Penstripe Student Planner Catalogue 24-25 - Flipbook - Page 104
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BUDGETING (2)
SAVING MONEY (1)
Budgeting
Saving Money
Life also changes. Whenever your financial circumstances change, whether
that’s an increase in income or expenses, such as getting a new part-time job
or facing a rise in your mobile phone tariff, you should review your budget
again and adjust it to match your new situation. Be aware that this might take
a few tries to get right.
1. Track your spending
Keep a record of everything you spend your money on. This will help you see
where your money is going and make changes if needed.
2. Set realistic goals
When creating a budget, set achievable goals for yourself. Don’t try to save
all your money or cut out all fun activities. A good budget should balance
responsible spending with enjoying life.
3. Adjust as needed
Life can be unpredictable, and so your budget might need to adapt. If an
unexpected expense comes up, or you realise you often overspend in one
category, don’t be afraid to adjust your budget as needed. Flexibility is key to
a successful budget.
Creating and keeping to a budget might seem daunting at first, but it’s a
valuable skill. It’s your ticket to financial responsibility and the freedom to
make smart choices about how you spend your money.
Looking for more budgeting information? Check out this article on budgeting
for a holiday: www.moneyready.org/library/budgeting-for-a-holiday/
Use the Money Ready budgeting tool, shown in the table below
Extra costs
Bills:
Option:
Accommodation:
Option:
Food:
Option:
Travel:
Option:
Phone:
Option:
■ Savings give you choices about where to live and how to spend your time
There are a lot of different kinds of bank accounts, including current accounts
and savings accounts.
Which type of savings account you choose will depend on why you want to
save.
How much do you want to save (for instance, for a holiday you’re planning or
a special party)? How long can you give yourself to save up this money? This
will help you work out how much money you need to save each week.
Some savings account options might be:
■ An easy access savings account is a bank account where you can keep
the money you don’t need daily. You can earn interest on this money.
You can put money in or take money out as you need.
An easy-access account makes sense if you might need to quickly take
out some of the cash you’ve saved up. This is important in case you
have an urgent, unexpected expense.
■ A fixed term savings account is an account where you can put money in
but you can’t get it out for a length of time you agree to when you sign
up for the account. This could be a year or longer.
You might get higher interest, but you have to keep the money in there
and not touch it. You should only put money in this kind of account if
you know you won’t need it until the end of the agreed amount of time.
Which of the following is true?
A) Interest is a reward for saving
B) Interest is a charge for borrowing
C) Both of the above
D) Neither of the above
Answer = C
Fixed costs:
Leftover
Leftover =
Description
Budgeting (2)
Extra costs:
-
Interest rates can change based on decisions made by the Bank of England
to control inflation, or how much the costs of things rise.
New
leftover =
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K-5
Description
Saving Money (1)
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K-6
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Option:
Monthly income:
Copyright © 2025 Money Ready
■ In case you have an unexpected expense – what if your phone breaks?
Make interest make sense
Leftover:
Fixed costs
Savings:
Why is it a good idea to have a savings account, and pay into it?
■ You should get interest on your savings – free money!
Three top budgeting tips
Monthly income:
Make saving make sense
