Students increasingly have to manage on a very low income. Managing your money by working out a budget will help you to avoid financial problems. We can offer budgeting advice if you are struggling to manage your money, so please speak to an advisor.
Budgeting can help you get a clear picture of your circumstances and help ensure you have enough money for your priority needs. It can reduce impulsive spend and avoiding getting you into unwanted debt. It helps you identify where you could cut back if needed and in situations where you owe money provide information about what you can afford to repay.
How to budget?
Budgeting is about taking your income (loans, grants, bursaries, benefits, part-time work and adding it all together and doing the same for all your outgoings. Once you have these two figures you can see what the difference is between them and if you have a surplus or deficit of money.
If you have a deficit you need to look at ways of either increasing your income or reducing your spending. Look at our suggestions for boosting your budget as well as our top saving tips to help with your budget.
You can print and use our budgeting resource sheet (coming soon) to start your budget or you can use the online tool Student Budget Calculator provided by UCAS.
Still struggling and don’t know where to turn?
If you are concerned about your financial situation or need assistance in writing your budget please get in touch with the Advice and Representation Centre.
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