Finance
Money issues when living with others
You will need money to survive at university, and here are the best places to find it:
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Resorting to ovderdrafts and credit cards can be a dangerous way to live |
A student loan: the cheapest way of supporting yourself. Student loans are paid back after graduation and the rate of interest is nominal. You should arrange the student loan well in advance of coming to university (it’s normally included as part of the UCAS process). The sooner you apply, the more likely you are to get your money when you start in September.
An overdraft: usually cheaper than your credit card and for a lot of student accounts they are interest free, but have to be arranged in advance. Shop around for the best deals, and don’t be conned by free giveaways from banks. You can use websites such as moneysavingexpert.com to shop around, and check out handy advice. Whenever you take out an overdraft always be aware of what the limit is (e.g. £1,500) and also what the daily withdrawal limit is (e.g. £300) and that the bank can, at any point, change your limit or ask you to repay the overdraft.
Credit cards: can provide a short-term solution to cash flow problems, but avoid if possible. If you do find yourself struggling with cash flow and credit card payments – get in touch with the Union Advice Centre.
Bursaries and scholarships: UCLan offers a £1,000 bursary to all new students if their parents earn less than £60,000 a year. Make sure you apply for this; the payments come in every term. After the first year the payments drop to £300 a year.
University hardship fund: At UCLan this has been named the Access to Learning Fund or ALF for short. This is an often under-used resource as it can provide large grants to students (a grant is something you don’t have to pay back!) or short-term loans if you’re struggling. However, you have to provide evidence of why you need the grant and lots of £20 withdrawals from cash points will arouse suspicion. The fund is not there to cover living costs, but rather allow you to buy books, go on work placements or fund field trips and research.
Watch UCLan student Lisa Schilz talk about how she got money from the Access to Learning Fund and Harris Bursay Scheme. Lisa is one of 100 Voices.
Parents and family: The classic ‘Bank of Mum & Dad’, often they wanted you go to university and they hate to think that their son/daughter is going hungry. However, don’t treat this as free money and try to pay them back as soon as possible – this makes them more likely to lend you money in the future.
Working: Yes, getting a job. It can provide weekly or monthly instalments of money. The Union runs a student employment service, The Bridge, which provides loads of jobs for students.
Useful links:
NHS Bursaries
Northern Ireland students funding
Postgraduate students funding
Scottish students funding
Online funding search
UCAS money advice
Books and stationery
You came here to get an education right? Well, it’s not just Google that has the answers to your assignments – lecturers expect you to open books and scour pages for quotes to support your arguments. Of course to find all these you’ll need pens and paper.
Bring A4 notepads and stationery with you, it’s a good thing to get your parents to buy on that ‘last minute shopping trip before you go to uni’. It will also impress them that you’re serious about studying. Most stationery outlets offer discounts and special deals on bulk purchases. There’s a large Office World on Corporation Street in Preston that does good deals, there’s also Print Studio (link) in the Union for when you need a top-up.
Remember that students progressing onto the second year of their course may have second hand text books available for you to purchase - look out for second hand books and bargains. Check notice boards in your department. Amazon and eBay are also great sources of second hand text books. Blackwell bookshop, located on the ground floor of the Union, also has second hand text books available.
Travel
Fortunately Preston is a place that allows you to be ‘about half an hour’s walk’ from anywhere in the city. However, as a student you’ll find getting around can be a hassle – especially if you’re trying to do your weekly shop. Those bus fares, train fares to visit friends and taxis back from a night out soon start to add up.
Student rail cards and bus passes offer cheaper travel. Make sure you get a 16-25 railcard for £26 but allows 1/3 off most rail fares. It mainly works after 9.30 AM but for visiting friends or getting home, it’s a must. And during July/August when there is no ‘minimum fare’ you can use it anytime.
Discounted rates are also available on local bus’, but only when bought in advance.
Advertise / ask around for lifts / car sharing. If you’re lucky enough to know a friend with a car at university, then as long as you give them some petrol money, you’ll be able to blag a lift to the supermarket. The University is very keen on this car sharing business.
Taxis can be expensive but try sharing with other students where possible e.g. visits to the supermarket.
Shopping for food
Stock up from home with non-perishable goods (like rice, pasta and cereals) - this will give you time to sort out the best place for bargains. Shop around - take advantage of offers like ‘Buy one get one free’ and ‘Three for two’. Shop in the cheaper supermarkets, like Aldi and Lidl.
Get your pots, pans and cutlery together before you arrive.
Your university corporate card (library card) can be topped up with credit to spend on food in the University canteens, another nice thing that your parents could do for you before you arrive.
Bring the essential items you think you will need. If you are in halls of residence wait until you arrive before purchasing larger items e.g. kettles and toasters as you are more than likely to end up with six of everything in your house/flat! Discuss with your housemates who will purchase what and share your costs out.
Sort out a weekly menu in advance and stick to it. It will be cheaper to make your own sandwiches than buy them.
Remember that supermarkets are not the only place to shop; Preston also has an excellent covered market with a wide choice of goods.
Student discounts
As a student many businesses will offer you a discounted rate on their services or products. However, proving you’re a student can be difficult with your university card as it has no expiry date on it. The best proof of being a student is to purchase an NUS Extra card and this entitles you to some ‘extra discounts’ above and beyond your usual ones. Check out our handy map of where you can get student discount in Preston.
Money issues when living with others
Your time as a student is likely to be spent living with other people. It’s important that you learn to budget and pay for some things like a family, and not as individuals. It’s all part of the learning process of being a student, learning to cope with bills, problems and pushy landlords.
During your first year you are likely to take a place in halls of residence, either provided by the University or by a private company. Your accommodation fees will generally include utility bills i.e. gas and electricity. In your second/third years many students decided to live in private rented accommodation (houses and flats) and will need to pay for all services associated with living in a shared house or flat.
Bills
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Make sure that you budget, but don't over-do it! |
Private accommodation - agree with your housemates to set up an account in joint names to pay for shared bills. This means that you’re all liable and it’s not just down to one person, as this could affect their credit rating in future year’s if payments are missed.
Work out monthly expenses and set up direct debits or standing orders from your account to pay your bills - some providers offer discounts if you opt to pay by this method. But, if you do this, make sure that other housemates hand over the money in time for when that standing order is paid out of that person’s account.
Ask parents/relatives to purchase telephone cards or vouchers for your mobile 'phone.
If you have a landline, there is the option to have your telephone set to receive incoming calls only - this would eliminate the chance of accruing large telephone bills and avoid friction between your housemates when the bill arrives. If you do make outgoing calls, make sure you get itemised billing.
If you're having problems dealing with bills and mounting debts, then drop by the Union Advice Centre and one of our trained advisors will be able to offer you some advice.
Shopping
If you live together, you should shop together. Not only is this a good bonding experience and gets everyone out of the house, it also reduces the cost of the weekly shop. You can get good offers on essentials and long-life foods (such as frozen goods, rice and pasta) that everyone can use.
Costs from the landlord
There’s your monthly rent and there’s likely to be a deposit paid in advance of moving in – but there shouldn’t be any other costs from your landlord. Make sure you read your contract carefully and see whether you’re liable for utilities such as the water bill, some landlords will cover this.
If there’s a fault with the house, report it promptly – even if you caused it. If you don’t, you could become liable for it.
At the end of your time in the house/flat, make sure you clean it thoroughly otherwise your landlord is unlikely to refund the deposit.
If you're having problems dealing with bills and mounting debts, then drop by the Union Advice Centre and one of our trained advisors will be able to offer you some advice.
