Policies and Procedures
We know that managing your finances can be tricky, especially when student finance is paid termly and you have a whole year to budget for but student finance only covers part of the year.
Managing a household budget is a skill to be learned and we are here to help get you started and support you until you feel you no longer need any help. This means we can support you throughout your entire journey at BU
We can help you by:
- Listening to your situation and hearing what your worries are and what you would like to do
- Looking at your current situation and seeing what options are available to you to help you improve your situation
- Identifying short, medium and longer term solutions so if there is a quick fix available, you know exactly what you can do and how to do it
- Identifying any risks that there maybe and offer guidance to help you avoid, or reduce risk
- Giving you the tools to help you manage you own finances, and work with you to ensure you are comfortable and confident in using these tools
Forecasting your finances can help you identify when your funds will run out, and avoid you falling in to financial crisis. There are many ways you can monitor you income and expenditure and as such you can pick what works best for you. Some students will use Excel whilst other may use a notebook or an app like Monzo. Budgeting isn't a one of activity and your budget should be reviewed and updated at least once or twice a week. Check out our budget sheet below to give you an idea of what you need to account for.
If you have fallen behind with repayments, defaulted on a loan or not paid someone you owe money too then its important you seek advice. Although this may feel daunting, its best to start sooner rather than later as the issue can snowball quickly and may result in bailliff action, poor credit reference and an increase in the amount you owe. The Money Advice Service, Stepchange and National Debtline are free, confidential services that can advise you of your options. You can make the call to either of these services with one of our Advice Workers who can guide you through the conversation and help you make a plan of action.