For the majority of students, the money they need will not come from just one source. Loans, grants, parental contributions, earnings or savings, sponsorship or scholarship awards are all different ways of getting money and need to be added together and looked upon as your potential 'income'. And, within any budget, the other side of the story is your 'outgoings' - what you need to spend. So by looking closely at your outgoings and giving each one a figure, you will be able to see how much your income needs to be to cover everything you need. The following will give you an idea of the different ways of breaking down potential outgoings to help you manage your money effectively.

These are probably the most obvious of your potential outgoings on becoming a student. Fees will vary between different courses as well as between schools, colleges and universities, but whatever the amount, they will count for one of the largest proportions of your budget.

Where you live whilst you train should be thought about carefully. You may be keen to live independently at this point in your life, but can you afford to? Living at home for a couple more years and commuting might be worth considering if it's a practical option. Some areas of the country are more expensive than others, so where you choose to go will affect your budget. Check to see if the course or qualification you want is available in different locations before making your final decision. Another factor to think about is sharing accommodation with other students. Vocational performing arts courses can be very physically demanding and if you are sharing with students from different, more academic courses, you may find that your need for an early night, to be ready for an early dance class, does not fit in with their late-night party plans!

As well as your accommodation costs, there will also be your essential living expenses to budget for. These will probably include food, travel, bills (water, gas, electricity, phone etc.), TV licence, contents insurance and possibly credit card payments. Try and think of everything and if you are not sure, ask your parents or guardian for advice - after all, budgeting for these things will be something they have first-hand experience of.

These will vary from person to person, so you will need to make your own personal list based on normal spending habits. However, the crucial thing is to prioritise. As an example, out of a list including new clothes, toiletries, socialising, CDs/DVDs, household items and coursebooks or equipment, you should order them in terms of how important each one really is and allocate your money accordingly. This may not sound like much fun, but if you do this exercise you are more likely to be able to afford a night out or new pair of jeans when you want them.

The following is a list of organisations who are involved in student finances in one way or another. Use them to gain as much information as you can when setting up your budget as well as throughout your time as a student.

NUS (National Union of Students) www.nus.org.uk - the national voice of students, helping students to campaign, get cheap student discounts and provide advice on living student life to the full;

Aimhigher www.aimhigher.ac.uk - for information about student loans and other advice on finance and other aspects of becoming a student;

National Debtline www.nationaldebtline.co.uk - for free and confidential advice about how to deal with debt problems;

Student Debt Guide www.debtadvicefoundation.org/education/student-debt-guide - helps students to understand whether they have a debt problem or a money management problem, what the different types of debt are, why it's important to prioritise some debts over others and where to go for help and advice if they are struggling;

Dance and Drama Awards www.direct.gov.uk/danceanddrama - help with the costs of going to certain private, specialist performing arts schools.