Managing your money

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by the Student Money Service

We’ve pulled together some tips so you can manage your money, instead of it managing you!

Create a budget

First of all, figure how much money you have coming in – whether that be from your student loan or job, then work out how much is going out.

Once you’ve worked out the essentials like rent, bills, course materials, food and travel, you can turn your attention to non-essentials like eating out and entertainment. What’s important to you? Budget your non-essential spending around that. Create a budget around what really matters to you being realistic with the money you have!

Check out Blackbullion and Money Saving Expert for budgeting templates and money advice. There are loads of template budgets out there, you don’t need to create one from scratch.

Consider opening a second bank account

If you’re eligible for a student loan then you’ll get a lump sum each term. To help make your money last the term it’s for, consider opening a second bank account to pay your student loan into (and salary too). From there you can set up a standing order to your current account to pay yourself what you need each month. This could help you manage the big chunk of cash from SLC coming in each term.

Part-time work

Lots of students get part-time jobs during their studies. As well as boosting your income, it’s a great way to get some work experience on your CV. Whilst it might be tempting to take on all the hours you can get, try to find something that’s less than 16 hours a week so that your academic work doesn’t suffer.

The Students’ Union at UWE have their very own JobShop where they advertise part-time jobs on campus and around Bristol.

Review your budget

The amount you pay for things can go up and down over the year. Make a note to review and tweak your budget each term.

Take advantage of your student discount

Get into the habit of asking wherever you go – sometimes student discounts aren’t advertised so it’s good to ask or just pop your TOTUM card down on the counter and see what they say!

Ask for help

If you can’t figure out a budget that works for you, don’t worry – we’re here to help! Take a look at our Student Money Service page to find out how to get support and extra funding if you need it.

Useful websites to take things further:

Blackbullion – money modules and detailed advice

Save the Student – good advice and weekly cheat sheets

Money Saving Expert – loads of tips for uni and everyday life

Student Beans – student discount codes

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