I’m now in my second year at university, and budgeting is still a pain. I’ve ran out of money a few times, over-spent, done my budget wrong or forgot to include things. It can be a rough ride but, I am here to hopefully help some of your budgeting woes!
First things first - write out your ‘INCOME’. This is what goes in to your bank account. So, this could be your maintenance loan/scholarship money, your weekly or monthly wages or support from your family. It’s important that you remember to include any regular money coming into your bank account, as if you forget something you’ll have to start again, which is always the worst.
Next, make a list of all of your ‘OUTGOINGS’. This is everything that comes out of your account. For example, rent (important!), travel expenses and a weekly food shop. I found that I set myself an extra £20-£30 for if I got lunch out, any outings, takeaways or nights out I went on (however I don’t drink so you may want to set yourself more money if you do drink because alcohol prices can be pretty high). This is also super super important as if you forget an outgoing then you can go over budget and leave yourself short!
Some examples of outgoings to help you remember include;
Now all you need to do is subtract outgoings from your income!
Hopefully that will leave you with some money per month left over. Personally, I like to use this money for things like Christmas presents, clothes for myself, dates with my partner and my friends and other luxuries like games or a new laptop.
If you are left with no money, unfortunately you’ll have to increase your hours at work, use your overdraft (not recommended), or start to take away unnecessary luxuries.
Some of these include sharing a Netflix subscription with a friend, going out less (or pre-drinking before going out) and not spending as much on clothes and food.
I hope this little list of how to sort a budget is helpful! Good luck! - Kaitlyn