Student worker: how to manage your budget wisely

In a nutshell: 

• Map your income and expenses for a complete and accurate overview of your budget. 
• There are several powerful tools you can use to track and manage your budget effectively. 
• With good money management, you can save money and cope better with future needs. 

Step 1: have a clear idea of what you can afford 

To measure is to know. Want to manage your money effectively? Start by drawing up a clear overview of your income and expenses. This will give you a clear overview of your financial situation, which is essential for effective budget management. 

What is your income as a student worker?

In addition to your salary as a student worker, you may have other sources of income: pocket money, babysitting, cash you get for your birthday or on other occasions, etc. List them all to get a good overview of your income. Keep in mind that these amounts may fluctuate depending on the time of year and the number of hours you work. 

What are your expenses?

List all your expenses, whether small or large. For 16 to 18-year-old, these are: 

• Uni/college and public transport 
• Leisure: movies, pubs, restaurants, festivals, concerts 
• Clothing and accessories 
• Mobile phone plan 
• Apps and games 

Step 2: choose the right tool

Keeping track of your income and expenses is easy. You can use a notebook to record your daily expenses if you prefer paper. There are also several tools, like an Excel spreadsheet or the budget management tool in your banking app. These digital solutions make it much easier to stay on top of your budget by tracking and analysing your finances. 

The Easy Banking App budget management tool

With the Easy Banking App budget management tool, you can manage your money more easily. It is linked to your bank account and automatically analyses your income and expenses, so you don’t have to enter anything manually. 

• Your income and expenses are automatically divided into categories. You can always change the category of a transaction manually or exclude it from your budget analysis. 
• Thanks to the categories and clear charts, you can see at a glance where you are spending your money. 
• You can easily control your spending by setting limits for each category: €250 a year for clothing, €40 a month for leisure… 
• A monthly or annual overview, one or more accounts, the start date of your budgetary analysis: you choose which information you want to see and how. 

Your first salary: should you spend it or save it?

Now that you have an income from your student job, you probably want to spoil yourself. Sounds like a plan! Keep in mind, however, that with smart money management you can also plan for outings such as a weekend getaway with your partner or a ticket to your favourite festival, while still taking your future needs into account. This article also offers some practical tips on how to save money, even on a modest salary, without feeling deprived. 

Track your spending regularly 

Set some time aside, at the end of each month – for example, when you are paid – to review your budget and spending. This will help you quickly identify any discrepancies, align your spending and set new savings goals to manage your money more smartly. 

Download the Easy Banking App