Budgeting

The principles of budgeting are incredibly simple. Putting them into practice is what many find incredibly hard. Try not to let money worries spoil your time as a student – you might only have this experience once so try and make the most of it no matter what your financial situation.

Work out how much you think you are going to spend throughout the year, factoring in all the big things like accommodation, tuition fees, food and going out. If you are no longer living in student accommodation, don’t forget to factor in bills and travel costs.

Budgeting is a matter of working out what money you have coming into your bank account and what money you have going out and then making sure that your expenses do not exceed your income. If you look like you may be spending more than you can afford, consider finding a part-time job to help finance your time as a student either during term time or in the holidays - you might even pick up some valuable new skills. You can find vacancies through JobShop or speak to the careers service.

It may sound boring, but it’s a lot better than not knowing what state your finances are in.

If you would like to book an appointment to speak to a Student Financial Advisor or if you would like personal advice regarding your finances please email all enquiries to : studentfinancialsupport@hud.ac.uk .

Budgeting Tips

Spend time planning expenses.
Prepare a budget sheet and list essential expenditure.
Keep a diary of your expenditure and become aware of your spending patterns.
Be realistic – don’t over estimate your income or under estimate how much you spend - otherwise your budget will mean nothing to you.
Make sure that you are in receipt of all the student funding to which you are entitled
Most students will look to get a part time job whilst they are at university. For help to find a job visit the job shop in Student Services based in the Student Centre, Level 4 in the Central Services Building.
Use a student bank account. Check that your account is a student one.
Apply for an Interest Free Overdraft on your student Account. (Check with your bank how they will expect you to pay this back at the end of your course).
If you're a full time student and you only live with other full time students you should be exempt from paying Council Tax. Council Tax exemption certificates are available from the Admissions and Records desk. Student Centre, Level 4 in the Central Services Building.
If you travel by train on a regular basis, it is worth buying a Young Persons Railcard (mature students are also eligible for these) . Go to www.youngpersons-railcard.co.uk They save you 1/3 on rail fares.
Pay all bills by direct debit as you often get a discount for this. Make sure you have enough money (available balance) in your account the day before the due date to guarantee that it is paid on time. Bounced direct debits incur financial penalties from your bank and can add late payments fees to your original bill.
Reduce the costs of bills by reducing the energy use in your home. Switch off lights, don’t leave the television on stand-by all night (this uses that same amount of power as when it is switched on!!!) If mobile phone chargers are left plugged in and on, they use 90% of the power they need when charging. If you have a water meter try not to leave taps running unnecessarily.
Avoid credit cards and store cards, interest rates can be high and soon add up. Monthly instalments can become very expensive.
Read the small print in mobile phone contracts. They can be expensive when free offers end.
Plan for extra expenses at the start of the year – e.g. Birthdays / Christmas / deposits and bonds / unexpected travel home / computer repairs / dental treatment / weddings / special occasions.
Never use cash machines that charge for use. The extra £1.00 - £1.50 that is charged on top of your withdrawal amount soon adds up and can make the difference between paying or not paying a bill from your bank account.
Don't take your cash card when on a night out. Decide how much you want to spend before you go out, and take cash. That way you can't spend more than you intended, and it reduces the risk of your card being lost or stolen.
Walk / Cycle wherever (safely) possible. It is much cheaper than any other form of transport.
Buy second hand text books where available. Speak to your school about a second hand text book scheme they may run. If they don’t run one, suggest that they do. Final year students will be more than willing to sell on / donate books for second hand use.
Share the costs of an expensive text book with a friend on the same course.
Public libraries rent out DVD’s, videos and CD’s at a cheaper cost than hire shops.
Use the University Library. It is open 24 hours a day.
Purchase an NUS card. It costs £10 but gives you a discount at lots of high street stores.
If you shop as a house or family, make use of the 'Buy One Get One Free' offers at the supermarket.
Refill a bottle of water with tap water and save yourself the cost of a bottle of water each day. This can save you up to £300 over a student year.
Use your local market to buy fruit and vegetables, buying loose produce is cheaper.
Make your own sandwiches to take into university.
Only pay with cash - if you can’t afford it don’t have it.
Avoid ready meals - you are paying for them to prepare the meal for you. Check survival guide for cheap and nutritious student recipes for you to cook for yourself.
Sign up for internet banking so that you can always access your finances and work out where you are with them.
Regularly check your bank account balance. Make it part of your daily routine, as simple as checking messages on your phone.
Before you throw things away, consider selling them, try eBay or Amazon Marketplace.
If you're short of cash, start the night at your house, get your mates to bring drinks, that way you'll probably spend less when you get to the bar/club.
If you're over 19, you can apply for help with health costs (e.g. prescriptions, opticians). Do this early on, as it can take a while for you to be assessed. Get an HC1 form or pick one up from the Student Union, your doctor or dentist.
You can also find money saving tips online or go to the NUS website which gives advice and information on discounts and offers.

Budgeting

Budgeting Information

Budgeting Tips

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