Hey everyone! One of my Priority 8 this year is increasing accessibility and availability of financial support for all students on campus. This Uni 101 blog will give you some tips and tricks on how to manage your money.
Hey everyone! One of my Priority 8 this year is increasing accessibility and availability of financial support for all students on campus. This Uni 101 blog will give you some tips and tricks on how to manage your money.
Open a Student Bank Account:
First things first, you’ll need a secure place to keep your money, especially when you get your student loan. Student bank accounts are designed for students; many offer perks like freebies and interest-free overdrafts. So, have a little look at what each bank offers and what is best for you.
Once you’ve opened your account, don’t forget to update your bank details with Student Finance (you can do this online!).
Budgeting tips:
It might be tempting to spend your loan on a shopping spree the moment it hits your account, but remember that that money has to last you until your next Student Loan instalment.
Your money needs to stretch over rent, food, bills, and everything in between. The best way to stay on top of it is to create a budget and stick to it. It doesn’t have to be fancy; you can just write a list.
Budgeting saved me in my first year and helped me still enjoy myself while on a budget and not panic month to month.
Consider getting a Part-Time job:
Unfortunately, we are still in a cost-of-living crisis, so finding a part-time job could really help. I worked throughout my degree as a Student Ambassador, and it helped me meet new people and support myself financially.
The Students' Union regularly hires student staff, and every penny made goes right back into improving your student experience. Keep an eye on our Work With Us page!
You can also find jobs with the University or even in the local area, pubs, restaurants, and shops are often hiring. Just remember, you can work up to 20 hours per week alongside your studies.
Make the Most of Students' Discounts:
Don’t forget to use your student discounts! Sign up for UniDays and Student Beans to get money off your favourite brands and services. Also look at getting a student railcard.
Financial Support available:
Sometimes, even when you’ve saved, budgeted, and worked, your loan might still not be enough and that’s okay.
The University offers a range of financial support options. You can explore what’s available here and apply for any you’re eligible for.
Access Fund
If you’re part of a student group or thinking of joining one, but the costs are stopping you, check out our student group Access Fund here. The fund can help you cover the following costs to the amounts listed:
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Non-essential costs (e.g. trips, conference fees, individual competition costs, and social activities): up to 50
You can request up to £150 per academic year from the fund, so don’t let costs stop you from getting involved!
Don’t Struggle Alone:
Finances can be overwhelming, and that’s completely okay.
If you’re struggling with your mental health, reach out to the Wellbeing Team at wellbeing@rhul.ac.uk
Also, you can contact our Advice Centre at advice@su.rhul.ac.uk. It’s free, confidential, and impartial and if they can’t help, they’ll point you to someone who can.
Keep your eyes peeled for Financial Support Week in November for a week packed with practical tools, expert advice, and resources to help you manage your money.