Whether you’re in college, sixth form or university, managing your finances can be challenging. It’s so easy to spend your money but so hard to save it, right? We know how it feels! So to help you out, we’ve put together 4 tips for managing your money - you can thank us later.
1. Make a budget and stick to it
The dreaded B word! We know that budgeting isn’t much fun, but it is really important in ensuring your finances are kept in order. They’re really easy to do plus there are loads of templates online that you can use. All you need to do is work out your average monthly income vs how much you spend on bills so you can see how much you’ve got left to play with. By doing this, you can identify if your incomings are going to be outdone by your outgoings, giving you time to prepare and seek help so you’re not left short. We’ve all been there and it’s not nice.
2. Don't feel embarrassed to ask for help
If you’re struggling to manage your money, you must seek help. It might feel embarrassing at the time, but it’s so important. The longer you leave money troubles, the worst they get, so it’s best to nip it in the bud and get it sorted. If you’re not sure who to speak to, organise a catch up with an advisor at your college/sixth form/university - they’re sure to know who to put you in contact with. Remember, you won’t be the first student in the same situation and you definitely won’t be the last!
3. Stay on top of your monthly bills
Keeping on top of everything you need to pay can be tough, and you don’t want to miss payments, right? Set yourself reminders on your phone's calendar, create standing orders in your bank account or even write yourself post-it notes. Staying on top of stuff is the easiest way to make things simple!
4. Make small savings where you can
Trying to save doesn’t mean that you have to cut out all the things in life that you enjoy. It can be as simple as walking rather than taking public transport or making lunch rather than buying it every day. Say you spent £3 on lunch 5 days a week - that’s £60 a month and over £700 a year. Insane or what? Making such small differences to your lifestyle can have a big impact long-term. Just think what you could do with that £700!
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