Managing money

Being able to manage your money is an important and incredibly useful skill to have. It is pretty easy to do once you know how. 

Keep track of your earnings 

If you earn any income from part time work, it is a good idea to keep a record of the hours you have worked and what your monthly pay should be. 

There are some apps you can download that will calculate your monthly pay for you however you can also just as easily create a spreadsheet. 

Here is our example of how you can keep track of your wages with a simple spreadsheet. 

For this example lets assume the person earns £5 per hour and works Saturdays and Sundays.  

Budgeting 

You may have some monthly bills to pay such as mobile phone payments, subscriptions to TV streaming services such as Netflix or car insurance. Make sure these are covered first before planning any other expenditure. 

Keep an eye on how much you are spending and on what. If you are spending too much money on one particular thing, consider cutting down. 

Saving For The Future 

You should set aside some of your earnings to save towards your future. This can be done using a savings account or simply setting aside some money that you already have saved in another account. 

Things you may wish to save for:

• First flat/house
• Driving Lessons 
• Car
• Tuition Fees (if studying outside of Scotland)
• Postgraduate study