11 April 2016

A video guide to student finances

If you, or a member of your family, are starting university this year our video could help you start to plan a budget. We look at the main incomings and outgoings that will need considering as well as how you could fund any potential gaps. To find out more read our article on student budgeting.

A guide to budgeting for students about to start university

Play video - A video guide to student financesstudent walking in park

If you’re starting uni soon...the last thing you want to do is end up with tons of debt. But with some careful budgeting, and a few money-saving tips...you’ll hopefully come out the other side not quite as skint as you might think.

So, first off, let’s look at what it typically costs to attend uni…

There’s tuition fees...up to 9 grand each academic year.

Rent - anywhere between 140 and 700 pound a-month, depending on the location, how nice the house is and how many housemates you’ve got.

...Travel - About 50 pounds a-month...

Phone bill - Anywhere between 10 and 50 pounds a-month.

...Food - About 110 pounds each month...

...Course materials such as books, can cost around £30 a month...

...then you’ve got stuff like your share of household bills…

...and...well…a social life..

Now let’s look at what you could have coming in each month.

For example, you might qualify for a student loan, bursary, grant , sponsorship or scholarship.

...maybe you’ve got the best parents in the world...?

You might even have savings tucked away...

...or not.

So, still think you need to have a bit more coming in to cover all that? Here are a few tips to get that down.

You could save a fair bit of money buying course books second hand, or from the library.

Definitely get an NUS card too. It’s twelve pounds – but you’ll save a small fortune on the discounts it gives you.

and you won’t need to worry about paying council tax if you register as a student.

Students automatically get free prescriptions in Scotland, Northern Ireland and Wales...and in England too, so long as you apply to the NHS Low Income Scheme...

Think about investing in a young person’s Railcard as well. It’s thirty pounds, but you get a third off rail travel for a whole year.

Oh and don’t forget, there is another way to make ends meet of course...You could...get yourself a part time job.

To find out more read our guide on how to save and budget for university.

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