Getting stung a few times is a memorable way of learning how to manage your finances. But if you want the gain without any of the pain, then read our guide to money management to avoid fines, penalty fees, whopping bills and the other nasties that can gobble up your student loan.

Managing your Money

Lots of people find it difficult to budget. Perhaps you’re just not used to having large amounts of money to allocate to different things. Or maybe you simply haven’t got enough money for everything you need. It’s easier to ignore the problem, hoping that ‘something will come along’ and anyway, budgeting is boring. When all your friends are spending money, it’s hard to say ‘I can’t afford it’ and most of us are pretty reluctant to ask for help.

Some steps towards better financial management:

• Check your bank statements regularly by signing up for on-line or telephone banking
• Use a budget planner to help you plan ahead for the year
• See our tips for how to spend less
• Avoid buying on credit. Use a debit card or withdraw a fixed amount of cash for spending each week
• Note payment dates of bills to avoid late charges
• Always check the minimum contract length when signing up for mobile phones, broadband, cable TV or gym membership – don’t tie yourself into things you can’t really afford
• Set yourself 3 realistic goals e.g. reduce my overdraft; spend less on going out; stop using my credit card. Think about changes you’ll need to make to achieve your goals. Start these within 2 weeks
• Don’t ignore financial worries – the problem won’t go away by itself
• Get advice from your university finance advisor
  
  
  Weekly money saving tips now available by email

If you log on to www.moneysavingexpert.com you can sign up to receive a free money saving e-mail each week. This won’t make all your money problems disappear but with student debt running at record levels, if you can find ways to save a bit of money each term every little bit helps. 


Part of content is reprinted with kind permission of the Royal Medical Benevolent Fund from www.money4medstudents.org