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Manging Money

Understanding Your Money

A good place to start is to know how much money you have coming in each week. Add up any money that you get from you job, parents or from doing chores.

Once you have done this, spend some time tracking your spending to see where your money is being spent. To do this, you can use a notebook or an app like Plum, Emma or Snoop to help you track your money. This can help you figure out where you might be able to cut down.

Separate needs from want. Write down all the money that you have to spend. There will be bills that you cannot avoid paying such as rent, electricity, food, phone contract, council tax etc. Have a look at what is left. Do you need to spend money on those things or can you make some cuts?

Make a Budget to help you see how much money you have to spend and keep track of it.

Start Saving

Set yourself a goal. Do you want to save for a new phone? A holiday? or just to build up an emergency fund? Whatever it is, it helps to keep this goal in mind when trying to save.

Open a separate savings account and start saving whatever you can. Even small amounts add up.

Spend Wisely

When you do spend money, compare prices. You can use sites such as Pricerunner to check prices online. This way you never spend more than you have to.

To avoid impulse buys wait 24 hours before making a big purchase. Use your student discounts or loyalty cards to get things cheaper.

Be Careful with Debt

  • Avoid borrowing unless necessary.
  • If you use a credit card, pay in full each month to avoid interest.

Plan for the Future

  • Learn about bank accounts, interest, and budgeting tools. Barclays, Halifax and Money Ready all run courses to help young people learn these skills. Please see links to the right.

Quick Tips

  • Track every penny for a week—you’ll be surprised where it goes.
  • Set reminders for bills or savings.
  • Talk about money with trusted adults.

Urgent Help for Essentials

Helpful Links