Money Management

When you first receive your student loan, it may well seem like a large amount of money. However, this money will most likely need to last the entire term. If you're not careful, it can quickly run out.

The bigger costs like accommodation, travel or bills are often easy to remember, but smaller expenses can be a significant part of what you are spending.

For example, something as cheap as a cup of coffee on your way in to university, four days a week, can add up to a lot of money over the course of an academic year.

£2.10 x 4 days x 39 weeks (academic year) = £327.60

Or another example: buying a bottle of water every weekday during term time:

85p x 5 days x 39 weeks - £165.75

Once you have paid for accommodation, bills and other similar expenses, you may find yourself with less than £2,500 to live on for the academic year, so it's important to think about how these little expenses add up.

It's important to be realistic about your spending patterns. You should think about what expenditure is essential, and where you can make savings.  

If you're not sure what you're spending your money on, keep a spending diary for a couple of weeks so that you can see exactly where your money is going. This means you need to record everything you buy. If you take money out of a cash machine, write down how much you have withdrawn and then what you spent it on. Remember to include things you pay for by debit and credit card. Make a note of every purchase, no matter how little it cost.

Once you have a better idea of where your money is going, you can make informed decisions about where you can make savings. When you add these smaller, day to day costs to the bigger, monthly or annual costs like rent or bills, you can begin to work out a monthly budget.

This student budgeting spreadsheet from Save The Student can be downloaded and used in Microsoft Excel or Google Sheets.

Buy a TOTUM card and get a range of discounts including Amazon, Odeon Cinemas and the Co-op group.

Register with UNiDAYS to access a range of great discounts from a variety of companies. Registering is free but requires an active student email address.

The Student Art Pass opens up a world of art, opportunities and community. Get free or reduced-price entry to hundreds of museums, galleries and historic houses, and 50% off major exhibitions for just £10 a year.

16-25 Railcard

Get 1/3 off Standard Anytime, Off-Peak, Standard Advanced and First Class Advanced fares. Students over 25 studying over 15 hours a week also qualify.

National Express Young Persons Coach Card

If you're aged 16-26 or are a full-time student, this card from National Express gives you 1/3 off standard fares.

18+ Student Oyster

If you're 18 or over, in full time education and live at a London address during term time you may be eligible for an 18+ Student Oyster photocard. The Student Oyster offers 30% off the price of adult-rate Travelcards and Bus & Tram Pass season tickets.

The following guidelines can help you take control of your finances. Remember, don't ignore the problem; the longer you leave it, the worse it will get.

• Always open correspondence relating to debts. Ignoring letters won't make the problem go away.
• Make the most of your income. Have you received all of the student loan/grant you are entitled to? Can you increase your income by getting a job, or perhaps selling something?
• Make a list of your debts. Don't forget to include any money owed to friends or family, unpaid bills and any amounts owed on credit cards.
• Utility companies will not cut off your supply as long as you make a payment plan and stick to it.
• Always keep copies of letters and papers you send or receive.
• Don't borrow money to pay off your bills without thinking carefully. Always get advice first.
• Sticking to a budget can help you manage your debt. See our budgeting section for more information.

The Specialist Adviser at your campus is available to help you organise your finances. If you really don't feel like you can speak to anyone at UCA about your debts, the following organisations and online tools can be very useful. Beware of companies offering to sort out your debts for a fee; there is plenty of help available free of charge.

• Money Helper has lots of resources and online tools to help you manage your money and debts.
• The Money Charity's Student Money Manual is aimed mainly at first years, but is useful for second and third years too. This guide is useful for all aspects of managing money at university.
• National Debtline offers a specialist free and confidential telephone advice service for people with debt problems. There is also a wealth of online fact sheets on all aspects of debt and resources including sample letters for creditors to enable people to deal with debts themselves.
• Debt Advice Foundation is a free and confidential specialist advisory service on any aspect of debt. They also have a number of online resources.
• You can get advice from the Citizens Advice Bureau by using their online advice service or by calling in to your local branch.