It’s a well-known fact that the cost of living is getting increasingly more expensive. With wages and Student Loans often not increasing in line with this, it can prove stressful to manage your limited finances!

 Budgeting ­is essential in order to maximize your finances and stay on top of these!

In order to budget effectively, you will need to sit down and work out all of your income and outgoings – do this as soon as you get your loan! It is important to remember all your outgoings, for example: rent, utility bills, phone bill, any insurances, travel costs, gym membership, music subscriptions and any upcoming plans which may need funding. It is so easy to forget about that £10 a month bill, but all these things add up and need to be accounted for!

Also, be realistic when working out your essential and non-essential outgoings – ask yourself, are new clothes really an essential when money is tight?

Use a budget planner, such as this one here

Once you have worked out all your income and outgoings, you can then set yourself a realistic weekly budget – but it is vital that you stick to this! Having a weekly budget will help you to live within your means, and will allow for any leftover monies to be saved for any future emergencies!

Having separate bank accounts or ‘pots’ for your money is an absolute life-saver when it comes to managing your money. This allows you to keep the money for your bills and outgoings separate from your day-to-day living money; meaning you keep on top of payments and don’t risk spending that money. Remember to transfer money as soon as you receive it so you don’t forget!

 Tip: Banks such as Monzo can be great for managing your money as it allows you to set up unlimited, labelled pots for separate outgoings and occasions – meaning you can keep track of your outgoings and remaining monies.

 Remember your loan has to last for the full term – so you need to find ways to make it last!

 How to Cut Costs

Cutting costs and luxuries proves difficult, but this can be done! Here are some handy tips to help:

• Swapping brands – as much as we like to stick to what we know, switching to own brands can save huge amounts of money and many items are just as good quality as the big brands! For example, Fairy washing powder generally costs over £8 for 40 washes, yet Aldi’s alternative costs around £3.30 for the same amount. That’s around £5 savings!
• Check for discounts and shop around – a huge number of shops, food vendors and services offer student discount, both online and in store. Though a 10-20% discount might not seem like a big difference, this soon adds up over time! There are also generic discount code websites where you can often find additional discounts.
• Eating on a budget – reduced sections in supermarkets often have some great bargains, though the items will go out of date that day, most of these can be frozen and saved for later. Apps such as ‘Olio’ and ‘Too Good to Go’ are also great for grabbing free or significantly reduced food – you can even get cheap deals at your favorite food vendors with Too Good to Go. Also cooking ‘fakeaways’ with friends can be a great way to save money rather than splashing out on a takeaway. Our Diet webpage also has some great tips for eating on a budget.
• University resources – if your course requires you to buy books and other materials, try and buy these second hand wherever possible! Facebook groups can often be handy for this.
• Travel – save money on travel by walking wherever possible, plus think of the benefits of walking both for your wellbeing and the planet!

Additional Sources of Income

• Part-time employment is a great way to earn some extra money whilst at University and some can easily be done around your study schedule (particularly evening work in a restaurant or bar). However, be careful not to do too many hours – your studies take priority!
• A recent survey found that 2 in 5 (40%) of students earn additional money through a small business or ‘side hustle’[1]. This could include selling homemade items on platforms such as Etsy, dog walking or childminding services – could you turn a hobby into an income? Just be sure to check insurance requirements.
• Sell your old items – this could be anything from clothing you no longer wear to selling your old text books from studies. Platforms such as Vinted and Depop are great for this and are becoming increasingly popular!

If You’re Worried about Your Finances

• Each University will have specific teams and staff to support students with their finances. They can provide advice and support for those struggling with their finances.
• Check whether you’re eligible for any additional grants – most Universities offer grants (which means they don’t have to be repaid) to students from low income backgrounds or for students in specific circumstances. Be sure to check if you’re eligible!
• Have a look to see if you may be eligible to apply for any charity grants or hardship funds – Turn2Us offer a fantastic search tool for this!
• Speak with the Unipol Tenancy Support and Wellbeing Team. We will be happy to support you and explore your options to help manage your finances.

Remember – if you’re ever desperately low for money and feel you need to borrow some from elsewhere, ensure this is a trusted source and be careful with repayment rates. Ideally, your interest-free student overdraft would be the safest option. Never use loan sharks or payday loans – this can land you in some very sticky situations!

Unipol’s Tenancy Support and Wellbeing Team are always available to listen to your concerns and offer support to resolve these – we can be contacted at tenancysupport@unipol.org.uk or use this form.

[1] County Lines and Criminal Exploitation of UK University Students  

(PDF) County Lines and Criminal Exploitation of UK University Students (2022) (researchgate.net)