As a student, learning to manage your money is crucial to ensure your funds last until the end of term. While your maintenance loan or other funding may seem like a large sum at the start of term, making it stretch can be a challenge. But fear not, with some savvy budgeting you can make your money work for you.
Here is simple guide to help you manage your finances effectively:
Calculate Your Total Income: Add up all the money coming in, including your maintenance loan, income from work, bursaries, scholarships, grants, contributions from family, and any savings or investments you may have.
Calculate Your Essential Expenses: Identify your essential living costs. These may include accommodation fees, utility bills (such as gas, electric, water, phone, Wi-Fi, TV license), groceries, travel expenses, childcare costs, tuition fees, and any subscriptions you may have. Once you have calculated your essential expenses, identify non-essential outgoings such as social spending, clubs and societies.
Budget Wisely: Ensure that your total income exceeds or at least matches your essential expenses on a weekly or monthly basis. This will help you avoid running out of funds before the end of term.
If you find yourself spending more than you're earning, here are some tips to help you get back on track:
Increase Your Income: Consider taking on additional work or finding ways to boost your earnings e.g. applying to grants or scholarships.
Seek Advice: Don't hesitate to speak with a Money & Budgeting Advisor who can provide personalised support and advice on managing your finances effectively. [email protected]
Cut Back on Expenses: Review your spending habits and identify areas where you can cut costs. This might involve reducing spending on non-essential items like takeaways or finding cheaper alternatives for groceries. If necessary, also consider how you can reduce your essential outgoings, including finding alternatives for cheaper accommodation and utilities.
Borrow Responsibly: If necessary and as a short-term option, explore appropriate interest-free borrowing options such as making use of a student overdraft. This may be an option if you are experiencing a delay to your income and know you will be able to repay the amount borrowed comfortably, within a reasonable period. It is important to remember to only borrow what you need and to seek specialist financial advice from your credit provider or bank before doing so.
Remember, budgeting is a skill that takes time to master, but with practice and discipline, you can make the most of your student maintenance loan and stay on top of your finances throughout your academic journey.
Our Money & Budgeting Advisors are here to confidentially support you throughout your studies, offering guidance on managing your finances effectively and providing free debt advice from qualified professionals.
If you encounter unforeseen financial challenges during your studies, the Students’ Union offers several hardship support funds to assist you on a short-term basis while you regain financial stability. To learn more or to schedule an appointment, contact the Students’ Union Advice Service at [email protected] or visit us in person at 25 Gordon Street, WC1H 0AY. Our office hours are from 10 am to 4 pm. You're not alone—we're here to help you succeed.