Managing money is one of the biggest challenges that many of us face. Even when we budget and are careful it’s the small amounts that can add up and make a massive difference. These small amounts are easy to forget when we look back and ask, ‘where did all my money go?’. However, it’s easier than you think to take control of our spending.

Budgeting (for real this time)

Creating a realistic budget means that:

• You’re less likely to end up in debt
• You’ll build up a good credit rating
• You’re more likely to be accepted for a loan, mortgage or credit card
• You end up with more money for your savings – beneficial for if you ever have anything wrong with your car or you want to go on holiday

How to Budget

This is one area that we all seem to know how to do but aren’t always good at sticking to so, below are a few tips to help get you started.
Think about what you must pay for.
You must think about all the essentials that you’ll have to pay for. Some of these may be, rent, insurance, food shopping (for the month or week), household bills, travel etc.

Think about any special occasions that require money!

You will have birthdays, Mothers/Fathers Day or nights out with friends already set in stone for the month. For each event that you have in that month you should put away enough money. For example, if you have a birthday meal planned then set aside £25 for that night and only draw that amount out so that you aren’t tempted to spend more.

Savings

Any money that you have left over once you have worked out everything that you need for the month, put it in to your savings. By doing this, if you happen to run over budget at any point you know that there is always a little something to fall back on. However, don’t make a habit of this as you’ll soon start running out of savings.

More outgoings than income?

If you’re spending more money than you have coming in, then you need to think about where you can cut back. One habit that many of us have is eating out when we have food at home. It seems to be the easier option to grab food on the go rather than preparing it at home.

Sometimes this is unavoidable but many of our financial problems would be solved if we just ate the food that we have at home. Cutting back on your spending can be as simple as this. You should also consider your household bills, use less water and electricity – ensure that devices are turned off at the switch and not just left on standby.

It might even benefit you to write down where and when you’re spending, or, at least try and keep receipts and check your bank statements. When things are listed each month, you’ll be surprised how much you’re spending that you probably don’t need to.

We hope that you have found this blog useful and helps you budget a little better. If you have any enquiries about finding your student accommodation, please contact us today. We look forward to hearing from you.