Advice

Life on a budget

No matter what your income is, knowing how to budget is a vital skill that you will use throughout your lifetime.

For students who often have limited incomes it becomes more important to budget correctly and make all your funding lasts the year.

You might be worried about managing and sticking to a budget as it can be hard especially with all that money at the beginning of term. But don’ be fooled! Far too many students fall into the trap of spending all their money at the beginning of term and struggling later on.

So, where to start?

First Steps to Budgeting

Although it may sound daunting many of us actually budget all the time without realising, when we go shopping or when we save for something such as a holiday.

If you still have worries why don’t you check are easy 5 Step guide to budgeting

To help you with this we have designed a simple Budget Planner to download or print off for your use.

Maximise your Income

Thousand’s of pounds of money go unclaimed by students throughout the year through student funding, charities and many many more

Check out the Money Doctor’s quick guide to Maximising your income for some helpful suggestions.

Tips on saving money!

Struggling to think of ways on were you could make some savings here are some quick and easy Tips on saving money that may be able to help

Budgeting and Long Term Thinking

Here is some ‘money’ food for thought. If you buy 3 pints of beer, each costing £2.85, twice a week, the cost per week is £17.10. The cost per month is £74.10. The cost per year is £889.20!!!

A £5 packet of cigarettes bought every day will cost you £1, 825 a year.

Small changes in your lifestyle and habits can save you a lot of money.

A good idea is to keep a spending diary. You’ll be amazed at how much you waste and how much you can save. For instance a student chocoholic whom i talked to said that they bought 8 bars of chocolate a week. The total cost per year of such purchases is £416. Just by halving the chocolate intake would not only improve the student’s health but save them over £200. Small changes make a big difference.