Managing Your Money

The student loan you get at the beginning of each term might seem like a lot of but managing your money throughout the year is not easy. It is especially difficult when you have the added costs of books, course materials and, when things return to ‘normal’, your social activities.

To make it last you are going to need to budget, so we have put a few things together which might just help you to get a better grip on your spending.

  1. Add up your income
  • Your student loan(s)
  • Money from your parents
  • Any wages you receive
  • Any grants or bursaries you may be entitled to
  1. Deduct your essentials
  • Rent
  • Tuition fees
  • Household bills
  • Travel costs
  • Contents insurance
  • Food
  • Phone bill
  • Debt repayments

What is left is your ‘disposable income’, your spending money so to speak.  This is what you will be buying your books and course materials with, as well as your clothes, shoes, toiletries, and that social life (eventually).

To make your disposable income go that little bit further, check out the following tips and advice:

  • Always get Contents Insurance

If there is a break-in you do not want to be spending money you do not have replacing your belongings.

If you are living in student accommodation, your parent’s contents insurance might cover you. Your parents should check with their insurance company, also the length of the cover as some companies will only cover you in term time. Obviously, this means any valuables will need to come with you when you are on holiday.

If you are renting accommodation with other students, splitting the cost between you is going to make it cheaper.

  • Avoid Cash Machines that Charge

There are quite a few cash machines out there that will charge you to get your own money out, avoid them. It may be quicker and convenient to use that particular cash point, but those charges add up. Walk a little bit further to the cash machine that does not charge.

  • Freebies

Who does not love a freebie right? You are a student, see what you can get for free. There are some things you do not need to pay for as a student such as prescriptions, eye tests and even dental treatment.  If you are under 19, you should be automatically exempt.  After 19 though, if you are earning less than £16,000 a year you could apply for the NHS Low Income Scheme (HC2 Certificate). Be aware when applying that they will take in to account your student loan.

Living in student accommodation means you should not have to pay council tax. When signing for a property we ask you for your university, course and to provide student ID and provide this directly to Sheffield City Council.

Discounts

If you do not have an NUS card, get one! These cards entitle you to discounts in certain stores both online and on the high street.

Every area of the UK will offer some sort of travel discounts for students, check on the web for the discounts in your area.  You can get a 16-25 railcard, that saves you 1/3 on train fares and will cost around £30 for the year.

Speak to your broad band provider.  Some Providers offer limited student discounts, which could mean shorter contracts or cheaper prices. Even better, find yourself student accommodation with free unlimited Wi-Fi.

Hopefully, these ‘managing your money’ tips will help in keeping those costs down and increasing that disposable income slightly to make it go that little bit further.

If you need help finding student accommodation in Sheffield please do not hesitate to contact us.