Today marks the start of National Student Money Week.
Over the past couple of years, the pandemic, increasing energy and food costs and other financial pressures have had a major impact on students’ finances- with many struggling to make ends meet.
Learning how to manage your finances, finding out about the support available to you, and creating a good budget can be very useful to help you feel more confident that your money will last each month.
If you find yourself in a financial emergency, please do not resort to illegal activities. You will be removed from your course if you are found to be involved in anything illegal, and could face fines and even time in prison. Fraudsters often target students as they know you can be in a vulnerable situation. Get in touch with our Advice Service or the University if you are worried you may have unwittingly been taken advantage of.
Budgeting Terminology and top tips:
(We’ve used a monthly budget example, but your budget could be weekly, quarterly or even yearly, depending on what works best for you.)
Income: All the money you receive each month, for example your student loan, pay from your part-time job, any welfare benefits or money gifts from your parents.
You create your monthly budget by adding up your total income, and taking away your expenses- ensuring that total expenses are less than total income.
Expenditure/ Expenses: Everything you spend money on throughout the month (your outgoings).
These can be divided into two types- fixed (this expense stays the same each month) and variable (this expense varies or changes over time).
Fixed expenses are things like your monthly phone bill, your car payment, your accommodation costs.
Variable expenses can include your food costs, money you spend on nights out, your energy bills.
It is important to account for your essential expenses before non essentials each month, whether they are fixed or variable.
Benefits/ Support: Benefits are payments from the government to certain people on low incomes, or to meet specific needs. You can read more about the Government benefits you may be eligible for here: https://www.gov.uk/browse/benefits or get in touch with our Advice Service who can advise you further.
The University also has financial support options for you to access, including the Hardship fund and a number of bursaries and short term loans. Our Students’ Union Advice Service can assist you with your application for these options.
Credit: Money that you borrow, (usually from a bank or other creditor) and pay back with interest over time. Our Advice Service is a licensed debt agency regulated by the Financial Conduct Authority (FCA), and can help you manage your debts by reviewing your accurate income and expenditure, with the aim of negotiating with creditors.
Interest: Money charged to you for borrowing money from a lender/creditor in the form of a credit card or other loan.
Student Offers and Resources:
There are several offers and resources available to students to help you save money in your budget, including:
Totum Card: Sign up for TOTUM to get exclusive student deals and discounts on local and national brands. You can buy a TOTUM card for the full offers, or just take advantage of the free TOTUM Digital app.
Travel deals: If you’re a commuting student, you may benefit from a 16-25 railcard, Unirider (Stagecoach) , Student ticket(Preston Bus) or an unlimited travel ticket (Fishwicks).
Blackbullion: The University works with Blackbullion, who can help you create a budget and learn more about your finances in general. You can also use the website to build financial skills to help you in the future.
Students’ Union Advice Service: Remember, the Students’ Union and our Advice Service are independent from the University. Our Advice team operate with complete confidentiality and your financial situation will never be shared without your consent.