How-To: Manage Your Money at University

Being a student can often be expensive, with accommodation, travel expenses, course textbooks and making sure you have enough money to enjoy yourself. Hopefully, with these tips, you can make the most of your experience without having the money worries!

Planning is the key to success (honestly!)

Once you’ve applied for your student finance, they should send you a letter confirming how much money you’re going to get. From this, you can then start to create your budget. You get your maintenance loan in 3 instalments. For each instalment take away your essentials such as accommodation and travel. The money left will dictate how much you can spend on food and other outgoings.

Ways to boost your income

If it’s looking like you’re going to be short of money, then there are many ways to boost your income.

Year out: Taking a year out or a ‘gap year’ before university can be a great way of earning and saving money while getting some vital experience.

Part-time work: There are many opportunities for part-time work during university. Some universities might offer jobs as open day guides, bar and shop assistants. Some even offer employability and careers services that help you find jobs. It might also be useful to look at what shops are in the local area and then closer to the time you can research any job opportunities.

Placement years: Some universities and courses also offer a placement year where you can get experience within a given subject while getting paid!

Seasonal jobs: Whether it’s a Christmas temp job or a summer internship. Some employers might offer opportunities to work with them temporally during their busier times of the year. Again, it’s a great way to gain extra money and experience, without a long-term and ongoing commitment!

It might also be worth seeing if you’re eligible for any scholarships or bursaries! (Link to scholarship and bursary article).

Obviously, try not to take too much on! Yes, the extra money is great, but trying to take on too many extra shifts might affect your university work.

Top tips:

  1. Keep track of what you spend so you can see if you’re on budget.
  2. Don’t forget to budget for Christmas and birthday presents!
  3. Think about having two bank accounts, one for essentials and one for non-essentials.
  4. Try not to be too optimistic about your budget!

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.