Things to Consider Before you Start
- £ Complete your budget thoroughly and honestly and it will be the best individualised financial analysis tool for you. Most importantly your budget will offer you a precise insight in to how much you can afford to spend and whether you are spending more than your income.
- £ Ensuring total honesty, and that you don't under estimate when completing your budget, will be hugely important. Don't know the exact cost of something? It is always better to over estimate rather than under estimate, that way you won't be left short.
- £ Careful you don't double up on expenses: For example car insurance could come under both motoring and insurances but only include it in one section.
- £ Decide who your budget is for. Do you have a partner or family? It can be difficult to separate out costs so be clear about who the budget is for.
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Time to get your paperwork in order! Grab yourself a cuppa, and get comfortable. The more paperwork you have at hand the easier this'll be...
Sitting Comfortably?
Step 1:
Put Together your Outgoings/ Expenses Set up direct debits and pay for most things on card? Your bank statements from the last three months will indicate most of your regular outgoings. You'll also need any paperwork for infrequent outgoings such as utility bills, insurances, motoring/travel costs, T.V. License, credit/store card bills, council tax, course costs, clothing, toiletries, entertainment. |
Step 2:
Collect Paperwork Relating to Income Payslips, grants, bursaries, generous parents, maintenance loans, any other bank/building society statements. You'll likely need your student finance letter to hand, so you can accurately account for how much money you've got coming in over the academic year, for example maintenance loan, maintenance grant, NHS bursary, university bursary/ scholarships, etc. |
Done That, What's Next?
New to budgeting? There's plenty of help available. The process need not leave your head hurting or your maths skills thoroughly tested, as there tools you can access to help you work out your sums.
Start Your Budget
One helpful tool is UniLife Money Modules Student Budgeting Spreadsheet. This is a ready-made, comprehensive budget sheet designed specifically for students. Using the paperwork you've already put together you just need enter your figures and let it do the sums for you: Simples! Click the link below to download your very own personalised budget planner:
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The Hard Work Done for You!
Taking roughly an hour to complete and with options to enter your expenses/income on a monthly & yearly basis, our budgeting spreadsheet adds up your totals to provide you with your total annual spend. Cashflow The beauty of our spreadsheet is that it generates a realistic picture of your cashflow, letting you know whether you're looking at a profit or a loss every month. This'll allow you to take your finances into control, and see exactly where you could be making cutbacks in future. Laws of Averaging Spent different amounts on items each month ie. shopping? Take three months worth of receipts or totals, add them together and divide by three to give you an average monthly spend. Once you've completed UniLife Money Modules Student Budget Sheet you'll be well equipped to start managing your finances. Click on the links below to gain some further advice depending on your financial circumstances. |
How Did You Do?
Spending more than you earn or earning more than you spend?
UNDERSPEND
Underspending? Great! If you've ensured that all expenses are accounted for adequately you can sleep easy, but don't let your guard down completely. Could you be making any other savings or be paying less for things? Give yourself a money makeover - check out the articles featured on the Money Saving Expert's site here to see whether you could be saving more.
OVERSPEND
Stop a downward spiral before it's too late. Time to look at where valuable savings could be made. Using the article links featured on the Money Savings Expert's site here, see whether you could make any savings. A small amount of concerted effort on your part could soon help put your finances back on track - VISIT OUR MONEY GAINING TIPS SECTION for some more money saving tips.
Underspending? Great! If you've ensured that all expenses are accounted for adequately you can sleep easy, but don't let your guard down completely. Could you be making any other savings or be paying less for things? Give yourself a money makeover - check out the articles featured on the Money Saving Expert's site here to see whether you could be saving more.
OVERSPEND
Stop a downward spiral before it's too late. Time to look at where valuable savings could be made. Using the article links featured on the Money Savings Expert's site here, see whether you could make any savings. A small amount of concerted effort on your part could soon help put your finances back on track - VISIT OUR MONEY GAINING TIPS SECTION for some more money saving tips.