Most students have to get by on a limited income, and so careful money managemt is essential. Budgeting is the key to sound money management, and the best way of avoiding money worries and escalating debt. 

• Budgeting gives an accurate picture of your financial position. It will almost certainly demonstrate that money is not being spent according to the priorities and will highlight where changes in spending habits can be made and, possibly, where savings can be made.
• Budgeting also helps make money go further. The fundamental aim of Budgeting is to ensure that basic needs are met and that, where necessary, steps are taken to get you out of debt.
• A budget can be a very effective brake on impulse spending. 
• Budgeting can help prevent running up debts.
• It will help to reduce stress.

A budget plan is a list of your income from all sources, and a list of all your expenditure, usually on either a weekly or monthly basis (a breakdown of estoimated living costs is available here).

If you receive funding in a lump sum, such as a Professional and Career Development Loan, you will need to decide how long this needs to last and allocate it over the relevant period.Some key points to remember in planning a budget are;

• Include everything and be honest.  The plan will be of no use if you do not include everything that you spend money on, and at a realistic amount.
•  Keep a record of spending. If you keep a track of how much you have spent and on what then you will be able to ensure that your budget is accurate.
• Prioritise.  If your budget does not balance then you will need to consider which items you can cut back on.
•  Revise the budget if necessary.  If your circumstances change, or you find that the expenditure that you have listed is not accurate, draw up a new plan.

Having drawn up a budget plan you then have to stick to it, which is the hard part.

Keeping a track of exactly how much you have spent and on what is the best way to stick to your plan.  You may also need to consider ways of saving money.  Websites such as Credit Action and Money Saving Expert have some good tips, and make sure you use a Student Oystercard and NUS card whenever possible.

The Student Support Office can give advice on budget planning and can help you to put a budget together.  We are also happy to help prospective students with this.

Uniaid have produced a budget calculator for international students.

You can also get good information from the Consumer Credit Counselling Service