Why budget?

– You will get an accurate picture of your financial circumstances.

– You can make sure you have enough money for your priority needs.

– It can be a brake on impulsive spending.

– It helps you avoid running up debts

– It helps you plan your spending and identify areas where you could cut back

– If you owe money to creditors, a budget gives them information about your financial situation and can help negotiate a repayment plan you can afford.

Basics

Budgeting is about taking all your income ( loans, grants, bursaries, benefits, part time work) and adding it all together.
Do the same for all your outgoings. Do try and be honest about what you spend or it won’t be a true reflection!

Once you have these two figures you can see what the difference is between them and see if you have a surplus of money, or a deficit.
If you have a deficit you need to look at ways of either maximising your income or minimising your spending. Look at our Money Saving Tips (above) for help with this!
You can use the budget sheet on this page to start your budget or you can use online tools such as Student Money’s weekly budget planner.

Useful Links:

Financial ‘Health Check’
www.moneyadviceservice.org.uk/en/categories/health-check
University Budget Guide
www.studentmoney.co.uk/university-budget-guide

Online Planner

www.budgetbrain.moneysavingexpert.com/budgetplanner/edit/927582
If you are concerned about your financial situation or need assistance in writing your budget please get in touch with Student Services at studentfunding@lcm.ac.uk

 

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