National Student Money Week

The Funding and Advice Team are on hand to offer support year-round, not just during National Student Money Week. Find out more about what they offer, and how you can use their service.

If you are interested in making your income go further, you might also want to consider stretching your income. We have a range of Discretionary Funds available to certain types of students, that can offer extra funds to help you meet your basic living costs while studying. These act as a top up to your student funding from SAAS or SLC, so if you feel you might benefit from this type of income boost, click below for full details.

UWS Discretionary Funds

Managing finances as a student can be challenging. However, with planning and resourcefulness, it's possible to thrive on a student budget. At UWS we have a webpage dedicated to helping you budget, plan and thrive while at university. 

Budgeting & Planning

Create a detailed budget

Budgeting for a month at a time is surviving. However, thinking longer term and looking at the year ahead, or even longer, is thriving. The key to a successful budget is understanding where your money is going. To understand your spending habits, you can use our UWS Spending Diary (PDF). It helps you track where you money goes, and any patterns to your spending that you might want to break, such as buying takeaways when you are tired.
 
The next step is to create a budget, but not just for the month. Looking longer term helps you to plan for one off expenses and celebrations such as Christmas and birthdays. One of our favourite budgeting tools to help you plan ahead and thrive is from MoneyHelper, and is a tool that can be returned to throughout your life, not just while you are a student.

Prioritise essential expenses but plan for other events

Ensure your essential costs, such as rent, utilities, and groceries, are covered first. These are the types of outgoings that are most important to your basic needs, such as a roof over your head, heating and food. Then consider a plan for other costs, that might not be as essential as the above. These costs are usually where you can cut back spending if need be. This approach helps maintain financial stability and prevents overspending and you can set goals to help motivate you measure your success. 

The Demotivator is a fun tool to let you see how non-essential spending can add up without you realising. 

A helpful approach is to work with two bank accounts - one where all your bills are paid from and one where you keep spending money for groceries and other outgoings. Experian have a great article on this tactic. You can also opt for accounts with facilities like ‘pots’, which allow you to put money away for certain upcoming bills. For example, car MOT, birthdays, holiday, car insurance payment etc. MoneyHelper have some great advice on using savings pots.

Use student discounts

Keep your outgoings as low as possible by taking advantage of student discounts available at various retailers, restaurants, and entertainment venues. Sign up to student discount platforms. Student Crowd have a great overview. 

Manage transportation costs

If you rely on public transportation, consider discount schemes or wherever possible travel off peak. 

• Are you eligible? - 16 to 25 Railcard for discounts on rail travel
• Apply for or replace an under 22s bus pass - accessing free bus travel in Scotland 

Finding part-time employment

Working part time can provide additional income to help you thrive. Balancing work and study can enhance time management skills as well as reducing financial stress. Our Careers Team has an area of their website dedicated to helping students into employment. 

UWS Careers Service

Build an emergency fund

Setting aside a portion of your income for unexpected expenses can prevent financial setbacks by providing a buffer for emergencies and providing some peace of mind. Round up or save the change tools are a great way to save small amounts of money with little effort, and those small amounts can add up. But the best approach is to treat your savings like a priority outgoing and get into the habit of saving a regular amount each week/month. 

The following are helpful articles that can help you better understand techniques for saving:

• Automatic savings apps: how they work & top picks - Money Saving Expert
• UK banks and savings apps that round up your purchases - The VoucherCodes Blog
• Student budget planning: expert tips to save at university

Avoid unnecessary debt  

When budgets are tight, it can be tempting to look to borrowing as a solution. However, all that does is add more outgoings in the form of credit card payments, interest etc. Thinking about budgeting goes hand in hand with thinking about debts, so be sure to also read the Debt section below.

Food

We all need food to survive. Making food an essential expense that should be prioritised. However, that does not mean that are ways to keep this cost down. Simply surviving is to eat basic meals at home, and avoid take-aways or eating out to save money on food. Thriving is to gain more confidence in the kitchen, and learning to prepare simple, delicious meals with low-cost ingredients, to share with friends, freeze for another day, or enjoy for lunch tomorrow. 

We have a webpage full of tips and advice about food, from keeping costs down while shopping, to prepping and cooking in a way that reduces waste. We even have two downloadable cookbooks to help you find some inspiration.

UWS Food

Socialising

We all need social interaction to survive. Saving money by cutting out this type of completely is not the best approach to our overall wellbeing. It's possible to survive by going out less to save money. However, it's also possible to thrive, while still enjoying a vibrant social life, but through cheap or free activities with friends.

Start walking/running together. Search for discounted sessions at local venues. Explore the local area. Look for taster sessions and free classes. Or take turns hosting dinner parties or have everyone bring a dish. Try something new! We have a webpage full of tips and advice about lifestyle spending, from helping you prioritise where you want to spend your money, to how to do fun things for less.

UWS Lifestyle

Fashion

People are so different when it comes to their opinion on spending money on clothes and fashion. For some people, they like to keep up with trends, while others want the basics. Even buying just the basics can cost a little bit of money, but perhaps not frequently. Just think about how many international students come to study in the UK (Scotland especially) and need to invest in a winter wardrobe.

The good news is, it’s possible to do this while keeping your spending under control. To survive is to make things last rather than regularly upgrading and buying new, but sometimes quality can cost. If you buy cheap, you might end up having to replace items more frequently than if you bought good quality (and slightly more expensive) in the first place. So, consider quality alongside price. Remember - just because something costs more, does not automatically make it better quality. Do your research to brands you trust.

Thrive by making the most of pre-loved platforms (or even high street charity shops) to buy when it's time for an upgrade, enjoying a refreshing change without making a dent in your wallet. Shop in Vinted or Depop to get your hands on ‘new to you’ items at low cost, or go one step further and sell your own items to make a bit of extra cash. 

Fitness

You could keep costs down by avoiding spending money on non-essential costs like gym memberships. However, physical activity is so important to a healthy body and mind that you need to find a good balance. There are lots of opportunities to look after your physical wellbeing by exercising for free – walking or running, especially in green environments can be great for both mental and physical wellbeing. UWS Scottish Campus students can benefit from free gym membership, with unlimited access to facilities and classes. 

Emotional Spending

Our mood can have a big impact on our spending habits, as well as our judgement and decision making. However, not everyone is impacted in the same way. The link between money and mental wellbeing can be described as a vicious cycle. Low mood and poor mental wellbeing causing spending issues, and/or, money worries causing low mood and poor mental wellbeing. If you find yourself in this position, there are things you can do to help you survive and thrive, and stay on top of your spending.

You can start to better understand your own habits by understanding the link between money and mental health. This article by Mind is a great starting point. Take it one step further and start using our resources to thrive and help stay in control of your finances:

• UWS Spending Diary (PDF) is a downloadable tool where you track everything and reflect on your habits. This allows you to track your spending alongside your mood to identify any patterns. For example, you might notice that you tend to splurge on a takeaway when you are feeling low or tired. Or you might tend to spend money online late at night when you can't sleep. Knowing what these trends are is the first step to taking action.
• UWS Beginners Guide to Saving (PDF) - having a buffer might make you feel more reassured that you can financially cope with an unexpected expense. 
• UWS Debt Toolkit (PDF) -  helping you to manage your debt repayments in the most impactful way, and avoid these spiralling out of control. 

Take advantage of the UWS online self-help platform, SilverCloud

SilverCloud gives you secure, immediate access to interactive Cognitive Behavioural Therapy (CBT) modules. Modules include Understanding Feelings, Facing your Fears and Managing Worry. It’s easy to use and designed to be motivational. Access it anywhere on your computer, tablet or mobile. Learn more and sign up online. Tap into a range of support, aimed at students: 

• Student Space provides information and support exclusively for students, and taking into account the unique challenges students might experience. 
• UWS also has a Counselling and Wellbeing Team (SharePoint) offering a range of services.

Gaming and gambling

Gaming and gambling can be a harmless habit for many people. However, both can veer into problematic behaviour if you're spending money you do not have or are struggling to control how much you spend. The following resources may be helpful if you want to learn more.

• YGAM (the Young Gamers & Gamblers Education Trust) has lots of helpful information to help you identify when you need to make changes or seek help.
• The UWS Lifestyle webpage also provides details of organisations who can help.

Debt and borrowing are part of life. Keeping this manageable is the key to financial success during your studies, especially as money may be tight. Whilst you may not be able to completely avoid debt there are definitely strategies you can use to ensure your finances stay on track. 

Visit UWS Debt & Borrowing Money

Survive

• Make sure you understand your student borrowing by reading up on our webpages all about how student loans work on our Debt and Borrowing Money page.
• Plan your budget and refer back to this throughout the month. Regularly checking your spending against your budget will help you to stay on track and ensure you have the funds to make all your scheduled payments. For help, check out the resources on our Budgeting and Planning pages.
• Do not make decisions at the virtual till. If you're considering a purchase, work out if you can afford it first and if you really do need it. Online shops are particularly keen on offering you alternative methods of payment, such as Klarna. This can quickly lead to building up unnecessary debts. 
• If you do need to borrow, whether that’s in the form of a loan, credit card or even to purchase a vehicle, read up on the true cost of borrowing on our Debt and Borrowing Money web page. We have detailed guides on all these things as well as links to trusted websites with further information.
• Do not take on borrowing just to 'improve' your credit score. Educate yourself on how these actually work and what wide range of factors influence them. Taking on a high-interest rate credit card doesn’t necessarily have the positive impact you think it might.
• Stay on top of any minimum repayments. Try to pay even just a little above this to reduce your debt more quickly. Paying a fixed amount also helps you to keep to your budget. If your payment is £16, try and pay a regular £20. You will be surprised the impact even a small overpayment can make.
• Know when to ask for help. If you are resorting to debt for essentials such as food or petrol, come and speak to the UWS Funding and Advice Team for support.
• If you need specialist support, you can speak to us or go directly to one of the professional debt organisations listed on our Debt and Borrowing Money page. 

Thrive

• Make a longer-term plan for repaying your debt and use our guidance on how to get the best value for your debts on our Debt and Borrowing Money page.
• If you have debts and feel they are getting to be a bit more than you can manage, use our Debt Toolkit resource on our Debt and Borrowing Money page to make a proper plan to reduce and repay these.
• Nearing the end of your studies? Do look into how repaying your student loan works and also think about your plans to repay any student overdraft you have.
• Think about building some savings to help you avoid needing to consider debt. Whether that’s saving for something special or just an emergency pot, our Savings webpages and guide have lots of hints and tips.
• Planning for life? It’s never too early to investigate the bigger things in your financial life. Think you might want to eventually buy a property? Look into how mortgages work on our The Home webpage and use all our great Money Debt Advice webpages to help you get into the best financial shape.