Budgeting - DANCOP - 19th October 2018

DANCOP came in again to share a powerpoint with us contain ing useful i information we need to know about student finances. We completed a number of tasks in order for us to get to grips with the amount of budgeting that is involved when being a full time student. DANCOP are here to prepare us so that we are fully aware of what is to come in terms of managing self sufficiently.

I throughly enjoyed the group task today as it allowed us to get a taste of the sorts of things we will have to learn to independently financially manage. We were given a pack of cards and a spreadsheet sheet table. Each card had a price on it, we were then given an amount we could spend against each section e.g. Food, Insurance, rent, Student life, clothing etc.. The task was to allocate the money and priorities what we felt are living necessities.

As the budget progressively got lower the decision became harder, we had to constantly reduce our outgoings getting rid of luxuries that are not necessary when having to stick to such a tight budget.

It was interesting to see what other groups had decided is a necessity. Everyone had different answers depending on what they felt was most important. This is all a part of learning to budget wisely.