Budgeting can be difficult. Some people are not used to having large amounts of money to allocate to different things, or simply haven’t got enough money for everything they need and It’s easier to ignore the problem, hoping that ‘something will come along’.
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.
Getting stung a few times is a memorable way of learning how to manage your finances, but avoiding this in the first instance is much better:
Check your bank statements regularly by signing up for on-line or telephone banking
Use our budget planner to help you plan ahead for the year
Increase your income through paid work
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 these goals and start them within 2 weeks
Don’t ignore financial worries – the problem won’t go away by itself
Don't be tempted by payday loans, they do not solve long-term money problems, and put you into even more debt.
Get advice from your university Student Welfare Adviser, or the Citizen's Advice Bureau