Paying bills, buying food, going out... managing your finances at uni can be difficult. Blowing your whole loan on new clothes or even a yacht (yes, it has happened!) will cause you problems later on. By managing your finances effectively, keeping a roof over your head and food in your cupboards is far simpler than you may have thought.

Loans

Most UK students studying at university can apply for a maintenance loan to help cover living costs. The amount you get is dependent on many factors including where you live, household income and what year of study you’re in. The loan comes from Student Finance and is only repayable when you are in full time work earning over a certain amount of money-£15,000 if you start Uni before 2012, £21,000 after- and repayments can then be as low as £5 per week.

Scholarships and bursaries

It’s worth finding out whether there are any scholarships you can apply for at your chosen university. There will be criteria for you to fulfil, like obtaining certain grades before or during your degree, or demonstrating your knowledge and skills in the subject by completing a set assignment. You can also apply for bursaries through Student Finance and your university, if they offer them, too. 

Family and friends

Sometimes the bank of Mum and Dad or family friends will be keen to help towards the cost of Uni, though this isn’t true for everyone. If yours can, make sure you show them that you are able to spend this wisely- only then will they consider doing it again! Remembering your Ps and Qs goes a long way.

Employment

Many students get part time jobs to help fund their studies. Whether it’s on campus or in town, for a few hours each week or through the holidays, it’s a good way to up your bank balance and gain new skills.

Discounts

Get used to pulling out your student card every time you go to pay for something and you’ll benefit from a string of reduced prices! Most places offer a discounted student rate, and if not will likely do student deals. These can really add up across a year and is well worth doing!

Budgeting

By working out how much you have every month, you can work out what you are able to spend. Getting a clearer picture of your money helps you understand where you can save money. It’s easy to get carried away when shopping, so it’s work asking yourself the following ‘do I want this or do I need this?’

Bank accounts

There are plenty of banks targeting students with different deals- £50 to join, a railcard, vouchers...they really want you! Be wary of being lured in to these deals without considering other aspects: is there an overdraft you can use? Do you need to pay for it? What happens if you go over it?