Thinking about starting a new budget plan for 2019? Look no further than Student Advice

Did you overspend last term? Had a few too many expensive nights out or succumbed to that coat you couldn’t resist? Or perhaps you’ve struggled to stretch out your funding and have had to ask family to help out? You aren’t alone.

Whether you’ve got £50 a week to spare or you’re someone dealing with debt and feeling stuck, we can help you maximise what you’ve got and get back on your right path.

Managing your student funding is definitely a skill – most students receive fairly large sums of money (student finance instalments) three times a year. However, bills and other financial commitments are usually payable weekly or monthly and managing this without overspending can be tricky. The good news is you can achieve it and we’re here to help. How about this for a 2019 resolution – “I’m going to take control of my finances“?!

The Student Advisers can help you work out a budget which is unique to you – we will look at all sources of income and when they hit your bank account. We’ll help you to calculate your essential outgoings such as rent, travel costs, bills, food etc and when you have to pay these out. You might even be able to plan for those unanticipated events which can knock us off track.

Then we’ll look at what’s left over and give you tips on how to get the most out of it, including any savings options; where and how to take advantage of student discounts, managing your bank account and how to find a part-time job.

All you need to do is phone up or drop in and we’ll explain what happens next. Essentially we’ll ask you to bring in 2 or 3 months bank statements which will help us (and you) identify your spending habits.

There are tools to help if you’d rather do the legwork yourself – free mobile apps such as Yolt – allows you to track your finances and manage your overall spending. You can use categories to see how much you’re spending in different areas. Another, Pariti – connects your bank accounts: you can view what you have coming in plus set spending goals. It updates automatically each day so you can see what you’ve left to spend.

An alternative might be an old school spreadsheet – some people work better on their laptop using a spreadsheet that they can sit down and look at. This could be something you create yourself, or alternatively, you could fill out one that’s already been created such as the Save the Student Student Budgeting Spreadsheet.

Budgeting is a skill that stays with you for life – start early – make an appointment to speak with one of our friendly advisers as soon as you’re ready.

Wishing you all a Happy New Year and savvy 2019

Student Advice Service