How to Budget and Successfully Manage Student Finances
What if I’ve got Loadsa Money? As the quote at the start of this booklet points out, you are only rich if you can afford what you buy. The more money you have the more likely you are not to worry about the odd pair of shoes here and there. Use this booklet to help you work out a budget so you never overspend.
What’s different for Students? One of the most unusual things about money as a student is that you’ll get paid your student loans, grants and bursaries in lump sums at various points of the academic year. Most new students will be used to getting paid weekly or monthly in previous employment and learning to stretch the big payments is not an easy skill.
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Another big difference is that this will probably be the first time you have lived independently in halls or in a shared house. Rent is most people’s biggest expenditure and don’t forget the bills. Independent and mature students are likely to suffer a fall in their income but will probably have existing commitments such as a mortgage, credit cards and hire purchase agreements. Temptation – Southampton is full of great shops, bars and restaurants. This guide will help identify any shop– aholic tendencies and help you work out the difference between NEED and GREED! More seriously it will help you work out what sort of lifestyle you can afford and help to avoid stressful money problems during your studies and into your future.
Students’ Union Advice & Information Centre www.susu.org/suaic