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Managing Your Money - Financial Sacrifices

Unfortunately you may have to consider some sacrifices to help you at least 'balance the budget'. Maybe for one week a month, or 2 - 3 days each week you should establish 'low cost time-zones'. Time periods when you have a quiet time studying, or with friends - eat-in, borrow videos from one of the libraries on campus, see how cheaply you can make a good meal, limit your travel (walk where possible), find some free entertainment (galleries, etc), make your lunch, etc. It is possible to have an enjoyable time without spending much, and it will relieve budget stress. There is no direct correlation between cost and enjoyment.

Here are some other budgeting tips

  • When estimating your expenditure think of all your costs in terms of wants and needs. Write down all the purchases you would like and expect to make. Be less careful about your actual need at this stage. Then compare it against your likely total income and savings. If you are significantly short of cash, analyse your costs list and start deleting those that can be classified as a want/luxury and not an essential/needed item.
  • When estimating expenses think "slightly higher" to account for price rises and unpredictable events.
  • Don't forget the once yearly costs such as car registration and course costs.
  • Try to save some money towards unexpected medical or dental expenses.
  • Check your budget on a monthly basis.
  • Create an Excel or Lotus spreadsheet on a computer to save time, and avoid reworking the figures all the time.
  • If you need more cash examine your skills and interests eg. computers, art, crafts, photography, writing etc. Is there any potential for extra income? Do you have any clothes, books, CDs you never use and wouldn't miss if you sold them?
  • You can try negotiating with your utilities suppliers for an extension or instalment plan if you can't pay the bill in time. It is in their interests (as well as yours!) to avoid cutting off the provision of services, so you probably will be surprised by their flexibility.