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Budgeting and money management

Budgeting and Money Management

Budgeting is essential to keep spending under control and is the single most important money management skill.  


Budgeting gives you an accurate picture of your money situation and makes it possible to make limited resources go a long way. It can also help identify areas where you are spending too much. It shows you (and your parents/partner/bank manager) that you are handling your money wisely. If you do not have enough money to cover your costs, you can receive advice.

Not sure where to start? Blackbullion and the Money Mentors can guide you...

We have teamed up with the deliightfully innovative people at Blackbullion to offer you free online resources which help you to find insights into your own spending habits and learn to budget accordingly.  Blackbullion have also been involved in the training of our new Money Mentors who are current students who can provide peer support, and hints and tips on managing your money.

  1. Download our Budget Planner or Forecaster, or if you need more guided support start with Blackbullion. New or prospective students who don't have a King's email address yet can use the code MONEYSMARTER with any other email account.
  2. List all your income in a monthly or weekly amount.
    1. The forecaster is split into months and you input your income as you receive it.
    2. The forecaster is interactive and hyperlinks and comments attached are to help you budget better. 
  3. Can you increase your income?
    1. Part-time work?
    2. Have you claimed all the funding available?
    3. Not sure? You may wish to discuss options with a Student Advisor, pop along to one of our drop-ins or email us  

The things you spend money on can be divided into three: past, present and future.

  • Present: list your survival costs - the things you must pay: rent, household bills, utilities, food etc. With the remainder, consider what you want but do not need.
  • Past: do you have any priority debts to pay?
  • Future: plan for short-term costs such as birthdays and holidays. Think about avoiding unnecessary credit whilst studying so long-term expenses such as a car or a house become possible sooner.
Eight simple rules to balance your budget
  1. Consider how often the expenditure happens and work out each item to a weekly or monthly figure (a calendar month bill is not four weeks).
  2. Review bank statements and receipts. Have you thought of everything? If you are not sure, use a spending diary or credit actions spendometer.
  3. Don’t count things more than once; it is possible some types of spending overlap into different groups.
  4. Overestimate don’t underestimate! And be honest.
  5. Be consistent. Use the same rules throughout.
  6. Include miscellaneous expenditure for one-offs and emergencies.
  7. Are you getting value for money? Review how much you spend on things - can you get this item/service cheaper elsewhere?
  8. Thoroughly double check when you finish. One small error can make a big difference.


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