Running life on a budget? - Life skills
Well, who isn’t! Your parents, friends, even big companies, they’ll all have a set income they need to work within.
We’ve come up with some tips to tackle your financial woes:
- Budget budget budget. Keep tabs on your incomings and outgoings – you don’t want to be hitting that overdraft every month. Now’s the time to learn good money management – not the most exciting of things but it’s a fundamental life skill. Later on in life, you’ll have a lot more to juggle financially from rent and bills to car tax, insurance and subscriptions!
- What can you get for free? Not only do you currently receive free medical prescriptions, eye tests and dental treatment up until the age of 18 but why not check out things that have a small initial fee but have cracking rewards? Have a peek at an NUS card or shop around for current accounts – some come with some great benefits from cashback in certain shops to travel cards.
- Use your brain – shop around. Compare deals in a range of shops, you’ll be surprised some of the great bargains you can get with just a teeny tiny amount of effort! And if you think about it, shop around, save some cash…more money for other things!
- Get help with your savings. It’s important to get the right savings account for you. Do you have something special in mind you’re looking to buy? Ask for help from friends, family or the banks for the best accounts for you – don’t just leave your money in one that has 0.0001% interest and hope for the best!
- Get a part-time job. Not only will you gain that extra cash but you’ll also get those key important skills and experience employers are looking for. You’ll probably have a laugh and make new friends too along the way!
So have a think about your current out-goings – do you REALLY need that phone that’s costing you £60 a month or the subscription to the gym which you keep promising you’ll visit? Yes, it’s good to treat yourself but think long term – would you rather 250 coffees at £2 a pop, or a really nice holiday…?
If you're a student at MidKent struggling with budgeting, contact your personal development tutor, who may be able to help and make things easier.