by Nicole, MRes Social Science
Money can be scary. Some days, I look at my bank account and wonder where it all went. But it doesn’t need to be a scary prospect. There are things you can do and people you can speak with to make sure that you have the money to support you alongside your postgraduate study and help you to manage it well. So, don’t panic, I am here to point you in the right direction!
Fear can sometimes lead to avoidance, which means you could be missing out on help, funding or great tips and tricks to make your money go further.
Firstly, and quite possibly most importantly, there’s student finance options. Student Finance England (SFE) is probably where you went to get your undergraduate student loans, and it’s where you are going to need to go again for postgraduate. If you’ve used SFE before, your login is the same, but if not, you will need to create an account. Once you’re in, you just need to complete a few forms and then you are done! SFE will check all of your info, and then let you know how much money you are entitled to. But there is one crucial difference from the undergraduate loans: your tuition loan is paid to YOU, not to UWE, so remember to bear that in mind when you are budgeting!
Another option for funding is getting some paid work alongside your studies. There are plenty of options here: everything from retail to working for UWE (like yours truly). The great thing about postgraduate study is that the courses are more flexible – so much of a postgraduate course is self-directed study. This makes it easier to fit a job around your studies. Not only can you earn money for this work, but you can also gain valuable skills, especially if you can find a part-time role in your field of study! Two birds, one stone!
Last but not least there is also a plethora of options provided by UWE, such as the summer fund, which can provide some additional funding over the summer break and the emergency fund, which can provided when something unexpected happens (for example, I used it when I knocked my laptop off of my desk and smashed it!).
Budgeting is your friend!
So, you’ve got your money sourced, now what do you do with it? Budgeting is your friend! It doesn’t have to be fancy or formal or even all that detailed, but it really is useful to have one. Personally, I have mine on an Excel spreadsheet – I find it easier to edit and it does the maths for me, which is good because my maths skills are severely lacking – but you can do it however works best for you. Play around and experiment to see what suits your style best.
One of the biggest expenses in this world is food. It’s necessary, so it can seem like there’s no way to reduce that bill. But fear not! There are some really simple ways to cut down on that expense! First and foremost, branded foods are not always the best out there, so give the supermarket own brand options a shot and you might be surprised at both the taste and the savings. Secondly, keep an eye out for the reduced to clear sections in the major supermarkets. They tend to reduce the foods that are going to be ‘out-of-date’ soon at about 8pm every day, and most of these are absolutely fine to eat a few days after that date AND most of them can be frozen and eaten at a much later date. I’ve managed to grab pizzas, cakes, bread, vegetables, cheese and so much more for pennies using this method. Don’t be afraid to dive on in and grab what you need!
Alright! I think that’s all of my tips for managing your money as a postgraduate student. My last words of advice would be this: don’t be scared about money and funding. Fear can sometimes lead to avoidance, which means you could be missing out on help, funding, or great tips and tricks to make your money go further. So, take a deep breath, grab some chocolate (or other treat) and dive in! Good luck!
Find out more about financial support.