Managing your Money and Avoiding Nasty Surprises

Managing your Money
Lots of people find it difficult to budget. Perhaps you’re just not used to having large amounts of money to allocate to different things. Or maybe you simply haven’t got enough money for everything you need. It’s easier to ignore the problem, hoping that ‘something will come along’ and anyway, budgeting is boring. When all your friends are spending money, it’s hard to say ‘I can’t afford it’ and most of us are pretty reluctant to ask for help.

Some steps towards better financial management:

• Check your bank statements regularly by signing up for on-line or telephone banking
• Use a budget planner (see related link) to help you plan ahead for the year
• Find ways to spend less (see related link)
• Increase your income (see related link)
• Avoid buying on credit. Use a debit card or withdraw a fixed amount of cash for spending each week
• Note payment dates of bills to avoid late charges
• Always check the minimum contract length when signing up for mobile phones, broadband, cable TV or gym membership – don’t tie yourself into things you can’t really afford
• Set yourself 3 realistic goals e.g. reduce my overdraft; spend less on going out; stop using my credit card. Think about changes you’ll need to make to achieve your goals. Start these within 2 weeks
• Don’t ignore financial worries – the problem won’t go away by itself
• Get advice from a student welfare adviser

(Additional information courtesy of Queen Mary’s University of London)