Student Financial Support
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Introduction
Managing your finances as a student is very important. If you need help with putting together a budget plan or advice on managing your money, please ask and we will help. The following “top tips” will get you started
Travel
- Only use taxis if totally necessary or you are travelling with friends; the bus may well be cheaper.
- Leave the car at home, unless you really have to have it. Can you walk to Uni/Placement instead? You'll feel yourself gaining pounds the good way!
- Take a coach instead of the train, its often cheaper. Have a look at buying a Railcard, Coach Card, Miles Card.
Discounts
- Supermarkets - take advantage of ‘buy one, get one free’ offers, particularly on goods with a long ‘sell by’ date, especially if you eat a lot of it. Try and buy ‘own brand’ products when you can.
- Set up an e-mail address just for 'spam', and only check it when you need a bargain or a voucher code for something. You won't be tempted then, when it pops into your inbox.
- Get yourself a supermarket points card, they reward you with money off coupons and target you with products that you always buy. Only sign up for ones that do not require your bank details, and put your 'spam' e-mail on the form.
- Join NUS if you shop and travel a lot and take advantage of the discounts. Have a read of what is available and assess whether you need one or if your Keele Card is enough.
Jobs
- Get a job (if you can) - the Students' Union has a jobshop on the ground floor
- Get a summer job
Research
- Income maximisation – do your research. Are you getting everything you are entitled to? Could you be eligible for bursaries from your university?
- Work out your major items of expenditure and when they are due.
- Try not to worry when you list your income and essential expenditure
- Spend time planning. Prepare a Budget Sheet and stick to it
- Keep a record of absolutely everything you spend – this helps identify spending patterns and where you might be able to make cuts. There are apps available online to help you.
- Consider setting up standing orders/direct debits – this can help you to plan and make consistent regular payments to all the places you need to without worrying about missing payment dates. You will need to be careful with direct debits and going over your agreed overdraft limit, as it can be expensive and difficult to deal with.
- Plan for extras; start of year costs/special occasions/family birthdays etc.
- If you need to borrow money, take out a student loan or use only interest-free overdraft facilities, there are plenty available.
- Get a student bank account and if you can, try and get one that best suits your needs.
- Share shopping and cooking with a friend. Don’t buy sandwiches and minimise take-aways, you will see the savings pile up.
- Work out what you can spend per day and only take that much from the cash point, only use your card when you have to, you'll be much less willing to hand over cash than plastic!
