It’s easy to let money run away with itself so it’s important to work out how much you have to live on and to plan what it should to be spent on. The first thing to do is to work out a budget. Get a piece of paper and on the left hand side write down what money you expect to get a month (income).
This could include money you earn, your 14-19 Bursary and any allowance you get. On the right hand side write down everything you spend (outgoings). This could include lunch money, clothes, bus tickets, mobile charges etc. If the amount on the left hand side is higher than the right then you’re OK. If it’s lower you need to keep cutting things out on the right until the two figures at least balance. You need to be honest with yourself - if you cut something out you can’t then go and buy it.
To make sure you can cover all your essential outgoings you’ll need to prioritise your spending. This means making sure you’ve enough money set aside for things like bus fares and food before you splash your cash on ring tones and new clothes. It’s a good idea to put aside a little bit of money each week so you’ll have some savings in case you get an unexpected bill or want to treat yourself.
Try keeping a spending diary so you can see where your money is going. Write down everything you spend every day for a month. At the end of the month you’ll have a clear idea of exactly what your money goes on.
You can find out more about budgeting and budget planning by visiting the websites tab above.