SOAS Welfare Office: Budgeting
Are you getting everything you should? We offer all undergraduate students a 15-minute financial health check, to help you ensure you are making the most of funding that is available to you. Please attend a drop-in session at Paul Webley Wing normally on Tuesday, Wednesday and Thursday between 10am and 11am or Wednesday 3pm to 4pm. Please phone 020 7074 5015 to confirm times before coming.
Bring your notification letters from Student Finance England and the Student Loans company with you.
Add together your income and estimated expenditure for the academic year from the budget planner. Divide these figures by 9 to get monthly income and expenditure figures . This will highlight any deficit and concentrate your mind on how you are going to deal with it – see below for ideas.
Deduct your fixed expenditure figure (rent, utility bills, food, travel costs, TV licence etc) from your income – think about putting this money into a separate account and setting up direct debits to pay rent and bills on time. What’s left is your monthly allowance figure for variable expenditure spending money. Divide this monthly figure by 4.5 to get a manageable weekly spending figure. Try to stick to it!
Do not let bills pile up or ignore them – if you are unable to make the necessary payments, try negotiating special terms with your creditors.