Managing my money for young adults
Managing my money for young adults

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10 Budget pressures away from home

Moving away from your family home for the first time, whether to work or to study, is the point when, if you’re not careful, you might lose control over your finances.

In the next video Ellie, Katy, Olga and Jamie talk to Bobby about their experiences in dealing with money at university. As you watch, make the most of being a fly on the wall and see if you can work out the three top pressures described here.

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Three clear pressures on your budget emerge when you leave home.

  • First, you’ll take on wider financial responsibilities such as rent, travel costs, and the costs of food and drink. If you’re studying there’ll also be the costs of texts, IT equipment and other study items.Depending on your accommodation you may also be responsible for utilities costs (gas, electricity and water).
  • Second, you’ll come under pressure from your peer group to spend money – on membership fees for clubs and for socialising.
  • Third, if you’re at university your maintenance loan will be paid to you in three or four lump sums. Many people have spent money too freely when the lump sum arrives and find that their income has run out before the end of the time it was supposed to cover.

So when you’re leaving home your budgeting becomes more complex and in need of robust control.

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