Swansea University
We all know university is a big financial investment, and money often plays a part when deciding whether or not to continue into higher education.Not only is it important to apply for student finance and find out what loans you’re entitled to, but you should also check what scholarships and bursaries may be available through your university – these often include academic/sporting/music scholarships, income-related bursaries, and departmental funding.
When you know how much you are going to be receiving over the academic year, you can begin to budget, which will ensure you get the most out of your income.
One of the first things to remember is that your student loan is typically paid in three instalments at the start of each term – this means that although your bank balance may look healthy to begin with, that amount will need to last you for the whole term.
To manage your money, it will be useful to split your income over months/weeks, as it will be easier to keep track of spending. When you have this information, you can put it into a budget calculator – these are quick free tools that make you think about your income and expenditure. It’s important to be realistic when using these tools. Start with listing any potential income – this could include:
• student loans
• parental contributions
• part-time work
• scholarships
• grants
• any other income
When you’ve done this, you can work out your expenditure. List your priorities, to ensure you don’t miss essential payments. This may include
• accommodation
• groceries (food/drink/toiletries)
• clothing
• transport
• social events
• bills (mobile phone, music/TV subscriptions)
• books/course expenditure
• other
Finally, it’s important to monitor your spending regularly, and avoid any unnecessary money stresses that may affect your studying.