As you prepare to study at University for the first time, you’ll have to manage the responsibilities of paying for your accommodation, study materials and other essentials alongside your studies.
We’ve put together some top tips on how you can manage your finances, save money and help your money stretch further:
Creating a budget
- Creating a budget will allow you to easily track your outgoings, help you to allocate funds to cover your essentials, and allow you to plan ahead.
- Make use of savvy student budget calculators to help you get started.
- Use our Financial Forecaster (Excel budget calculator).
Planning your food shop/cooking in bulk
Planning your meals for the week ahead and sticking to a shopping list when doing your weekly shop, will help you to only buy the things you need.
- Stock up on staples like pasta, canned vegetables and soups, as they have a longer shelf life. If you’ve got extra space in your freezer, try and cook in bulk and freeze leftovers whenever possible. Don’t forget to read any packaging to check if your food is suitable for freezing.
- Take a look at some student-friendly recipes for some inspiration!
Make the most of student discounts
Relish in your new student status and take advantage of the various discounts available to you throughout your studies.
- Sign up with UNiDAYS and TOTUM/NUS, who work in partnership with various brands to get you exclusive discounts on food, technology and more!
- Save money on travelling with a 18-25 or 26-30 railcard
Staying alert of scams
Keep an eye out for any scams, in the form of phishing emails and texts, event scams or discounts for paying fees.
- Our articles How might money laundering affect students?, Are there any accommodation scams I should be aware of? and How can I avoid student fee fraud and/or scams? include some helpful advice on how to spot scams on the rise.
Working during your studies
- Read our employment and tax webpages and our articles Do I need to pay taxes if I work during my studies? and What is National Insurance (NI) and do I need it? for tips on how to look for part time work, and guidance about NI & paying tax.
For International students:
Our article I’m on a Student visa, can I work while I’m studying? provides guidance for students on a Tier 4/ Student visa, looking to work while studying in the UK.
I’m having issues managing my money
If you are experiencing money difficulties, you should get in touch with one of our specialist Advisers who can provide you with free and confidential advice. For more information on how Advice and Guidance can support you during this period, take a look at our article Accessing Student Support & Wellbeing remotely.
- Our article How can I manage my bills and finances during the Coronavirus pandemic and lockdown also provides you with some helpful advice on managing finances during this period.
Most importantly have fun! Take advantage of the fun (& free!) activities you can get (virtually!) involved in during the Welcome Period and beyond.
Important to know: For more tips on how to save money, take a look at 15 ways to make your money stretch further from Save the Student.
Extra support & advice
- Blackbullion offer lots of guidance around managing your money; check out Student Money Guide 2020 and Money-ready for Uni.
- The Money & Housing Advice team have also produced a video series on Financial Wellbeing which you may find very helpful, which includes topics on where your money goes, how to budget and funding studies on health/clinical courses.
- Read the Money Mentors' Blog and in particular their post on Effective Budgeting