Basic Money Management

CWS19

I have just joined Money Saving Expert and I wanted to share some of my experience managing money as a student.

From personal experience, managing your money well is all down to organisation and self discipline. I can’t stress that enough!

Here are just a few tips I have relating to managing your money as a student. I will assume that since you are viewing this forum, you already understand the importance of managing your money well.

Budget
Keep a note of everything you spend (from food to accommodation). I use Excel for this. In fact, I have quite an elaborate spreadsheet which keeps track of all my income and outgoings.

I suggest you sit down for an hour or two and look over your current situation. What are you spending money on? What income do you have coming in? Am I spending too much on this? Do I need to be spending money on this? You should review this regularly.

Then keep a note of everything you spend (from food to accommodation). I use Excel for this. In fact, I have quite an elaborate spreadsheet which keeps track of all my income and outgoings. Having a spreadsheet will make reviewing your finances easier.

Give yourself a maximum spend per month and do not go over that. It is important to be strict with yourself.

Shopping
Write a shopping list before you go shopping. That way you will not be enticed to buy any more than you need. Don’t write the shopping list when you are hungry!

I like to plan what I will be having for my dinner that week in advance and shop accordingly. I also cook large portions and freeze most of it for another night.

Banking
Ensure you have the best bank accounts for you. Even though it’s hard to save when you are a student, every student should still have a savings account (probably an ISA).

During the holidays (when you maybe earning more and spending less), it is a good idea to see if you can put any money away in a savings account.


I hope I can offer more advice in the future and also pick up some tips myself. Please share your experience, tips and advice.

Wiggynut

How did you create your spreadsheet?
Care to share???

(hope you don't mind me asking)

:beer:

CWS19

Wiggynut wrote: »

How did you create your spreadsheet?
Care to share???

(hope you don't mind me asking)

:beer:

How well do you know Excel (or any other spreadsheet software)?

The great thing about creating your own spreadsheet is that it is 100% personal too you. Nobody would understand my spreadsheet if they looked at it but it suits me perfectly.

My spreadsheet in a nutshell:
I have a tab for each week and I create a new spreadsheet for each term at uni. On each tab I keep a list of everything I spend. I have a daily limit on how much I can spend (this is based on my income).

The spreadsheet calculates how much I spend each day (it also goes red if I spend more than my limit). It also works out how much I spend each week etc.

My spreadsheet is fairly simple actually but it allows me to easily review how I am spending my money.

Wiggynut

I would like to create something for any money earned.
I'm working at the moment and I have to complete a tax form at the end of the year.. I hope to carry on working here part time (once a week and a day extra here and there - depending on my course) so I need to keep a good clear account of it all.

I did have Microsoft money but I found it a pain... I'd rather try and organise a spreadsheet - so doing a spreadsheet for daily/monthly spend/budget would be a good idea to do too.

thanks - I'll have to have a play around with excel - I'm moving over to a mac soon and I'm hoping the equivalent software will accept excell (I think it will).
:-)

CWS19

Wiggynut wrote: »

I would like to create something for any money earned.
I'm working at the moment and I have to complete a tax form at the end of the year.. I hope to carry on working here part time (once a week and a day extra here and there - depending on my course) so I need to keep a good clear account of it all.

I did have Microsoft money but I found it a pain... I'd rather try and organise a spreadsheet - so doing a spreadsheet for daily/monthly spend/budget would be a good idea to do too.

thanks - I'll have to have a play around with excel - I'm moving over to a mac soon and I'm hoping the equivalent software will accept excell (I think it will).
:-)

I believe you can get Microsoft Office for a Mac so you could probably still use Excel. Failing that, I am sure there are excellent spreadsheet software for Macs.

It shouldn't be too difficult to create a spreadsheet to do what you require. Once you have something set up you will amazed by how much it can help you keep on top of your finances.

I have tried Microsoft Money before but found it far to complicated. It did far more than I needed it too. As I said, the great thing about a spreadsheet is that you can create it to suit you and you can make it do what you want it to do.

Neurotix

Cool post

You're write about shopping, when I made a budget for myself I realised I was spending WAY too much money on shopping than was needed!

For example i'd spend the odd 5 quid down the local Londis than be bothered to go to an asda or sainsburys to get a big shop.

Sainsburys and ASDA are REALLY cheap, check out there basic range! And before you screw up your face, just try it, it actually IS nice and decent it is only cheap because of the plain packaging.

Converting to sainsbury's basic range i was saving almost 70 percent on shopping a week!!!!

Broke_Student

CWS19 wrote: »

I have a daily limit on how much I can spend (this is based on my income).

How strict are you on yourself about keeping to a daily limit? It can't be much - surely a weekly budget is more sensible since you might spend more some days and less others.

Do you budget in a leeway? I found it useful to budget £5 a week to 'waste' but not intentionally spend it. For example on a friend's birthday last week (and end of exams!) I ended up getting drunk and doing shots/dinner (with ciders from offy)/west end bar (buying birthday drinks aswell)/bottle at offy/west end club. Wallet was atleast £70 down the next morning :eek: Luckily I'd saved for such 'emergency' and it's end of term so i'm not going to be going hungry :rotfl:

melancholly

http://www.moneysavingexpert.com/banking/Budget-planning

don't know how this compares to the OPs spreadsheet, but it's a pretty good place to start to get a budget up and running!

CWS19

Broke_Student wrote: »

How strict are you on yourself about keeping to a daily limit? It can't be much - surely a weekly budget is more sensible since you might spend more some days and less others.

Do you budget in a leeway? I found it useful to budget £5 a week to 'waste' but not intentionally spend it. For example on a friend's birthday last week (and end of exams!) I ended up getting drunk and doing shots/dinner (with ciders from offy)/west end bar (buying birthday drinks aswell)/bottle at offy/west end club. Wallet was atleast £70 down the next morning :eek: Luckily I'd saved for such 'emergency' and it's end of term so i'm not going to be going hungry :rotfl:

I am quite strict with myself. I am at uni Money to Friday and work Saturday and Sunday so I tend to spend roughly the same each day.

On my spreadsheet, I also have an imaginary "pot" of money which I can put money in if I spend less than my target in a day. Then I can use this money for one things.

I don't expect my method of budgeting to suit everyone but it works well for me.

P.S. £70 night out? You must have felt that the next day.