When trying to put together a budget, it’s important to outline everything that needs to be considered. Listed below are some considerations to take into account. You can also find some sample budgets based on three different income streams.
- Work out what’s available to spend. Consider all streams of income such as jobs, money from parents, loans, grants, etc.
- Think of what likely costs you may have. This is the time to prioritize your needs vs your wants.
- Set limits for certain types of spending such as nights out, eating out, traveling.
- Keep a tab on your spending as you go on – there are many apps out there that can assist with this.
A really helpful tool to help you visualize your budget, is Thisismoney.co.uk’s Budget Calculator.
*** Sample budget and Budget Template (excel document) to be added soon ***