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Student Advice

With Student life there's one certainty that will always be there, but that you'll never quite get used to: the money that you either saved or receive by way of a student loan, will simply pour through your fingers like sand - and pretty fine sand at that. So, with the fact that you spent so much effort in getting hold of what funds you could in the form of student loans, grants, and the gruelling summer jobs that stole your social life, you'll find you've now got to redouble that effort, just to keep above water. It is likely to be the case that the moment you think you're doing alright, more often than not, is the very day the letter from the bank telling you you're not arrives on your door mat.

It may sound boring, and in truth is, but if you are looking to avoid serious financial hardship, put simply you have to pay close attention to balancing your outgoings and spending with the funds you receive. Not exactly the crazy student lifestyle you hear about, but it is your best hope of steering clear of pennilessness.

Firstly work out your income for the year, this will mean loans, jobs, parents and so on. Then divide this figure over the number of weeks you will be at university. Most universities teach for 30 weeks a year, but in practice you will probably arrive a week early and/or leave a week late. Then, list the costs you can’t avoid. This will include the cost of fees, bills, rent, food and transport. It pays to calculate in worst case scenario terms – covering extreme emergencies of spending. It will pay to make a weekly budget, it may sound a tad sad, but every student advice centre will advise you that this is a crucial step. This will allow you to see the unnecessary purchases you make and cut them out; second, it will go a long way in your corner need you address your bank manager seeking an extension to your overdraft.

Accommodation is more than likely to be your biggest single outgoing, contacting your university should allow you to gain an idea of what average accommodation - both in student and private, rented flats - will cost. If you have the option of living at home, do consider it. Whatever your accommodation expenses, pay them as early as you can, before you have the chance to spend that part of your money.

Food is another unavoidable expense. You'll doubtless want to eat healthily and should put aside a reasonable amount for the year. Wise advice is to shop and cook with housemates, buying in bulk and buying basic brands will save you allot.

The cost of course materials will vary massively depending on what course you are studying. Science, medical and law degrees usually require expensive textbooks. Art and design students need specialist equipment that can cost several hundred pounds. Put aside at least a few hundred pounds for materials, remembering that you will need to do photocopying and continue to buy stationery throughout the year. If you can, and wherever you can, buy second-hand books or try to find the same information on the internet. Assuming your university or college gives you free access, it can be a much cheaper way of gaining the information you need.

Spending on entertainment can vary wildly. Just as some students buy the latest designer gear and go to expensive clubs every weekend, others make do with wearing jeans and T-shirts and drinking at the student union bar, your lifestyle needn’t reflect your budget.

This advice is coming from a graduate who has been there, done it and did indeed live it in T-shirts and jeans. So the advice is purely through one persons experience, however much of the advice was found through other useful resources, many of witch was found on the net and is listed bellow.

Roy Davies
Roy Davies has a wealth of experience in university life from his time as the science engineering and librarian at the University of Exeter, his site offers valuable information.