Financial stress

Tips to help manage your finances

1. Breathe – you have taken the first step to address the problem. It may take many steps to resolve, but one at a time makes it much more manageable. This may be overwhelming, but there will be someone to help you.
2. Budget – it is important to set limits on your spending when you start earning an income. Keep a log of your income and expenses, and be sure to put aside money to offset your tax liability down the line. You may find this website helpful.
3. Fixed expenditure – make a note of compulsory training, textbooks, and travel that may not be covered by your pupillage award as early as possible. Endeavour, as best you can, to save towards it.
4. Save where you can (one way of easing concerns around income and cashflow in early practice, is – if your pupillage award allows it – to make sure you put money aside each month to give you a “buffer” when you commence practice).
5. Prompt Payment – Don’t ignore letters. If you are feeling stressed at the thought of it, pass the letters on to someone else to deal with.
6. Talk it out – remember that your Pupil Supervisor and Senior colleagues will have been through this process before. Seek advice, and do not be afraid to ask for referrals e.g. Accountants.

Once you secure tenancy, it is important to keep on top of your tax returns and management of your finances. Tips on how best to manage life as a qualified barrister can be found here.

Note
The advice above is from Place Campbell/ Metis Wealth, who very much recommend you speak to an accountant if you have concerns regarding Tax, HMRC or similar issues. An accountant has seen all manner of records, schedules and positions and will be able to help. You need not be alone.