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Budget Planning

How to Make a Budget Plan

Depending on your personal circumstances, you may find that you want to view term-time income and expenditure separately from vacation income and expenditure. If, for instance, you return home during vacations then the demands on your income are likely to be less than during term-time. On the other hand, if you live independently and you have to meet housing costs and bills all year round, then you will probably find it easier not to separate your term-time and vacation income and expenditure.

Step 1- Work out your income

Find out how much money you have coming in. Draw up a personal budget plan to work out your annual, term and weekly income. Only list money that you are certain you will receive.Remember that student income arrives in a variety of ways, grants and student loans come termly, earnings weekly or monthly – so in order to get a clear picture of annual, termly and weekly income you will have to use some basic arithmetic!

Step 2- Work out your expenditure

It is vital that you establish practical priorities in your spending from the outset. Work out your essentials such as rent, food, fuel and travel costs. Continue your personal budget plan working out your annual, term and weekly spending.

Step 3- The Balance

Subtract your expenditure from your income to find out just how much money you have left over. Do you have a surplus or a deficit? If you have a surplus, it is worth earmarking at least some of that money for emergencies. If you find that you have a deficit, you can either consider ways to economize, or if that is not possible, investigate ways of maximizing your income. It is advisable to test your budget from time to time. Over one week, keep an actual record of all your expenditure and see how it matches up with your budget.

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