Managing your money

Although budgeting and planning ahead can seem like common sense, you do need to consciously put these skills into practice and keep on top of your money while at university.

When you become a full-time student you receive new sources of income (loans, grants and bursaries) and have new costs for - essential living and study costs as well as for fun and entertainment.

The basic skills are:

• make sure you receive all income - grants, loans, bursaries, earnings from part-time work, welfare benefits and tax credits
• work out your available income on a weekly or monthly basis
• make sure you cover all of your fixed essential costs such as rent, mortgage, fuel, and travel costs
• set a budget for non-essential costs or flexible essential costs - food, clothes and socialising - and stick to it
• take into account irregular costs - TV licence, MOT and presents
• keep a track on where your money goes - keep receipts and/or a spending diary
• try to avoid credit which charges you interest (credit and store cards)
• adjust your budget every week or month according to what you have spent and have left

Welfare benefits and tax credits

 Welfare benefits and tax credits.doc (word - 85kb)

Managing your money

 Managing your money (word - 93kb)
 personal budget planner (word - 39kb)
 Be financially prepared for university (word - 47kb)

Useful sources of help and tips on money issues

The Financial Services Authority’s money made clear
www.moneymadeclear.fsa.gov.uk

The Uniaid student Calculator, 'All about you' and 'student survivor' games are aimed at young people
www.uniaid.org.uk

The StudentParents.org website has useful information and tools to help students with children get ready for university, including financially
www.StudentParents.org

The Credit Action website includes a student money manual and budget sheet
www.creditaction.org.uk

The Money Basics website has many tools and downloads
www.moneybasics.co.uk

Money saving expert Martin Lewis's website has a specific section of tips on student money saving
Student money saving

If you have debts before starting at university, the National Debtline website has information and advice on how to take control of your situation
www.nationaldebtline.co.uk

Some full-time students (such as single parents) can claim welfare benefits such as housing benefit.
DirectGov website

Many full-time students do not have to pay council tax
DirectGov website

To see if you might be eligible for a refund of income tax and for other information on earnings and income tax see the Student Tax Advice website
Student Tax Advice website