Help them set up financial systems for success. For example, building a 6-month emergency fund may be an excellent place to start. Since simply piling up cash in a savings account with no real purpose attached can be underwhelming, consider advising them to work toward concrete goals. Even if it’s just a small amount per paycheck, building the habit early will eventually pay off as their career progresses and their salary grows. Help them realize that it’s essential to build the habit of ‘paying themselves first’ – or saving. After all, the bulk of their paycheck may already be accounted for by everyday expenses like groceries, rent, and debt (such as student loans). If your child is just beginning their career after college, it may seem like contributing to savings is difficult-or even impossible. Help them focus on saving and paying themselves first. You’re proud of them, and you might also be proud of the help and support you provided along the way.Īfter you’ve congratulated your child for their accomplishment, it may be a good idea to pass on just a few pieces of wisdom to set them on the right track. After years of focus and hard work, they’ve achieved their sought-after degree, and it’s time for them to enter the real world. Some of these include sharing a Netflix subscription with a friend, going out less (or pre-drinking before going out) and not spending as much on clothes and food.It’s graduation season, and your child (or maybe, your grandchild) has made it. If you are left with no money, unfortunately you’ll have to increase your hours at work, use your overdraft (not recommended), or start to take away unnecessary luxuries. Personally, I like to use this money for things like Christmas presents, clothes for myself, dates with my partner and my friends and other luxuries like games or a new laptop. Hopefully that will leave you with some money per month left over. Now all you need to do is subtract outgoings from your income! Any other subscriptions you might have (Twitch Prime, beauty boxes, games subscriptions etc). Travel (bus pass, Oyster card, Metro card etc.).Some examples of outgoings to help you remember include This is also super super important as if you forget an outgoing then you can go over budget and leave yourself short! I found that I set myself an extra £20-£30 for if I got lunch out, any outings, takeaways or nights out I went on (however I don’t drink so you may want to set yourself more money if you do drink because alcohol prices can be pretty high). For example, rent (important!), travel expenses and a weekly food shop. This is everything that comes out of your account. Next, make a list of all of your ‘OUTGOINGS’. It’s important that you remember to include any regular money coming into your bank account, as if you forget something you’ll have to start again, which is always the worst. So, this could be your maintenance loan/scholarship money, your weekly or monthly wages or support from your family. This is what goes in to your bank account. It can be a rough ride but, I am here to hopefully help some of your budgeting woes!įirst things first - write out your ‘INCOME’. I’ve ran out of money a few times, over-spent, done my budget wrong or forgot to include things. I’m now in my second year at university, and budgeting is still a pain.
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