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Managing money
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It's very easy to spend all your dosh without giving a second thought to where it's all going. A drink here, a sandwich there, a new pair of shoes and the latest tunes... but once you've left home there's also the dreaded BILLS!!!
If you spend too much on nice things you might find you don't have enough money left at the end of the month for the essentials - like something to cook with and something to keep you warm in the winter!
The answer is to work out a budget. The way to draw up a budget is simply to list what you earn or the benefits you receive against what you spend.
What you spend (outgoings) should include:
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What you bring in (income) should include:
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Subtract the total of your outgoings from your income - what have you got left? If you're left with a minus figure then you're spending more than you're bringing in.
The important thing is to bring down the outgoings figure as far as possible. For example:
- Could you swap your gas and electricity supplier for a cheaper alternative?
- Could you walk instead of getting the bus?
- Could you do your food shopping at a cheaper shop, or buy less?
- Could you invite friends round to yours instead of going out once in a while?
Simple cost-cutting steps like these can quickly save you money.
Putting the money on a credit card is usually not a good idea because if you can't pay off the balance in full every month then you'll attract a lot of interest and that means being in even more debt. The same goes for store cards.
If you do find yourself in trouble then get some advice. Most banks have someone who can help or try the Citizens Advice Bureau. If you're a student, go to your student union -there will be a financial officer who'll be able to advise you. Whatever you do don’t leave it hoping it will go away – it will only get worse.
Useful links:
Putting the money on a credit card is usually not a good idea because if you can't pay off the balance in full every month then you'll attract a lot of interest and that means being in even more debt. The same goes for store cards.
If you do find yourself in trouble then get some advice. Most banks have someone who can help or try the Citizens Advice Bureau. If you're a student, go to your student union -there will be a financial officer who'll be able to advise you. Whatever you do don’t leave it hoping it will go away – it will only get worse.
Useful links:
Lots of useful tips and advice.
Links to useful websites.
