Looking after your wellbeing

Looking after your finances

Learning how to manage your money is a crucial part of university life.

There are new financial challenges and routines that come with being a student, so even if you think you're good with money, there are still lessons to be learnt. For instance, how you receive your student loan compared to a wage or salary means you have to think differently about how you spend and save.

There are plenty of ways you can go about tackling these new challenges and there isn't a ‘one size fits all’ solution when it comes to money management. You will need to find what works for you as an individual and here are a few suggestions you can try out.

Student bank accounts

It's worth setting up a student bank account that has additional benefits compared to a standard one. It's also worth setting up a savings account where you can put money aside for unexpected events or emergencies. If you are an international student find out more on this webpage.

Budgeting templates

It can sometimes help if you can visualise all your income and expenditure in a budget. Templates are available online and if you're honest with yourself on how much you can (or should) spend, it can help you work out what is a priority and adapt your finances appropriately.

Part-time work

While studying should be your priority, many students find that the extra funds from a part-time job can support financial goals. UniTemps Nottingham offers opportunities to find work on campus and around Nottingham. Visa holders need to check their potential work restrictions.

Supporting Dependents

Additional support is available to students with dependents including help with the cost of childcare. Childcare services are available on campus.

Top Tips:

Check old bank statements to see where you're spending frequently.
Watch out for contactless payments, it can be easy to forget how much you're spending.
It's OK to enjoy your money and buy non-essentials (just make sure the essentials are covered).
Put money aside in a "rainy day fund" for unexpected expenses.
Keep track of your subscriptions and when each monthly payment comes out.
Think carefully about any financial products and check how they are regulated.
Consider one off costs when starting university such as a TV licence, contents insurance, course books/materials, laptop or a bike.
Always be on the lookout for freebies and student discounts e.g. the TOTUM discount card or discount travel passes.

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