Helping you to budget


A budget plan shows you what's happening to your money and will allow you to see:

  • Exactly how much you have available to spend each week / month / term
  • What your essential outgoings are, and how much money you have left over for any non-essential items.

The following step-by-step guide will help you to set up a budget plan that works for you. 

Step 1: Work out your income

Find out how much money you have coming in. Draw up a personal budget plan to work out your income. Only list money that you are certain you will receive. Remember that student income arrives in a variety of ways, student loans and grants come termly and earnings from part-time work may come weekly or monthly. You will therefore need to do some calculations to work out what your income is on a weekly basis.

Step 2: Work out your expenditure

It is important that you know how much you will be spending on priority items from the start. Work out your essentials/priorities such as rent, food, bills (gas, electric, water, phone) and travel costs in the first instance. Use your personal budget plan to work out your annual, monthly and weekly expenditure.

Remember! - Your biggest bills, such as tuition and accommodation fees are usually paid at the start of term so you'll need to leave some money aside for them.

Step 3: The balance

Subtract your expenditure from your income to find out just how much money you have left over. Do you have extra money or a deficit? If you have a surplus, it is worth keeping aside at least some of that money for emergencies before you start buying any non-essentials. If you find that you have a deficit, you need to consider ways of either reducing your expenditure or increasing your income.

Step 4: Keeping track of your finances

It is advisable to test your budget from time to time to make sure you are keeping to it, and also to ensure the budget plan you have put together is a realistic one for you.

A good way to see if you have budgeted correctly is to keep an actual record of your expenditure for a week to see how it matches with your budget. Remember to include all the items you buy even if it's just a coffee or a magazine as they all add up. If you find that you have a shortfall you will need to look again at your income and expenditure to see how you can adjust things to make sure you keep to your budget.

Request our Monthly Budget Planner to calculate your annual, monthly or weekly income and expenditure - contact us at