CONTENTS

1. Cost of living

2. Ways to manage your money at university

3. Be aware of scams and potential fraud

Cost of living

The cost-of-living crisis means there’s never been a more important time to manage your money to help it go as far as possible. Rising prices make it more difficult to cover the high cost of essentials like rent, utility bills and food along with the non-essential you’ll want money left for to have fun.

Ways to manage your money at university

Being more mindful about money will help you feel more in control in the current economic situation. Setting realistic and achievable financial goals that match your personal circumstances will help identify how and where to manage your money. Examples of possible goals include living within your means, creating a budget, tracking your spending, saving money and managing debt.

Create a budget

Budgeting is all about knowing what money is coming in and going out over a set period.

When focusing on what’s coming in, think about your student loan, additional financial support you might be entitled to, parental contributions, wages if you have a part time job and possibly your own savings.

Your outgoings include essential expenses like tuition fees, rent, utility bills (water, electricity, gas), food shop, mobile costs and insurance. You’ll also need to budget for travel both at university and journeys back to your home town.

Other more variable outgoings that need considering include course materials, clothes, personal care (like haircuts and toiletries) socialising and extracurricular activities.

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Track your spending

Once you’ve set your budget, it’s important to monitor exactly what you’re spending your money on. You may have estimated some of your figures initially, so update your budget to actual costs as soon as you can. Is there anything you need to adjust, and could you reduce your spending on non-essentials like takeaways or that taxi habit you’ve developed?

Prioritise your expenses

Being clear on what’s an essential cost and what is a nice to do is key to balancing your financial responsibilities with having fun living away from home.

Find ways to save money

The good news is there are lots of student discounts out there if you know where to look along with other thrifty ways to shop around for the best deal. We’ve compiled some top tips to save money as a student.

Be mindful of your debt

With a budget in place and regular and honest evaluation of your spending habits you should be aware if and when you go into debt. Its sometimes easy to be complacent about this but try to get into good money habits by treating things like an overdraft for emergencies only rather than part of your monthly income.

Don't be afraid to ask for help

If you’re feeling overwhelmed financially, do ask for help. Your university and Students’ Union will have advisors to support you. There are also other free and confidential services you can contact such as , and for example.

Be aware of scams and potential fraud

Online scams and fraud are on the rise so protect your personal data by creating strong unique passwords for different accounts. Be cautious about sharing personal information online particularly on social media and check for secure web connections when making online payments.

Protect your student finance account by avoiding logging in on public networks or computers. If you receive a suspicious phone call asking for your personal details or money, contact the official organisation using a verified contact number to check this.

If you do come across any fraudulent activity, report it immediately either to the appropriate authorities or your university support service.