What is a Budget?
A budget is a list of your all expected income and expenditure. It is useful to plan a budget over a complete year as this will include all expenditure, whether paid weekly, monthly, termly or annually. You may prefer to do this over the academic year, ignoring the long summer vacation, if you have family or other means of support during the holidays.
Drawing up a budget plan will help you to work out if your expenditure is more than your income, so that you can decide whether you:
- Have ‘spare’ money
- Need to raise extra money and/or reduce spending
How Do I Budget?
Follow this three-step plan to help arrive at your own budget plan for the year.