Budgeting Advice

Why budget?

• You will get an accurate picture of your financial circumstances.
• You can make sure you have enough money for your priority needs.
• It can be a brake on impulsive spending.
• It helps you avoid running up debts
• It helps you plan your spending and identify areas where you could cut back
• If you owe money to creditors, a budget gives them information about your financial situation and can help negotiate a repayment plan you can afford.  

How to budget

Budgeting is about taking all your income ( loans, grants bursaries, beneifts, part time work) and adding it all together.

Do the same for all your outgoings. Do try and be honest about what you spend or it wont be a true reflection! 

Once you have these two figures you can see what the difference is between them and see if you have a surplus of money, or a deficit.

If you have a deficit you need to look at ways of either maximising your income or minimising your spending.

Look at our Money Saving Tips  for Tips from LUU students to help with creating your budget.

To do your own budget try this online planner

or for a printable version click here:

 Not got much time and don't know where to start?

 The governments Money Advice Service has a 5 minute money health check you can do anonomously online. There is a link to the survey here.

If you are concerned about your financial situation please get in touch with the Advice Centre.