People tend to budget using different methods. Whilst you need to choose a system that is right for you, you also need to ensure you have accounted for all of your spending in a format that others can also make sense of if needed.
Fortunately, the internet makes certain tasks a lot less difficult than they used to be. For instance, Money Saving Expert created a Student Budgeting Planner which takes into account the majority of outgoings that a student would make. If you have not got the time to set up a budgeting system of your own, we recommend you to give it a try, and print out the results for future reference.
The Student Money Advice Team offers Money Management support please book an appointment
http://studentmoney.southwales.ac.uk/contact-us/for help in managing your finances.
If you budget well you will be able to avoid the following:
Avoid taking out Pay Day loans
It has been recently suggested that up to 46,000 undergraduates may have borrowed from pay day lenders last year. Majority of students are unable to meet the repayments as they do not have a regular income. Here are the 5 top reasons given by Consumer Affairs on why pay day loans should be avoided:
NUS Tips for budgeting