On Wednesday, the Upper Sixth were able to benefit from the advice and wisdom of Mr Fowle, the School Bursar, on student budgeting. As a “money man” but also a parent, he knows the pitfalls that can befall young people away from home for the first time, with a student loan burning a hole in their pockets.
He warned the students about the temptations of credit cards and loans and encouraged them to set up a savings account to put small amounts away when they can. He suggested students should strive to be financially independent and not rely on the Bank of Mum and Dad.
To do this, the pupils were advised to work out how much money they have coming in and how much they will need to spend on food, toiletries, travel, books, mobile phones etc. They will have a clear view of what they may be able to save once all necessities are paid for. It is advisable to keep track of the money in their account so they do not become overdrawn, which incurs more expenses. Supplementing their income through paid work was highly advised too.
There are many student budgeting apps and spreadsheets available online, here is an example:
https://www.savethestudent.org › student-budget-worksheet