Ideally this should be done before you move into a house, but even if you haven’t started budgeting and you’ve already moved it, there are still things you can do to help your money management go smoother.
Find a system that works for you, and stick with it!
You probably already know if you are a pen and paper type of person, or if you prefer to go all out with spreadsheets. There are lots of different ways to budget, and they can all be really effective as long as you stick to the budget you have decided on and actually use your chosen method to keep track of things.
Add up your income
Firstly, calculate what you have coming in. Add up your student loans, any grants, money from a part time job, or anything else.
Look at the essential outgoings next
Things like your rent, bills, university fees, and anything else you will need to pay out that is non-negotiable. If you haven’t yet signed a contract for accommodation this is a good time to decide if the place you are looking at is realistically affordable or if you should look for somewhere cheaper.
You might also need some more money in the first month or week of your budget to cover a deposit on your accommodation, course materials and moving costs.
Other costs
Split the remaining money evenly over the weeks it has to cover for any other expenses like food and household supplies, entertainment and social events or anything else.
Contingency fund
Having a small pot of money set aside might eat a little into your other outgoings like food and entertainment, but if something happens, say your laptop needs repairs or you need to pay for a train ticket home unexpectedly, it will save a lot of stress. Having a little tucked away can help you to feel more secure.
We have houses and apartments to rent for varying budgets, so please get in touch if you will be studying at Lincoln!
Photo by Philip Veater on Unsplash