Managing your finances

The principles of budgeting are incredibly simple. Putting them into practice is what you may find more challenging so here are a few top tips from our finance office staff – you can trust them – they’re used to looking after money.

 The golden rule is:  You need to work out what money you have coming into your bank account and what money you have going out and making sure the first one is always more than the second. Simple!

 Top Tips

1. Prepare a budget sheet – list what you really, really have to spend.   But make sure you’re being realistic – don’t over estimate your income or under estimate how much you spend - otherwise your budget will mean nothing to you.
2. Make sure that you are in receipt of all the student funding to which you are entitled – we can help here, just pop in to the student finance office.
3. 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 or go on line
4. Use a student bank account – make sure your existing account is changed to a student one if you haven’t already done this – and apply for an Interest Free Overdraft. (Check with your bank how they will expect you to pay this back at the end of your course).
5. 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.
6. 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.
7. Never use cash machines during, or, at the end of a night out. Those late night tenners soon add up!
8. Purchase an NUS card. It costs £10 but gives you a discount at lots of high street stores.
9. Read the small print in mobile phone contracts. They can be expensive when free offers end.
10. Seek out bargains – BOGOFs (buy one get one free) can be shared with your flatmates, cooking your own spag bol is cheaper than buying a ready meal – and making a sandwich to bring to Uni is cheaper than buying one from the shop.