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Four simple steps to budgeting for medical and dental students

By Wesleyan

No matter how much or how little you have, most people in life need to budget. A budget is a must-have for every student and once mastered, it’s a very good life skill.

It’s a simple equation - don’t spend more than is coming in! We all understand that but
putting it into practice isn’t always easy. When you get your grant and loan, it may seem like a lot of money to begin with but you don’t want to blow all of your money in the first two weeks and then struggle to make ends meet, for the rest of the year.

Follow these simple steps to ensure you stay on track.

Determine how much money you’ll have – from loans, grants, parents, part-time work, savings...

Then set yourself a realistic budget taking into account everything from your rent, groceries, going out, textbooks to toilet roll!

Keep a note of all your spending - from your monthly rent to the cheeky pint at the Student Union bar. You’ll be amazed how the small transactions add up. A £3 lunch every day, over an academic year can mount to over £800.

Review your spending each week against your budget and make adjustments. If you have overspent on your food bill this week, cut back the following week. You may not always know how much things cost at first, so regularly fine tune your budget – e.g. make your food budget bigger and your goingoutbudget smaller. Use personal finance apps to help you track your spending.

Get a picture of what your finances look like by using a budget planner. Stick it on your wall, to help you keep on track!


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