Finance

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Being a student will for, most people mean juggling your finances. These tips can give you a good overview of how to handle your cash at university.

• Six ways you might get financial support at university
• Organising your finances
• Working to earn money: pros and cons
• Working to earn money: dos and don’ts

For more advice, see the free audio download on managing your finances and for further information see The Student life Handbook by Christine Fanthome.

Six ways you might get financial support at university

1. A student loan: cheap and worth arranging in advance of your first term.

2. An overdraft: usually cheaper than your credit card, but to be arranged in advance.

3. Credit card: can be expensive but useful for short-term cash flow problems.

4. University hardship fund: often overlooked but can be worth exploring.

5. Parents: a typical source of help, but plan well and keep an account of your costs.

6. Working: sometimes essential, but ensure that you maximise your opportunities.

Organising your finances

Do:

1. Plan in advance so that you have a realistic budget and the finance to support it.

2. Make sure than you have a contingency plan in place.

3. Apply for your student loan as early as possible.

4. Keep track of your spending and get help as soon as you need it.

5. Be aware of money earning possibilities at university.

Don't:

1. Panic if you overspend in your first two terms: things will usually settle down.

2. Lose track of your costs: you will need to know why things went wrong if they do.

3. Sign up for courses that involve extra expenses without planning the cost first.

4. Use your credit card without planning how you are going to meet the bill.

5. Feel alone: get help if you feel that your finances are going badly wrong.

Working to earn money

Pros:

1. You will have less stress if you are not constantly worrying about money.

2. You can pick up useful, marketable skills.

3. You might have more cash to spend on enjoying yourself at university.

4. You might feel more independent of your parents or other financial supporters.

5. You will leave university with a lower level of debt.

Cons:

1. You will have to include your paid work in your personalised study timetable.

2. It is difficult to have to work when you are tired from studying.

3. You might find that your hours interfere with unexpected study commitments.

4. It might impinge on your social life, leaving you feeling isolated.

5. You might find yourself just spending more and not making progress financially.

Working to earn money

Do:

1. Find out about work opportunities near university well before you need to work.

2. Consider all possibilities, including call centre work and part time marketing work.

3. Be strict with yourself about how much time you can spend earning money.

4. Make a realistic estimate of how much cash you need before you commit to a job.

5. Consider working full time for part of a vacation rather than part time all term.

Don't:

1. Ignore the money earning opportunities that might exist on your university campus.

2. Take the first job you see: search around for the best pay and hours that suit you.

3. Forget to amend your personalised study plan to incorporate your paid work.

4. Let your spending get out of control just because you are earning.

5. Assume that you will work throughout your course: keep checking your finances.

This content has been written by Lucinda Becker, author of How to Manage your Arts, Humanities and Social Science Degree.