How to Budget for University
Going to university is an expensive undertaking, especially if you move away from home to do it. These money management tips will help to reduce the burden you face financially.
Money Management for Uni Students
Learning how to budget is a crucial life skill, and doing so as a student will take the stress out of living independently at university. Working out roughly how much money you have to cover your expenses is a good first step, since it will help you work out if you’ll need to cut costs or earn extra income as a student.
Before you head off to university, work out how much money you have access to, whether in the form of student finance, scholarships, or help from family members.
Your Student Loan
If you’re a student in the UK, you’ll most likely have a student loan. Part of this will go towards tuition fees, but another portion will cover your living costs. Student storage Edinburgh. The maintenance part of the loan is means-tested, so not all students can get the full loan, but it’s work going through the application process to find out how much you’re eligible for.
There are many factors that impact how much you’ll receive, including where you’re from, the income your family has, and also where in the country you’re studying. Students from England who are studying in London may be eligible for a larger loan to cover the higher cost of living in the city.
Apply early so that you know exactly how much you’re entitled to and receive your loan at the start of the term. If you apply late or the loan provider requests further information there may be a delay in processing the loan.
Other Support for Students
There are grants, scholarships, and bursaries available for students, but these are usually aimed at specific demographics. For example, if you have a child or your household has a very low income you might be able to request a government grant or a scholarship from your university. Ask the student finance department at the university for advice about other support options.
Working While Studying
It’s becoming increasingly common for students to get a part-time job to help them cover the cost of their studies. Some students opt to work full-time during the holidays rather than trying to balance the demands of a part-time job with the demands of studying.
Another option is to work during a gap year, gaining real-world work experience and putting some money to one side so that they can study the following year.
If you opt to get a job, make sure that your tax code is correct so that you don’t pay more tax than you need to. Most students who are working part-time should not have to pay tax because their total income won’t be above the personal allowance threshold for income tax. Students who work full-time for a few months shouldn’t have to pay income tax either, but because taxation is calculated on the assumption the job is full-time and ongoing, the default tax code is for someone working year-round.
Income from part-time work should not have any impact on a person’s eligibility for loans or bursaries, but it’s important to talk to the university and make sure that your job will not have a negative effect on your studies or your ability to attend classes and lectures.