University may be the first time you will need to manage your money, and because it’s something you will need to do for the rest of your life, it’s worth checking out how you can do this.

A good way to manage your money is to follow a budget, so this week, the focus is budgeting.

1) Make a budget
Making a budget is the first step to managing your money. A budget will clearly show you your income and what you need to spend money on each week or month. Work out how much you spend over the year, then divide that amount by 52 (for weekly) or 12 (for monthly). If like me, you want a computer to do most of the hard work, this is a good place to start.

2) Budget for one-off expenses
Some expenses only happen occasionally, like Christmas. If you know something big is coming up, then budget for it. Put away a little extra cash each week or month until the expense or bill is due. Then you’ll have no problem affording those terrible slippers your Mum inevitably asks for each year.

Image result for Ugly christmas slippers

Okay…these ones are kinda cool.

3) Save money
You should consider saving some money every week or month as this will help you budget for any emergencies. Even if you only save a small amount, you’ll find it quickly adds up.

4) Monitor your bank account
Make sure you’re checking your bank account regularly. By doing this you’ll be able to check that there’s enough money to cover your direct debits and bills. You can also check you aren’t still paying for any services you don’t use any more.

5) Use cash
Using cash will help you control your spending. If you’re going shopping or having a day out, only take the amount you can afford to spend with you in cash and leave your debit card at home. This way you won’t blow your budget as you can only spend what you’ve got.

6) Cut back on your spending
You don’t need to make big changes to your lifestyle to save money. Cutting back on the little things you buy can make a big difference. For example, if you spend £2.00 on a coffee every weekday this adds up to £520 every year.

7) Shop around
Finally, if you’re looking to buy something, decide if it’s something you actually need. Shop around at stores and online to find the best deal for you.


If you want to find out more about any of these tips, or assess your budgeting skills, get involved in The Cash Circus by finding us on shuspace or our blog.

If you missed our first Money Mondays post on savvy spending, you can read it here,  and don’t forget to subscribe to get a weekly top tip on budgeting, saving or making money every Monday.