You will need to know your income and expenditure figures to complete your budget accurately. This is slightly more complicated than if you were working a job with a monthly salary.
What to include as income?
Student income comes from a variety of places and gets paid at different points throughout the year. As such, you need to budget your income annually as the money coming into your account each month will fluctuate.
Things to include as income are:
- Student loan
- Grants (provided by Student Finance and the NHS Learning Support Fund if applicable)
- Funding from a partner or parents
- Money from part-time work
Whilst you may have an overdraft or a credit card, you must not include any amount you can borrow in your income. You should reserve use of your overdraft or a credit card for emergencies only.