A male lecturer helping two male students
A male lecturer helping two male students

5 tips for managing your money while at university

Creating a budget and managing your money in the right way can really help you to stay on top of your bills and even start to put away some savings.

5 tips for managing your money while at university

To help you get started, we’ve put together this list of top tips to help you make your cash go further while studying for your degree. 

 

1. Know your funding entitlement schedule

If you are eligible for a student finance maintenance loan through SLC to cover living cost, you will receive a Student Finance payment schedule once your application has been processed and approved. This will outline the dates of payments of your tuition fee loan direct to the University and the dates you can expect to receive your maintenance loan in your bank account. 

Keep these dates to hand so that you know how much money you’ll receive on each date and how long it needs to last you before your next payment comes through. 

2. Plot your monthly budget

A little advance work goes a long way, so by creating a budget, you will find it so much easier to stay on top of your finances. 

In order to create an effective budget, you need to work out your incomings and outgoings. Use a budget planner to calculate how much you’re spending each month and therefore whether you are spending more than you can afford. This will allow you to start working out where you can make savings. 

3. There are many apps-based banks

There are a whole range of very useful apps nowadays, which can help you with your calculations. These include app-based banks that can set aside your money in different pots to help you to budget and to put away savings each month or even with each transaction. 

Find out more about a range of providers to find the one that’s right for you.

4. Increase your income through part-time work

Working part-time while you study is an option that many students take, and the UWL Careers Service can help you to find and apply for these sorts of roles. In fact – we even have our Autumn part-time jobs fair coming up on Tuesday 15 November 2022, (12 - 2pm) Weston Hall, Ealing. Don’t miss it – it’s a great opportunity to meet employers and gain work. 

If you’re an international student on a Student visa, do connect with the Student Advice team to ensure that any work is in compliance with the conditions of your visa. 

5. Watch out for payday loans and 'buy now, pay later' schemes

When you’re running short on money, it may be tempting to agree to a payday loan to tide you over or to sign up for an appealing buy now, pay later scheme to spread the cost of purchases. 

Before you agree to any of these, be careful and ensure that you know exactly how much you will have to repay and when. Missing a repayment deadline could not only drastically increase the amount that you ultimately have to pay back, but it could negatively affect your credit rating which can impact your ability to open a new bank account. 

Speak to the University if you need to set up a payment plan for your tuition fees. And if you have any questions, do contact Student Advice. 

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