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Going to University and Budgeting

Last week, across the UK, A-level students nervously anticipated their results. To all those who achieved their expected grades, congratulations from everyone here at financialadvice.co.uk towers and we hope you gained a positive response from the university of your choice?

For those who didn’t quite make it there’s no need to panic. There are plenty of other options and resources available to help you through what may seem like a difficult time. You’re not the first to be in this position and we promise you, you won’t be the last.

We came across a brilliant website called ‘The Student Room’, that’s dedicated to supporting students in a multitude of ways. Get in touch; we’re pretty sure they’ll have something for you…?

University and budgeting



Here at financialadvice.co.uk we have helped many people with answers to their financial questions, and you’ll be surprised at the number of people we speak to on a daily basis who are keen to find more information about budgeting for university. So we’ve pulled together our top ten university budgeting tips.



1. Be prepared!



The one thing that most university students will tell you, past or present is that you need to start thinking about your student finances early! There is an abundance of tools available to help you work out what you should be spending where and how, but our favourite is studentcalculator.org. Be sure to start budgeting for university today!



2. Second hand course materials



Essential items for your course such as text books and white papers can’t be avoided, and we promise you, if you attempt to buy all the books on your reading list from new, it will take a hefty chunk out of your student loan. Don’t take our word for it, trust us, some of us have been there!

There’s no shame in purchasing second hand books from your university’s second hand book shop or stall. They’re probably 70% cheaper than a new one and likely to be crammed with helpful revision notes and highlighted sections (it worked for Harry Potter in the Half Blood Prince, why can’t it work for you?).

Then once you’ve finished with them you can sell them on again to students in the following year.

Also, a little birdie told us that there are grants or bursaries available for some courses. To find out if you are entitled to educational funds visit the government website.




3. Getting from A to be B



Not all university accommodation is located within walking distance. Therefore come train, tram, underground or car, you have to get to university on a daily basis to attend lectures. Most transport providers make it, where possible, easier and cheaper for students to get to their place of learning.
Here’s what’s on offer at the moment:

- 16-25 Railcard: You have to stump up £28 per year to own one but it will save you a whopping 1/3 on all rail journeys, which is a huge saving, especially if your university is in Glasgow and you live in Brighton!
- 18+ Student Oyster Card: Perfect for those who choose to study in London. There is a £10 administration fee and just like the Railcard, it will save you 30% on all travel within the London area.
- Young Persons’ Coach Card: For £10 per year plus £1.50 p&p this will save you a 1/3 on standard fares throughout the UK



4. You’ve got to eat!


We’ve all heard the stories that students live off beans on toast and yesterday’s cold pizza. Trust us, it’s a myth! Many students, including most of the graduates here at financialadvice.co.uk towers, learnt to cook and eat properly during their time at university. Ok, it didn’t go quite so well at first but most of us managed to survive!

Write a shopping list and stick to it! We cannot emphasise the last bit enough. It’s unbelievably tempting to chuck random food in your basket at the supermarket, especially when it’s on offer. Then ‘boom’, you get to the checkout and you’ve drastically overspent - whoops!

Bulk or batch cooking, whatever you prefer to call it, will save you pounds. Dishes such as shepherd’s pie, spaghetti Bolognese and casseroles can be simply thrown together and then frozen.

Take a packed lunch to university. Yes, butty boxes at the ready! You may laugh but again it will save you so much money in the long run.



5. Entertainment



Students are known for their wild and hectic party lifestyles. Right from day one many are thrown into social events such as fresher’s week and joining up to university clubs. We recommend putting an allocated amount aside for these each week. We know keeping a tight rein on your social budget is going to take an enormous amount of will power and self control, but its sensible advice.

- Keep an eye out for free events
- Ask if students are entitled to any discounts
- Don’t forget to sign up for your NUS Extra card




6. Utilities



During their first year most students reside in the halls of residence at their university; however there are those that choose to live off campus in private accommodation. The majority of campus facilities include utilities such as water, gas, electricity and council tax; however, if you decide to live in private accommodation you will need to budget to be able to pay these bills.

- Put money aside each month or pay by Direct Debit if possible
- Shop around for the best or cheapest tariff
- Research energy saving activities such as saving water or draft exclusion
- We found out that councils will provide discounts for students and if you purchase a TV licence you can receive a refund during the summer months if you’re not living on the premises.



7. Internet



Similar to the situation with utilities, the internet should be provided as part of your halls of residence package. If you decide to rent outside of university you will need to check out the following:

- The cost of installing a phone line
- The cost of the monthly line rental
- Compare providers and shop around



8. Insurance



According to a recent study carried out by Endsleigh Insurance, a student now owns on average £1,981 worth of hi-tech gadgets. Just imagine coming home from a hard day of lectures to discover your room has been broken into, and your laptop, ipod, mobile phone and other precious electronic items have been taken. What would you do? So remember:

- Contents insurance is essential
- Shop around and find the best cover to suit your circumstances
- Check if your items are covered on your parents’ house and contents insurance policy




9. The essentials



So, we’ve been through pretty much everything but we’ve still not covered essentials such as toiletries, clothing and cleaning items - yes, cleaning!
Believe it or not, when you start totting up items such as shampoo, toothpaste, shower gel etc, it works out to be quite expensive. The same goes for clothes too. When the student loan arrives it is very tempting to go out and have an amazing shopping spree. Our advice - don’t!
Make use of the following websites:

- Studentcalculator.org
- Cashback sites such as Quidco and TopCashBack
- Have you thought about swapping your clothes at a ‘Clothes Swapping Party’? Try thegoodwardrobe.com to find out how it works



10. The sneaky extra study expenses



Oh yes, they’re lurking in the wings, ready to jump out and surprise you without notice. Unavoidable expenses such as printing, photocopying, ink cartridges, paper and stationery can all add up; and they’re unbelievably expensive too.

- Buy a house printer if you’re house sharing
- Try, when possible, to print double sided and in black and white
- But most of all have fun! Your university years are precious and sadly they cannot be relived. Be sensible, listen to sensible advice from tutors and other students and take care of yourself.
- If you do have any questions relating to money or if you do need advice on your finances, please get in touch.

Good luck all!


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