No matter how excited you are about studying at university and building your long-term future, day-to-day money worries can cause a lot of stress. And with the cost of everything from a flat white to fruit and veg at an all-time high, it’s easy to feel overwhelmed. But there are things you can do to feel more in control of the situation – and this doesn’t include deleting your banking apps and hoping for the best. Here are ten practical steps that can help.
1. Create a financial plan
Creating a budget can help you feel more confident starting uni or college. Having a budget doesn’t mean your money will be all sorted, it just means you have a plan so that you always know where your money is going rather than wondering where it went.
One tip is to consider “ring-fencing” some of your maintenance loan in your student bank account and then sending yourself a pre-set amount each week (e.g., £70) to a cash payment card like Monzo, which you can then use to pay for your everything, while keeping in budget.
2. Check out Government support available
Check out the info for your home nation - see details for England, Wales, Scotland and Northern Ireland. The government has pledged an additional £15 million in hardship funding this financial year (2023/2024) so that unis can provide extra support to students that need it most, so you may find that you qualify for extra cash, in addition to the tuition fee and maintenance loans that you can get for each year of study.
3. Make sure your uni or college has the full picture about your finances
Sharing the details of your money situation seem scary, but if an institution doesn’t have your true data, they won’t know if you’re eligible for extra support. University of Liverpool, for example, has created a ‘Liverpool Bursary’, which will see around a third of its UK undergraduates being given either a cash bursary or a fee waiver of up to £2,000 per year.
This should make a real difference. If you’re unsure of how to submit up-to-date financial data or apply for support, contact your institution’s student finance office and ask them for guidance.