Budgeting
A budget planner allows you to see what money you have coming in alongside what needs to be spent and helps you to look at these figures in a realistic way. An academic year lasts 39 weeks and so all student support is spread over this timeframe. By working out what is available weekly you can plan ahead and cover all costs.
Hopefully the total for the incoming money will exceed that of the outgoing – any left over is there to be spent or saved or used for emergencies.
If you find you are spending more than you have coming in then steps should be taken to reduce the spending. For example, could you get cheaper travel by walking or biking or using public transport? Could you be more careful about grocery shopping and save money there?
Help to budget can be found here at Mind the Gap or through one of our popular workshops. As well as this, the Students’ Union Advice and Information Centre (SUAIC) is here to help if you get into trouble or have special circumstances you wish to discuss.
| Incoming | £ | Outgoing | £ |
|---|---|---|---|
| Student loan and grant (39 weeks) | Rent/mortgage | ||
| Bursary (39 weeks) | Council tax | ||
| Benefits | Insurance (contents, life) | ||
| Wages | Utilities (water, gas, electricity) | ||
| Parental contributions | Mobile phone | ||
| Other | Internet | ||
| Groceries | |||
| Clothes | |||
| Travel | |||
| Socializing | |||
| Study costs (textbooks, printing) | |||
| TV licence | |||
| Other (birthdays, laundry…) | |||
| Total | Total |
