Managing Your Money
Why Budget?
Once you know how much money you have for the forthcoming year you will be able to create a budget to help you stay in control of your finances. When completing your Budget Planner you need to make sure you are honest about how you will be spending your money! Your student accommodation will be your biggest outgoing so try to ensure that the funds to pay for this are put to one side when you receive your student loan at the beginning of the academic term.
Useful Tips!
- Spend time planning and preparing a Budget Sheet.
- Don’t spend too much at the beginning of term when your student loan lands in your bank account.
- Keep a record of everything you spend - this helps identify regular/occasional spending patterns.
- Consider setting up standing orders/direct debits - this can help you to plan and make consistent regular payments to all the places you need to without worrying about missing payment dates .
- Plan for extra expenditure such as start of year costs/special occasions/birthdays.
- If you need to borrow money then use only interest free overdraft facilities.
- Get a student bank account if you have not already got one.
- Internet banking is an excellent tool to help you keep a check on your outgoings.
- If you are considering part time work you may find JobShop a useful resource. Remember that the general guidance given for part-time work is a maximum of 20 hours per week.
- Join NUS and take advantage of the discounts available to students.
- Check out our useful links for further helpful information.
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If you need help with putting together a budget planner or you would like some financial advice on managing your money please contact our student financial adviser.
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Last updated Thu, 30-Jul-2009 16:25
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