Whether your money comes from a bursary, your parents or a part-time job, a simple budget stops you running out before the month ends.
Step 1: write down what comes in
List every source of money for the month.
Step 2: sort what goes out into three buckets
- Needs: rent, food, transport, data, study materials.
- Wants: takeaways, clothes, entertainment.
- Future: savings, emergency money, paying off debt.
Step 3: pay yourself first
Move your savings out of your spending money as soon as you get paid, even if it is only a small amount.
Step 4: track for a month
Use a notebook or a phone app. You will probably find a few small leaks. Read more on our Money Matters page.
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