With all the excitement of coming to university, an important factor many students haven’t yet considered or taken the time to plan for is their finances.
Hearing the word ‘budget’ can be very ‘meh’ and you may not think this is something you need to worry about, but it’s important to plan ahead and make sure the money you have keeps you going until your next payment.
A budget will look different to every student- everyone will have their own bills and outgoings. Not to mention you’ll have different amounts incoming through student finance, a part-time job or even an allowance given by your parents (if you are fortunate enough).
Getting into the habit of spending wisely and planning finances early in your university journey can make the transition into post university life smoother, especially when finances become a more prevalent topic.
So, what do you need to consider- have a read on to find out!
Rent and Bills
If you are living out you will need to make sure that you have the necessary finances to cover the cost of your accommodation. You should keep in mind that if you are in University Halls or Private Halls, bills are usually included.
If you live in private rented housing, unless stipulated in your contract, your bills will be payable by you and your housemates. This amount could change monthly depending on your usage of gas and electric.
If your bills are not included you should manage you money accordingly to ensure that you have enough money to cover the cost of your bills. A few bills to consider include:
- Gas
- Electric
- Internet and television
- Insurance
- Rates (where applicable)
Start to think about Next Year’s Housing
Now you may be asking, “why are you talking about this so early on, I have literally just moved into my student housing?!”
Believe it or not, it’s in the first half of the academic year (Sept-Dec) that a majority of students start looking for their accommodation for the following year. House hunting can be competitive so giving yourself time to look may be important.
When securing your accommodation you will usually have to pay a deposit. This will amount to one months rent, which for most will amount to a few hundred pounds. A lot for most students! So, making sure you have sufficient finances to cover this is going to be important.
Food Shopping
It’s a common misperception- “students eat takeaways everyday”. We know this isn’t the case. In fact, that wouldn’t really be financially viable for students at all.
It’s essential you budget for the food you have at home to cook meals. A few tips on ways to keep this cost down could be:
- Write a shopping list and buy only what you need to
- Look at the reduces sections to see if there are any bargains to be had
- Buy ingredients to cook in bulk
- Shop in larger supermarkets rather than smaller convenience stores. Pricing can be much more competitive in the larger shops.
- Check out the Free Refill Pantry in the SU.. we’ll talk about this more later in the blog!
What if things go wrong and your finances start to struggle?
Sometimes things happen in life which can mean you’re faced with unexpected financial burdens.
If you’re left in a difficult position with your money, the University has financial assistance available to students if they meet the necessary eligibility criteria.
It’s important to note these funds are not automatically awarded and there is no automatic entitlement. You can find more about their eligibility criteria’s here.
As mentioned in food shopping, we have a pantry that operates in the ground floor of the Students’ Union where you can get free portions of your everyday essentials. This is widely used and there is no shame or judgement in coming along to use this. You can find out more about the Pantry here
In addition to the above, getting a part-time job is never really a bad idea. As well as the extra income, it gives you work experience which is invaluable to have when applying for jobs once university is over. Having the qualifications and work experience is going to help strengthen your CV and make you much more desirable. Though, keep in mind that any working commitments shouldn’t infringe on your ability to commit to your studies.
What Money are you entitled to and could you be eligible for more?
A lot of students will start their university career having a fair idea about what finances they have to play with.
It may seem great at face value but once accommodation, course material costs and other essential bills are paid, you may not be left with a huge amount left to cover your everyday living costs and let us not forget about the cost of your social life too.
Students can apply for a tuition fee loan and a maintenance loan and grant to support them with their studies.The funding body you apply for is dependent on your home address location i.e:
- Northern Ireland: Student Finance Northern Ireland,
- England: Student Finance England
- Wales: Student Finance Wales
- Scotland: Student Awards Agency Scotland.
If like many others, you are left wondering how your going to cope and the prospect of super noodles for dinner 7 days a week is giving you the fear, fear not! There may be funding out there which you could be eligible for without even knowing it which we will get into below!
Lets talk Scholarships…
Before we get into the gooey centre of the topic i.e. what’s available, let’s explain what they are:
Scholarships are a form of financial aid awarded to a student for further education. Generally, scholarships are awarded based on a set of criteria which can include academic merit, diversity and inclusion, athletic skill, and financial need, research experience or specific professional experience.
Scholarships cover a variety of different things when at university. Some might cover tuition fees, some might cover general living costs and some might cover course equipment. The scholarship will vary depending on where you’re applying and who’s offering it.
Now on to the good stuff: how can you find information on the Scholarships that you may be eligible for.
Information on the wide range of Scholarships available through Queen’s can be found on their website here.
Another place where you can find all of these Scholarships is on Blackbullion’s Funding Hub.
Blackbullion is a free online learning platform to help you get to grips with all things money-related. It’s filled with animations, articles, blogs and quizzes covering different money-focused ‘pathways’ all designed to empower you to make more informed financial decisions.
To access Blackbullion register using your Queen’s email and as a student of Queen’s Students’ Union.
Are you a Trust Fund baby?
Almost all children born in the UK between 1 September 2002 and 2 January 2011 were given an investment voucher worth between £50 and £750. These accounts have been earning interest over time and could be worth anything between a few hundred pounds and over £2,000, depending on your personal circumstances.
You can look into this by submitting a request through the government website here.
Guess where else has information available on Child Trust Funds? Blackbullion! A pathway that takes just a few minutes to read through has all the information you need to understand what the fund is and how to investigate if you have one.
Imagine just allocating a few minutes of your time to look into this, for a potential of several hundred pounds (if not a little more) of free money. Our advice is, don’t wait and do it!
Looking to study a PhD?
Queens Graduate School can provide you with a guide to alternative funding if you are looking to study a PhD, further information on this can also be found here.
There are also external resources that you may look to for guidance on funding and making the most of your money …
Turn2Us provides a tool for looking at grants that you may be eligible for and don’t have to pay back. All students whether home or international can search to see if there are any financial aids available. Again, a few minutes of your time for the potential of free money? You have nothing to lose in looking!
Save the Student is another brilliant free resource that students can utilise. Save the Student‘s website originated in response to the growing costs of university in the UK. The site provides free, impartial advice to students on how to make their money go further.
This blog was supplied by the team at SU Advice.
Whether you have a question about funding, managing the money you do have or where to find additional support, SU Advice are available to offer information, advice and guidance on all things money and finance.
SU Advice offers 15-minute drop-in sessions to students on Tuesdays, Wednesdays & Friday from 11:30am – 2pm or you can send them an email at su.advice@qub.ac.uk anytime you have questions during your time at Queen’s.
