Stretching money

Money. However much you have, you always wish you had more. Here are some ways to make your money go further:

• Use student or youth discount cards
• Hire DVDs and videos from the library – cheaper than Blockbuster with more variety
• Call when cheap calls area available on your mobile (varies with package)
• Get a free/cheap haircut by being a model on training night at a salon or beauty training college
• If you smoke, stop
• Look out for free gigs and entertainment
• If you drink, stop
• Refill water bottles instead of buying a new one every day
• Cut junk and snack foods.
• Get free condoms from a C&SH clinic, Bodyzone or through the Safety Card
• Visit charity shops regularly so that you can grab the nice stuff as soon as it comes in
• Get a student rail card and bus pass
• Only use cashpoints once a week and avoid the ones that cost money
• Make a budget and stick to it

Key link: www.thisismoney.co.uk/moneysavers

Checking your cash flow

Many people have no idea where their money goes. One day they have £20 and the next they are skint. Ask them what they spent it on and they haven’t a clue. To avoid falling into this trap you need to keep an eye on your cash flow.

1. Write down everything you spend for a week.
   Yes, we mean everything.
2. Make a list of money coming in each week: wages after tax, pocket money, gift money, benefits and any other income.
   
   

   TOTAL INCOME

   
   
3. Using notes from step 1 list your weekly expenditures.
   
   

   CINEMA		GIFTS
   EATING OUT		BUS/TAXI FARES
   EVENTS/CONCERTS		AUTO –
   SCHOOL ACTIVITIES		PETROL/INSURANCE
   CLOTHING		SAVINGS
   SPORT FEES/EQUIPMENT		CREDIT/LOANS
   HAIR APPOINTMENTS		HOLIDAY
   MAKE-UP/TOILETRIES		RENT
   TELEPHONE/MOBILE		OTHER

   
   
4. Subtract expenses from income
   
   

   EXPENSES - INCOME =

So, how did you do?

-	If you spend more than you have you either need to cut down somewhere or increase your income. If you don’t have enough for essentials look into getting a job or find out if you qualify for benefits.
+	If you have money left over, well done! You can start saving!

 

Experience: trouble with money

My mum and dad are divorced and have been for years. Dad has no problems with money and sends me some when I need it. Last month mum told me that we were 3 months behind on the rent and could end up going to court. I had to go see our solicitor because my mum was at work. I was so scared and didn’t really understand a lot of it. He told me what we had to pay and when. He explained it well. I found it hard to concentrate at school and I had a few days off. My head of year talked to me about things and I confided in her. She listened and assured me that things would work out, but I mustn’t miss any more days off school. In the end I called my dad and explained it to him. He sent some money and we managed to find enough to get us through the first few payments. I am definitely going to be more organised with my money when I’m older. Life is already too stressful without the problems with money. – 16, Witney