Tips and tricks on how to budget and keep track of your spending
Commencement of the new academic year has seen many students return from a much needed summer break, along with all the freshers who, for the majority, will be away from the family home for the first time. This can be hard for many reasons; home sickness, new responsibilities, living with new people for the first time. It can be especially daunting if this is the first time you are taking control of your own financial responsibilities. Being able to budget and track your spending can really help…
When budgeting there are a few tools available online, Money Helper have a handy budget planner to help break down your spending. When budgeting its best to break down your spending:
Add up your income
- Student loan
- Grants, bursaries, scholarships
- Money from guardians/parents
- Income from a job
Take off essential outgoings
- Tuition fees
- Bills: Internet, TV licence, utilities, etc.
- Contents insurance
- Travel costs: Petrol/public transport
- Phone bill
Day to day spending
- Books/equipment for your course
- Household supplies and toiletries
- Social activities
Include everything you spend in the budget to help you track exactly where you spend your money.
Money Saving Tips
- Budget – Know exactly what you have going in and out of your account
- Use your student discount
- Students don’t pay council tax
- Some students may be entitled to free prescriptions
- Get your student discount with TOTUM
- Cheaper travel with a 16-25 Railcard
- If you want something – Save!
But what if you regularly spend more than your income?
Increase your income
You can do this by finding a part-time job, but don’t neglect your studies! Research has shown that working more than 20 hours a week can impact negatively on your studies. Find a good work/study balance.
Reduce your expenses
Cut down on non-essential spending, e.g. takeaways or expensive subscriptions.
Learn to cook meals at home, this can be healthier and much cheaper than eating out.
Walk instead of using transport; it’s better for the environment and you have the added bonus of getting some exercise which can help reduce stress!
Speak to an advisor at your University’s Student Support Team. They may be able to help you apply for a grant if you are eligible.
Get help with debt
You may be entitled to help from the hardship fund – You usually won’t have to pay the money back, but in some cases you’ll get a loan that you have to repay.
If you do consider borrowing from another source: Only borrow what you can afford to pay back!
Written by Laura Cunningham, Social Media Editor
1st October, 2021
Long Covid: What it can mean for you
23rd September 2021
We have all been dealing with a lot for the past 2 years. Covid seemed to control our lives, and with many of us getting so sick is it any wonder? Now though, as we start to see a light at the end of the tunnel and our lives return to somewhat ‘normal’, many of us are still suffering with the after-effects of this horrific disease.Read More
Superior assessments, no matter where you live!
6th September 2021
You have qualified for Disabled Students’ Allowance due to a long-term disability, but where do you go from here? The next step is to book in for your DSA Needs Assessment, but with so many centres to choose from how can you be sure you’re going to get the support that you need?Read More
Top 5 tips to manage stress at university
1st September 2021
As the new academic year commences and students are set to embark on, or indeed, return to their university course. It is important to remember to look after our mental health, especially after the interruptions and difficulties we have all faced over the last 18 months with the pandemic.Read More
Ellie's DSA experience
23rd August 2021
University of Lincoln student, Ellie Evelyn, found the help she needed through the Disabled Students Allowance's. Here, she answers some of the questions many students who are thinking of applying for DSA might be wondering. Chatting with one of Yorlinc's assistive technology trainers, Nick Metcalfe, in her own words Ellie talks us through how she found the whole process and more...Read More
More than 50% of eligible students are missing out on the DSA
18th June 2020
As this university year draws to a close for some, the next few months will begin the journey into higher education for many others. UCAS applications submitted, Student Finance England application pending, accommodation already sorted, but have you applied for DSA?Read More