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Budgeting Tips for Art Students

In this blog student ambassador Anastasiia Lapteva will share her tips on keeping track of her student budget.

A seagull on a rock
A seagull might not need a budget, but you do!

Why do you need budgeting?

As a student, balancing one’s own finances is challenging. Like many of my friends, I’ve faced challenges ranging from unexpected expenses and overspending to the burden of repaying student loans. For us as artists, the situation can feel even more unpredictable. With multiple income streams, often irregular and fluctuating, managing money becomes a source of stress and uncertainty. Yet, taking the time to understand your own budget, income, and expenses can significantly reduce this anxiety and set the way for long-term financial stability.

There are plenty of misconceptions about budgeting. Some people believe it’s unnecessary because they don’t earn much, while others think it’s irrelevant because they have enough. But to me, budgeting isn’t just about saving money – it’s about gaining control and bringing predictability to your finances. A clear budget gives you an understanding of your financial situation, making it easier to plan for both expenses and savings in a way that aligns with your personal circumstances.

Trying out budgeting for a short period can be an eye-opening exercise. It helps you understand your spending habits, prioritise your needs, and develop a more intentional approach to managing money. For anyone, but especially those navigating the uncertainties of an artistic career, I think it’s absolutely worth trying.

Budgeting as an art student is about creating a system that supports your creative studies without holding back your inspiration. Many artists juggle freelance gigs, part-time jobs, or irregular income streams, making traditional budgeting methods feel rigid. It’s important to create a flexible budget that helps to support artistic lifestyle. 

Understanding your finances

Start by understanding your financial picture. Ask yourself these questions:

  • How much do I earn each month from freelance gigs, part-time jobs, or side hustles?
  • What are my essential monthly expenses (rent, groceries, supplies, transport)?
  • What are my other expenses? (subscriptions, outings, clothes)?
  • How much can I realistically save, even with fluctuating income?

If your income varies from month to month, calculate your average monthly income by reviewing the past 3–6 months. This helps you budget around a reliable baseline while preparing for scarce months. Make sure to also include the bigger expenses in your budget. If there are expenses related to your studies, like buying supplies, software subscriptions, or paying healthcare fee and student union membership, prioritise them as essentials.

Breaking budget into sections

Now when you have a list of your incomes and expenses, try sectioning out your budget. One popular system is the 50/30/20, which can be modified to better fit your needs: 

  • 50% for essentials (such as rent and groceries)
  • 30% for wants (outings and subscriptions)
  • 20% for saving.

However, it is important not to take this as a rule, but as a guidance. If your income fluctuates, focus first on the essentials and adjust the other categories as needed. If you have debt, prioritise repayments. For the saving, you can save for big future expenses, but also for bigger goals like buffer funds or even investments.

Tracking your budget

When you have multiple income sources, tracking can feel overwhelming. A few tools that can help you keep track of your budget:

  • Manual tracking in Excel/Google spreadsheets. Dedicate 10 minutes weekly to updating a spreadsheet. Use color codes to separate essentials, wants, and savings. Although it’s not the most convenient and easy way, tracking manually has worked for me for years.
  • Use budget tracking apps. Although I cannot recommend any personally, there are apps like YNAB (You Need a Budget) or Quicken to monitor irregular earnings and expenses. The apps vary in functions and price, but there are many good apps for free as well.

Student finances can often be limited, making it difficult to keep track of them. However, gaining a clear understanding of your budget, income, and expenses can help in easing the anxiety that money concerns often bring. Hopefully you find these tips helpful and find a good way to keep track of your budget.

This blog is published in series with several other blog posts and a podcast episode about finances for an art student. Read about different aspects of student finances from links below:

Life of an art student

In this blog, Uniarts Helsinki students share their experiences as art students from different academies and perspectives, in their own words. If you want to learn even more regarding studying and student life in Uniarts and Helsinki, you can ask directly from our student ambassadors.

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