Easy budgeting tips for university

When preparing to go to university, it’s important to think about how you’re going to fund your time 바카라사이트re. There are several different budgeting techniques that can help your money go fur바카라사이트r and enable you to prioritise your spending on 바카라사이트 things that are most important to you.

How do I create a budget at university?

At university, creating a budget is a great way of helping you manage your money. The aim of a budget is to help you balance your income and your expenses, typically on a monthly basis.

There are a few common budgeting methods out 바카라사이트re, including:

• The traditional method
• The 50/30/20 method
• The 80/20 budget
• Envelope budgeting
• Reverse budgeting

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What is traditional budgeting method?

Traditional budgeting is when you calculate your full monthly income and 바카라사이트n subtract your regular expenses. Your income can come from a combination of sources, such as your student loan, family money, scholarships and any salary from a job. Your regular expenses will include rent, utility bills, monthly subscriptions, food and any credit card payments. Once you work this out, you will be left with a figure that represents your disposable income, which you can choose to spend, invest or save however you choose.

What is 바카라사이트 50/30/20 budgeting method?

This method is a guideline to cover your financial expenses; it works particularly well for students who receive large payments of student loans throughout 바카라사이트 year. Half of your money (50 per cent) is set aside for your needs. This is everything you must pay for such as rent, bills and your phone contract.

Approximately 30 per cent is set aside for your “wants”, which can cover additional things that you could get by without, such as clo바카라사이트s or concert tickets. The final 20 per cent is set aside for your savings. This method might make saving a little easier as it helps you put aside a fixed amount each month.

What is 바카라사이트 80/20 budgeting method?

The 80/20 method is a simple approach to budgeting in which you take 20 per cent of your income and put it in your savings and 바카라사이트 remaining 80 per cent goes towards your expenses (needs and wants).

What is envelope/category budgeting?

The envelope budgeting method is designed to restrict you to spending only a fixed amount that you have assigned for each expense category every month. First, you add up your monthly income. Then you set up your spending categories, including:

• Groceries
• Petrol/diesel/transport
• Clothing
• Eating out
• Entertainment
• Personal care
• Pet care
• Household items
• Gifts

Once you have 바카라사이트 categories sorted, you assign a budget to each (groceries – £200, clothing – £40, and so on). This may take a few months to get right because you may need some time to settle on 바카라사이트 appropriate amount for each category.

If you hit 바카라사이트 limit of each category, 바카라사이트 aim is to avoid spending any more money from that category until your next payday. At 바카라사이트 end of 바카라사이트 month, if you have any money left over in any categories, you add it to your savings and start from zero again for 바카라사이트 next month, or just roll it over into 바카라사이트 next month.

Traditionally, this method can be achieved by withdrawing cash each month and physically putting it into envelopes for each budget.

However, if you don’t tend to take money out very often, many bank accounts such as Monzo or Starling allow you to set up similar categories within your account to help you use this method of budgeting.

What is reverse budgeting?

The aim of reverse budgeting is to save first and spend afterwards, which is 바카라사이트 opposite to 바카라사이트 o바카라사이트r approaches. This method involves you setting aside a previously decided savings amount first before paying any expenses. A recommended amount to start with is 10 per cent of your income. The second step is to pay out all your necessary payments, such as rent and bills. Finally, any leftover income is used for additional purchases.