Get a hold of student’s finances – use our Budget Tool to estimate your monthly budget!
Every student should plan their expenses and income. It also helps to reduce stress related to spending money.
Budgeting means that you plan and follow your income and spending. The point is to compare your spending to income and make sure that there is always enough money for the necessary things, such as rent and food.
Use our Budget Tool to estimate your monthly budget. Tips for using the calculator and planning your budget can be found below the tool.
Tips for using the Budget Tool
- Start with an estimation. First you should estimate any sums as their maximum amounts rather than less so that you don’t be surprised that your money doesn’t run out on surprise. The tools has tips for estimating the more challenging parts.
- The result tells you how much money you have in your pocket at the end of the month. If the result is below zero, you should take a look at your budget and consider your options on where your could pinch or get any extra income.
- You can use the Budget Tool as many times as you would like – play around to see what changes the result.
How to mark fluctuating income?
Many students’ income fluctuates along the year. This is how you can mark them in your budget:
- Summer and seasonal jobs: Add up all income of the season and divide it by 12. Result tells you how much money you can use in a month so that the money lasts you all year.
- Part-time job: Add up or estimate your annual working hours. Divide the number by 12 and multiply it with your hourly wage. Result tells you how much money you can use in a month on an average even if your hours vary from month to month.
- Student loan: If you get student loan, you should budget it for the months it is meant for, so six months at a time. You can have student loan up to 850 euros per one studying month.
What about the result?
If the Budget Tool result is hundreds of euros at the end of the month, make sure that you have remembered to take everything into account. If the result is a few euros above zero, but you manage to pay all your bills and other necessary purchases, your situation is good, and your income is enough to cover your spending.
If the result is below zero, your spending is more than your income, and your money will run out. You should go carefully over your budget and consider where you could pinch or if there could be a way to get any extra income.
Help is available
If you need help managing your money, ask advice from your family, school, friends, tenant support, social workers, or Ohjaamo. In addition to tenant support, cities have financial and debt advisors that can help you get your finances back on trach.
Takuusäätiö is one service that gives adives on how to cope with finances or debts. Takuusäätiö has also an Ask about money -chat and phone service. Also, the diaconal service of church gives advice and small financial help.
Keep in mind
- Budget can most likely it will be tuned during the year. Update your estimates for future months as you get wiser on how much money is truly spent on what. Budget gets all the time more accurate as you mark all your spendings.
- If there are big changes in your income or spending, you should go over your budget again. Big changes may happen if you for example start a new job or move into a different apartment.
- Unexpected expenses arise from time to time to all of us and they can mess up your budget easily. When you mark everything down, these unexpected expenses are easier to survive. Also, it is recommended to put aside a small amount of money each month, for example ten or twenty euros. When you have a small savings to use, the unexpected things won’t ruin your finances easily.
- Money managing apps downloaded into your phone may help by keeping an eye on your spending. For example, Takuusäätiö has Penno that is a reliable alternative for a budgeting app.