At University you are investing in your future! It is important, but also difficult, to budget and manage your money well. If you do end up feeling the pinch, don’t ignore it and get into more difficulties!
Learning to manage your money is an important life skill, understanding your expenditure relative to your income is key to ensuring that you live within your means. The University has its own budget planner or alternatively you can find other example budget planners and money calculators.
It is important to understand what you’re entitled to, take time to familiarise yourself with the funding available to students. Check that you are getting the maximum level of funding available to you. If you need or want to supplement your income with part-time employment, our Careers & Employability Service may be able to help you find work. If you have children or a disability, you can claim benefits during your study. Finally open student bank accounts with overdrafts if you are starting a full-time undergraduate course. These can be a useful resource but it is important to remember that this is a way of borrowing money from a bank and you will need to pay it back (usually after you finish the course).
Your student loan and a student overdraft can feel like a happy bonus, but it’s not free money, especially if you go over your limit as the charges can be hefty. Closely monitor your money and spending; most banks have mobile apps that can make this very easy.
If you have concerns about managing your money, would like to know about funding available or you feel that you need help reach out to the Student Money team and/or read about the further support they can offer.