Manage My Budget

So you’ve completed your A-Levels or equivalents, have been given all kinds of personalised gifts to celebrate and you’ve got provisional acceptances at a number of Universities, so all that leaves is just you waiting for your results? Wrong! You should get started on sorting out your student finances, particularly if you haven’t done so already!

While all students get a minimum level of state funding for their education, the amounts can vary quite considerably, depending on household income and whether you live at home while studying. But there are additional means of financial help for both full and part time students.

Even if you haven’t been offered a university place, you should get your application in as early as you possibly can. You could be entitled to tuition fee loans of up to 3,290 per year, which would completely cover the cost of tuition. Other loans available include up to 4,950 as a maintenance loan and a special support grant worth up to 2,906.

The most recent figures from the government puts the cost of being a student at approximately 11,000 per year. Right now, you might be thinking ‘wow’. But once the cost of food, rent, utility bills and, of course, tuition fees is taken into consideration, that bank balance won’t look nearly as healthy. Don’t worry, though, a little planning and you will be able to get a good balance between studying and, well, partying.

Firstly, don’t hide your money in your sock drawer, put it into a bank. Sounds straightforward, but even things like choosing a bank and building society can be an education in and of itself! All the banks are competing to get their bank vaults lined with this academic year’s influx of student finances. But which promotions will seduce the most students, the biggest interest-free overdraft or the freebies thrown in, such as railcards, discounts on mobile phones, laptops and travel insurance?

With that sorted all you need to do now is budget out your living costs. Essentially you just have to calculate your ‘income and ‘expenses’. Figure out what money you’ll receive through the year from grants etc, add any money from your parents or relatives or money saved, or if you’re planning on becoming employed. Then tackle all the expenses you’re likely to incur.

Aside from tuition fees, rent is likely to be the largest expense each month. I suggest opening a second account and putting the rent money into this so you can be sure that it will get paid. This way you’ll know just how much you can spend throughout each month.

Students can keep spending to a minimum by learning to cook and by taking advantage of student discounts in shops, pubs and cinemas. Being a student is all about new experiences, and while student finances are definitely low on the list of cool things to care about, if you are sensible about your finances, you won’t need to be a poor student.

Matt Greene can barely remember, but does remember he didn’t get any cool personalised gifts like these personalised whiskey tumblers when he graduated.