Whether you get your money from a student loan, bursaries, a scholarship, a part-time job, or your parents once you’ve got some money you need to know how to make it last.
Working out your costs:
So first things first you need to work out how much you’ve got and how much you’ve going need throughout the year. Make a list of the costs you know you’re going to have, usually this will include things like rent, household bills, and travel to and from uni (if this is by car remember to add your tax and rough MOT costs too). Once you know these costs you can start to workout how much you have left to spend on food, clothes, hobbies and a social life.
For help with budgeting you can download a budget sheet here that we have borrowed from Martin Lewis's Money Tips - thank you Martin!
If the amounts aren’t adding up too well and you do not have a part-time job already you might want to consider visiting the Employment Service which is part of the Careers Service on level 5 of Livingstone Tower. They advertise student friendly jobs which will help you earn some extra cash. You can also look for jobs in local newspapers, or check windows for 'staff wanted' signs.
Having a job is very common amongst students these days. However, it is worth remembering that you are here to get a degree. If you find you are having to work too many hours to make enough money, or your employer is giving you too many hours (or hours that don't fit in with your studies), you might want think about looking for another job or support from elsewhere.
Previously known as the Hardship Fund, this is basically a big pot of money given to the University by the Government to help students who are struggling financially. You need to apply to the fund on a form which is available to download from the University website. This fund is only available for Home Students. There is no such fund for International Students, but in extreme circumstances you can approach the International Office who may be able to help. When completing your application you need to fill in all your details and need to provide evidence such as bank statements etc. Then form is then processed by the Student Finance Office. This takes about three weeks: they access your circumstances and, if they are able to, will award you money from the fund. The money you receive does not have to be paid back. If three weeks sounds too long to wait or you need money to keep you going until your loan or other funding comes through, the University can help you in other ways.
Emergency Aid Fund:
If you need money in a hurry and have no other way to get it you can borrow money from the Emergency Aid Fund. This money is available to students who either need money to tide them over until a loan or other funding arrives, or for students who have found themselves with a big unexpected expense that can’t wait e.g. a broken boiler or other repair. It is an interest free loan but it does have to be paid back and failure to do so can prevent you proceeding with your studies or graduating. It is also worth noting that if you’ve made an application to the Discretionary Fund and are given an award the amount you’ve taken from the Emergency Aid Fund will be deducted from your award.