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► Money Management
Managing Your Money
Managing money while studying is a challenge to most students - whether undergraduate or seasoned postgraduate. It is possible to enjoy student life and pay for it, as long as you take time to think about where you're money is going and consider the funds you have available to you.
This section of our site covers the basics of money management including budgeting, overdrafts and some quick hints and tips.
Budgeting
Making a budget using a budget planner will allow you to stay more in control of your finances and help you get a clearer picture of what you spend in relation to money coming in. It's important to be realistic about what you spend and not to just write down what you think you should or shouldn't spend.
You should think about what you actually need to spend money on, in comparison to what you like to spend money on and you may have to be prepared to make sacrifices to make your budget work.
Drawing up a budget give you a better idea of will give you a better idea of how your finances balance out and show any shortfalls in income that you might have. In looking at your expenses remember to take into account rent/mortgage payments, utilities, food, TV licence, books and course costs, clothes and shoes, insurance, laundry, any childcare costs, travel, and socialising.
If you find that there's going to be more money going out than coming in then contact the Money Doctors at LISS in the University for a group or one to one advice session.
Ultimately, don't panic if you have a money problem. Use the contacts and links on this site to get in touch with someone as soon as you start to experience financial worries or difficulties.
Getting a job
You may find that getting a part time job might help you with your finances. This might distract you from spending your money as well as boosting your income. However make sure that you don't take on too much as the University will not accept work commitments as an excuse for missing deadlines and getting behind with academic study.
Deposits
Don't forget that most landlords will ask for an up front deposit. You probably won't have the luxury of waiting to get your old deposit back before you need to pay your new one.
Study Costs
Don't rush out and buy all the books on your course list. Find out which are essential reading and make use of the library. You could think about buying second hand books instead of new ones.
Insurance
Check to see if your parents can add important personal belongings like computers and bicycles to their home contents insurance policy. This will normally be cheaper than having your own policy.
Leisure and Socialising
Try to go to places taht offer you a good deal. Union facilities are very reasonably priced and lots of other places offer student deals. Why not meet up and cook woith your friends? Cooking for larger numbers and sharing the costs is normally more economical than cooking for one.
Overdrafts
Large overdrafts are often available to most first year students and spending it may seem tempting. Remember that you may really need your overdraft facility at a later date and if you've exhausted your account it won't be there.
It can be tricky not to get carried away when your loan and grant first hit your bank account and whilst it may seem like you're loaded it is important to remember how long that money has to last you.
Most students seem to experience financial difficulty during the term after Christmas. This is the longest term and comes after what can be a very expensive vacation period. Remember that you can contact the Students Union advice Service or the Money Doctors at the Student Development Advisory Service at any time throughout the year - so take advantage of available advice as soon as you need it.
Hints, tips and ideas
· Budget, Budget, Budget - You can only know what money you have to spend when you know how much you've got coming in
· Always stay in contact with your bank. Banks are quite often prepared to give you an authorised overdraft - but bank charges for unauthorised overdrafts can be high.
· Avoid impulse buying.
· Do not use your mobile phone to excess. We advise that you use a pay-as-you-go scheme and to keep non-essential calls to a minimum.
· Maximise the use of discounts and special offers for students. Have you got an NUS Extra Card
· If you do have debts that you feel are getting out of control make a list of them based on importance. Speak to the Money Doctors in LISS or a professional debt counselling service if you get to this stage as they can help you manage your debt.
· Avoid store cards completely - the rates of interest they charge are often ridiculously high.
· Figure out your weekly expenses and try and take the money out for the week or per day so you can keep track on your spending. Keep note of when you use a cashpoint - it's easy to forget those late night tenners and they quickly mount up.
· Regularly put money in a 'kitty' to cover housing costs such as bills. Bills have a knack of coming when money is tight and can often see you caught short. In shared houses try to get all residents' names on bills.
· Take a calculator with you when you shop and add up as you go. This way you avoid any surprises at the till and you can make sacrifices to stick to your budget.
· When you're out shopping and you pick something up to buy, remember these five words: "do I really need this?" If you don't, put it down and walk away.
· Avoid buying ready meals when you're shopping as they are often expensive and unhealthy.
· Go to the supermarket at times when you know items will be reduced and look for buy one get one free offers.
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