Showcase Magazine Spring 2026 - Flipbook - Page 29
MONEY SKILLS
Kath’s Corner! Join our IQA Kath as she
shares her top money saving tips.
BUDGETING
101
Budgeting is such a vital skill to learn as you move into adulthood, but one we often overlook.
It helps to ensure you can afford essentials like travel, bills, food, and accommodation, but
also put money away in savings and have a little leftover for treats. You can use a
spreadsheet, apps, or traditional pen and paper to do it; but whatever you choose, make sure
you review it regularly and try your best to stick to the plan. Your future self will thank you!
Write down your monthly income
after tax, national insurance, and any
other deductions (called 8net9 income
as opposed to 8gross9 income which is
before deductions - it9s like you catch
the money in a net).
Record all your monthly outgoings don9t forget things like rough
spending on food as well as bills. Use
this as a good opportunity to review
bills/ subscriptions too: do you really
need that monthly app you pay for?
Consider what is essential spending
(like your rent) vs what is a treat (like a
coffee each morning on the way to
work). Look at what living within your
means allows you to treat yourself to
each month and put that aside.
Prioritise paying off debt first, or using
savings to pay it off. Even better,
avoid store or credit cards to begin
with! Debt can be tricky to manage;
so ensure you keep a little aside each
month to pay it off.
Set yourself budgeting goals like a
savings target (e.g. for a holiday), or
use a 8rule9 to apply to your budgeting.
For example, the 50/30/20 rule
means you put 50% of your income
towards essentials, such as housing
and bills, you keep 30% for spending,
and put 20% straight into savings.
Stick to the plan and review it
regularly! Expenses go up and down,
your salary might change, and even
the season can make a big difference
(e.g. Christmas). Make sure you review
bills using price comparison websites
(like Go Compare for car insurance) to
make sure you aren9t overspending.
Check out the Government’s Money Helper website for a free budget planning tool
｜
Showcase Training 29
