4 Budgeting Tips Demystified
We know that the cost-of-living crisis has made managing your money harder and budgeting really difficult as many items have increased in price. While budgeting is useful and can help you to forward plan, we recognise more needs to be done to help UCL students residing within London and we are campaigning to make a change.
Remember, you don't need to be in debt to speak to a member of our advice service. If you just want a chat with our Money and Budgeting Advisors on anything to do with managing your money, speak to us.
Budgeting Myth #1: You have to be good with numbers
Good news: You don't need to be a mathematician to create and manage a budget. There are loads of budgeting tools out there to help do the maths for you. Setting up and managing your budget can be done within minutes, with no maths required.
Budgeting Myth #2: Budgeting requires you to make a certain amount of income
For many students, the idea of budgeting can feel pointless. However, when you receive your student loan, it’s crucial that you can make it last until the next one comes in. Don't be tricked into thinking you need to have a certain amount of money in order to budget. Knowing where you're spending money and where you can cut costs can really help.
Budgeting Myth #3: Budgeting is too restrictive
Many people assume that budgeting means you have to say “no” to everything, but it allows you to understand where you can say yes to spending money on things you need, which may help to reduce impulse spending.
Budgeting Myth #4: Budgeting is too time-consuming
While it may take a little extra time upfront, managing your budget on a monthly basis can be done within minutes. Initially, you need to outline your incomings (such as your student loan, grants, bursaries, or sponsorships you're eligible for, any cash from parents, any income from part-time jobs, any savings you're planning to use at uni, and your outgoings, like tuition fees, accommodation costs, course supplies, bills and so on). Once you establish it, you don’t need to do it again. With the help of budgeting tools and apps, that time can be even shorter, as the tools take on all the time-consuming tasks.
If you're looking to improve your budgeting skills and practices, we've got lots of budgeting advice available here. Our professional and accredited Money and Budgeting Advisors will also be offering personalised budgeting sessions at the upcoming Welcome Week.
Links to other useful information:
How to create a budget
Money and debt advice
How to increase your income