Starting Out
A bit of preparation before you arrive can make a big difference and help you start university feeling more confident and in control of your money.
These sections cover the key things to think about before you begin your studies.
Understanding Student Finance
For most students, Student Finance will be their main source of income while studying, so it’s worth getting familiar with how it works before you arrive.
Student Finance usually comes in two main forms: tuition fee funding and maintenance funding. Tuition fee loans go straight to the university, so you won’t see that money in your bank account. Maintenance loans are paid directly to you to help with living costs like rent, food, travel and bills.
Payments are normally made in instalments across the year, often at the start of each term, rather than all at once. This means you have to budget carefully to make the money last until your next payment.
If you feel you need some support with this, our Student Money Advisers offer pre-arrival appointments where you can chat with them about any concerns you may have prior to your arrival.
Make sure you’ve applied in good time, check when your payments are due, and keep an eye on your Student Finance account for updates or messages.
You’ll also need to ensure you’re means tested on your household income if you’re under twenty-five and aren’t classed as independent. This can have a big impact on the amount of maintenance funding you receive.
Setting up a student bank account
You can open a student bank account once you have proof you’ve been accepted on to a qualifying course.
A student bank account can make managing your money easier, especially once your Student Finance payments start coming in. Many accounts are designed with students in mind and offer helpful features like online banking, budgeting tools, and easy ways to track your spending.
Many student accounts also come with incentives such as cash or other benefits.
Some student accounts also come with an interest-free overdraft. This is there as a safety net if you ever need it, rather than something you’re expected to use. You’re always in control of whether you use it, and you can usually choose how much overdraft you’re comfortable with.
If you’re thinking about opening a student bank account, it can help to:
- Compare different banks and what they offer
- Look at any extras or incentives included
- Check how long any interest-free overdraft lasts
- Think about what features matter most to you, such as budgeting tools, spending alerts, or having a branch near to your accommodation.
If you already have a bank account you’re happy with, that’s fine too — you can usually upgrade it to a student account, so you don’t miss out on all the benefits.
Budgeting Basics
A budget is simply a plan for your money. It helps you see what’s coming in, what’s going out, and whether your money is likely to last.
Before you arrive, try to get a rough idea of:
- How much money you’ll have (Student Finance, savings, family support, work)
- Your regular costs (rent, bills, travel, phone, food)
- Other spending you might forget about (socialising, subscriptions, course costs)
Your budget doesn’t need to be perfect at this point — and it definitely doesn’t need to mean saying no to everything fun. It’s just a tool to help you make informed choices and see what financial position you’ll be in once you arrive.
There are plenty of budgeting apps and online tools that can make this easier, or you can keep it simple with notes on your phone, a basic spreadsheet, or even just a pen and paper.
If you need any support putting a budget together, our Money team offer pre-arrival appointments throughout the summer to put you in the best possible position when you begin your studies.
Pre-arrival Money Checklist
A quick checklist can help you feel organised and ready before you arrive:
- Apply for Student Finance and check your entitlement looks correct
- Know when your first maintenance loan payment is due
- Set up a student bank account
- Have a rough budget in place
- Understand your rent payments and what bills are included
- Set aside a small emergency buffer if possible
- Saved details of who to contact if you need money advice or support
- Book a pre-arrival money appointment if you need some guidance
You don’t need to have everything perfectly in place at this point; however, the more prepared you are the easier it’ll be to manage your money once you arrive.
The Money team will be out and about throughout Welcome Week to answer your questions, and they’re easily reachable throughout the year to discuss any money worries you might have.
Part-time work And earning extra
For lots of students, part-time work is a normal and positive part of university life. Earning alongside your studies can give you more flexibility with your money and help you feel more confident managing your day-to-day costs.
A part-time job can help you:
- Boost your income and give you a bit more breathing space
- Cover everyday costs like food, travel and socialising
- Build useful skills and experience for your CV
- Get into a routine and meet new people
Many students choose to work during term time, especially once they’ve settled into their course. Even a small number of hours each week can make a noticeable difference.
If you already work for a large company, it may be possible to transfer from your current store to one in Chester.
If you’re planning to work during your studies, it’s worth getting your CV up to scratch before you arrive.