MATTERS

Take control now for less stress later…

left over, spread it out over the months and factor in extra treats, such as holidays, concerts, clothes, socialising and entertainment. Leave aside an amount every month for the ‘unknown’. This may be an essential book or an increase in your water bill.

Getting a part-time job

Ways To Manage Your Money 5

Work out your expenses

Now you need to think about what income you will need to cover month-to-month expenses. These may include:

■ Rent and bills (gas, electricity water, internet, etc.)

■ Food and sundries

■ Travel costs, such as bus pass or car-running fees

■ Insurances and mobile phone contract

■ Books and study supplies

At the start of the academic year, you may also find it necessary to buy extra items, such as furniture, a computer, books or memberships. Make sure you factor these extras in.

The idea is that each month you have enough income to support your outgoings. Whilst you might be able to move big purchases like furniture to a more convenient month, you won’t be able to move rent, bills, food and travel costs. If you’re falling short some months, you need to boost your income or seek help. If you do have some income

If you are running short of money or don’t have enough to do the things you want, the easiest way to make more cash is to get a part-time job. Student jobs come in many shapes and sizes. When looking for a job, think about the time commitment (up to 12 hours per week for a student studying full-time) and what skills it can give you for your CV (think: problem solving, team work, customer service).

Credit cards and debt

Most people take out credit thinking they can repay it, but when other more urgent bills need paying – such as rent, heating or food – credit cards are usually at the back of the queue. As a student with no structured income, the best advice is to steer clear of any type of credit at all. Worst of all are payday loans due to their sky-high interest rates.

If you don’t have enough money for the basics of rent, bills and food, or you have debt worries, visit www. nationaldebtline.org or Student Services for support.

Now you’ve worked out your budget, the hardest part is actually sticking to it. You might not think spending a little extra here and there is a problem, but it will soon mount up. Here are some tips on how to stick to your budget:

1 Check your balance regularly to always be aware of where you’re at with your budget.

2 Use a banking app so that you can check your funds on the go, or if you’re away from your main computer.

3 Check your budget regularly and update it if your income or expenditure changes.

4 If you struggle with bank cards because you can’t control how much you’re spending, withdraw a weekly amount in cash instead and don’t allow yourself to spend any more.

5 Never turn to credit cards or payday loans to pay for the essentials –get support straight away.