living on a budget
If you want to avoid a sky-high overdraft, budgeting is the only way to go. So take a deep breath, hide the credit cards, make a budget and stick to it; you could be surprised just how far your money will go. And remember, money may be tight when you are a student but your earning power and career prospects will be much more positive after graduation.
There are lots of ways you can save money; here’s just a few money saving tips that could help you to manage your finances better.
1. Work out your potential income along with details of any current savings you may have and draw up a budget plan.
2. Remember that competition is tough for awards, scholarships and grants from charities, trusts and research councils. Be realistic about what you can manage on your own budget.
3. Be organised and manage your finances by using a spreadsheet for incomings and outgoings.
4. Look at your current spending, are there areas you could cut down on or swap for a cheaper alternative to make your money stretch a bit further?
5. Also be prepared for expected bills – Christmas, graduation, birthdays etc. - they will crop up.
6. Consider the possibility of working to top up your finances but remember to manage your time accordingly.
14 LJMU
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