Managing Your Money - Self Assessment

• Are you constantly borrowing money from friends or relatives?
• Do you usually pay your bills late?
• Are you paying more and more of your income to pay debts?
• Is your income running out by the end of each week or fortnight?
• Are you paying only the minimum amount on your loans or credit cards each month?
• Are you at or over the limit on your credit cards?
• Have you put off visiting the dentist, buying a prescription or an important book or an essential item because you can't afford them?
• Are you uncertain exactly how much money you owe?

If you answered yes to any of the questions you definitely should be budgeting! If you answered yes to more than 2 of the questions, financial difficulties are here or on the way, and some serious money management is essential.

Consider keeping track of your expenses for a couple of weeks or a month. Write down all your costs in your Student Diary. At the end of the period divide the costs into categories (groceries, lunch, tram fares etc.) and add them up. The results will give you a 'real life' indication of what is costing you money, and how much. You will then be able to make some decisions on any expenses which are a 'waste of cash' and can be avoided.