OneView in the ING Banking app lets you do so in a few simple taps, with no admin.
3. Compare prices online. Especially when you are about to impulse buy or make a bigger purchase. A competitor might offer your desired item at a cheaper price.
4. Keep an eye on the balance of your student bank account. With the ING Banking app, you don’t even have to think about that yourself. Once set up you will get a push notification as soon as your balance drops below a certain level, or when your student money arrives.
5. Buy second hand. From course books to clothing: the options are endless. And you can sell the things you don’t need anymore.
6. Bag discounts. Your student card will come in handy for this. There are also dedicated student prices for bus, train and metro. And you can get cashback discounts with ING+ deals.
7. Find a fun part time job. Do make sure it’s easy to combine with your studies. We have created a separate article on frequently asked questions around student jobs.
This is the time to do what moves you
The ING Banking app makes it easy to pay with your phone with Bancontact, Payconiq and even Apple Pay. And there’s no need to stress about the balance on your ING Lion Account current account. You will receive an automatic push notification as soon as you drop under a certain level or when your pocket money arrives. And you can save on purchases with ING+ deals.
The ING Lion Account is a current account exclusively in euros for private individuals over the age of 18 who have full legal capacity and have an e-mail address. Online applications to open an account via ing.be are reserved solely for private individuals residing in Belgium at the time of application. Maximum two ING Lion Accounts per person. Maximum of two authorised account holders per ING Lion Account and no mandate holders allowed. It is a current account that you manage online. You can apply for it on ing.be, via smartphone or via Home’Bank.
ING Lion Account has a monthly fee of €1,90. The 2nd holder is charged annually €10. The monthly fee does not apply if all account holders on the account are aged between 18 to 25. The monthly fee for your ING Lion Account includes 3 cash withdrawals in euros per debit card per month from any ATM in the SEPA zone (ING Belgium or non ING Belgium). As of the 4th withdrawal, a 0.50 euro fee will be applied per withdrawal.
The ING Green Account is a current account for private individuals over the age of 18. You can apply for it on ing.be, via smartphone, via Home’Bank or in an ING branch.Current account with a monthly fee of €4,50 and €8,33 for non-resident customers residing outside the European Union.
The Home'Bank, Business'Bank, ING Smart Banking and ING Banking app are available free of charge (apart from the costs of your telecom operator or certain transactions, such as international transfers) (SEPA) to all Home'Bank, Business'Bank, ING Smart Banking or ING Banking subscription holders.
Any opening of an ING Lion Account or an ING Green Account or subscription to ING Banking / Home’Bank services is subject to prior acceptance by ING Belgium SA/NV and mutual agreement. If there are two account holders, or more, each holder has the same administrative powers and signs alone for his or her transactions (including closure of the account). A negative interest of -0.50% on an annual basis is applied on the balance above 250.000 euros. Fees are subject to change with prior notification. The terms and conditions of the ING Lion Account and the ING Green Account and the ING Banking/ Home’Bank services (regulations, rates, Fee Information Document and additional information) are available at all ING branches, at www.ing.be or by phone on +32 2 464 60 04.
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