Managing your money

For many students, this may be your first experience living away from home and managing your money.  

Budgeting involves calculating the money coming in and out of your bank account each week/month to meet your present and upcoming payments and/or savings goals!  

To start off, you need to think about...

University fees: tuition, accommodation & supplies
Utilities & living expenses: mobile credit, food & toiletries
Travel: petrol, bus fare and/or holidays
Any extras: social/recreation activities, clothes, special occasions/gifts etc

It's best to collate all this information so it's clear what your outgoings are and then add in any money you may have coming in such as a wage from a part-time job and your student loan.

There are a few different methods you can use to track this info: 

• Excel (spreadsheet): Input all the figures and let the sheet do the work! 
• Apps: There are loads of apps available now that can help you out... Yolt, Money Dashboard, Cleo, Spending Tracker 
• Pen & Paper: Might be old school but get creative, use colour coding - whatever works best for you 

You may need to try a few different ways before you find the best one for you. It's best to start budgeting your money from the beginning of the semester as it can help you feel more in control of your money and means less stress!

For even more advice, take a look at these resources:

• https://www.moneysavingexpert.com/students/student-budgeting-planner/ 
  
• https://universitycompare.com/advice/student-finance/student-budget/ 
• https://www.thecompleteuniversityguide.co.uk/student-advice/after-you-start/budgeting-for-university