Budgeting Advice
Why make a budget?
That's a question with a lot of answers, depending on your own situation but for most people it helps you to take control of your money by making plans on what to spend and what not to spend.
How can a budget help?
We can use it by spending the money we need and saving the extras for things in the future.
How?
Let's say you earn £80 per week in your job.
At college you spend £20 weekly on lunch and snacks.
Entertainment (magazines, movies, phonecards) another £20.
Personal needs (like deodorant, shaving etc.) £10.
With all, you spend £50. You save £30 for future needs.
See how it works?
It's that easy. You need to have will and courage to stick in the budget, because sometimes, prices change or something comes up that you hadn't planned for. That's why saving is also recommended. That's also why budgeting is important. It might feel difficult now, but when you're invited to a concert of the band you love, and you're buying the ticket, you'll be glad you put some money aside.
Here's a sample weekly budget to give you an idea of how much things actually cost.
WEEKLY INCOME/EARNINGS: £380
Toiletries: £10
Entertainment: £20
School Lunch: £20
WEEKLY SAVINGS: £30
See how it all works? All you have to do is follow the budgets, don't touch your savings, and you'll have some spare cash in no time.
Remember if you plan your money carefully and only buy what you can afford you shouldn't get into too much trouble with your money
