Student Money Matters

Many people experience difficulties with their financial situation. However, proactively managing your finances will give you more awareness of your own situation and help you to manage your spending within your means.

There are a number of steps you can take to manage your money more effectively.

Use the Budget Planner: you need to know what your overall situation is.

Manage your spending - is there any where you can make savings?

What are the most common reasons for getting into debt?

  • Not keeping an accurate record of your spending
  • Poor or no budgeting
  • Spending too much on non-essentials
  • Burying your head in the sand!

What can people do to avoid getting into debt?

  • Remember that each student loan instalment has to last the whole term, so break this down into weeks to see how much you’ve realistically got.
  • Keep a record of what you spend using one of the smartphone apps
  • Create a budget, split it into what you ‘have’ to pay and what you have left for luxuries.
  • Withdraw a weekly amount of cash and keep to your budget.
  • Don’t take your debit card with you when you are out socializing.
  • Only spend money on essential items if you know funds are getting tight, and shop around.
  • Plan your weekly shop to avoid overspending and impulse spending.
  • Get a part-time job, (we recommend no more than 16 hours a week), to give you a little extra cash each month – try to bank this in a savings account to pay for rent/bills when they come through

What help is available within the university?

  • Advice available from the Student Wellbeing and Mental Health Team
  • Financial Assistance Fund for students who are eligible
  • Information about external sources of funding such as grants and charities, and how to apply for them
  • Help with more effective budgeting and information on debt management
  • Help with debt management

Maximise your income- Make sure you are receiving all the funding you are entitled to.

Check ‘Other Potential Sources of Funding'. There are some suggested charities and awards that have various eligibility criteria.

Also look at these links from the Money Advice Service:

If you would like further information or advice about managing your budget, you can make an appointment with a Wellbeing Adviser.