Budgeting guide

Budgeting guide

Preparing a budget plan will help you to avoid overspending and will also help you to plan for the future. Keeping a daily track of the items you buy will give you an idea of how much money you are actually spending and will assist you with setting a realistic budget. This includes newspapers, magazines, lunches and cups of coffee! You can do this by using a daily tracker.

Step one: Work out your income
Find out how much money you have coming in. Only list money that you are certain you will receive. Remember that student income arrives in a variety of ways, student loans and grants come termly and earnings from part-time work may come weekly or monthly. Make sure you are in receipt of the full level of student financial support available to you. If you have any questions about student funding, you can email the Student Financial Support Service or telephone 0115 848 2494.

Step two: Work out your expenditure
It is important that you know how much you will be spending on priority items from the start. Work out your essentials/priorities such as rent, food, bills (gas, electric, water, phone) and travel costs in the first instance.

Step three: The balance
Subtract your expenditure from your income to find out just how much money you have left over. Do you have extra money or a deficit? If you have a surplus, it is worth keeping aside at least some of that money for emergencies before you start buying any non-essentials. If you find that you have a deficit, you need to consider ways of either reducing your expenditure or increasing your income.

Step four: Keeping track of your finances
It is advisable to test your budget from time to time to make sure you are keeping to it, and also to ensure the budget plan you have put together is a realistic one for you.

Your money mantras…

For those who are strapped for cash:

• Do I need it?
• Can I afford it?
• Have I checked if it is cheaper elsewhere?

For those who are not strapped for cash:

• Will I use it?
• Is it worth it?
• Have I checked if it is cheaper elsewhere?

If the answer to any of the questions above is no, then don't buy it! Access our budget planner to calculate your annual, monthly or weekly income and expenditure.

Advisers can work with you to maximise your income and plan a realistic budget to prevent problems from arising. To book an appointment, call +44 (0)115 848 2494 or email the Student Financial Support Service.