Between the spending required for accommodation and getting the most out of your day to day student life, budgeting for university isn’t easy. Here are some of the best tips to ensure you get the most out of your time.
How To Effectively Manage Your Money At University
Learning how to properly budget your money as a student is one of the best things you can do to minimise your worries. If you do an in-depth analysis of your budget before going to university, you should be able to figure out where you can make some savings or find additional income to assist.
One of the very first steps involved with managing your money is to figure out your minimum income over the next year. For any students who are residents in the UK, you will begin to do this once you have your student finances set in place.
Student Loan
The loan you get should go directly to the university. Whereas, the maintenance loan is meant to cover the daily student living costs. However, this loan is based on your total household income. Thus, only those that qualify with a low enough household income are likely to be eligible for this type of full financial support.
The total amount of maintenance loan you qualify for will be based on where you live before officially becoming a student. You will find that each country offers varying levels of support for living costs. The total amount you can expect to get will depend on where you are living during your studies. If you are someone that is staying at home, you won’t get as much. Any students living in London will be allotted a higher amount unless they are from Scotland.
You will want to submit your finance application as soon as possible. You also want to ensure that you are getting confirmation of your entitlement to student finance. If you have a provider that is waiting on more evidence, you could end up with your loan getting held up because of it. As soon as you are confirmed, you’ll get your maintenance loan payment directly to your bank account after you register for your courses.
Other Financial Support
You will find some students will be eligible for further financial support including scholarships, grants, and more. This could include grants from the government if you have children that you are taking care of, university scholarships, and even bursaries.
You will want to check for all sorts of financial support that you might qualify for. Even a small amount of support can make a big difference in helping you during your time as a student. This can help you afford student nights in London.
Income From Work
A lot of those who go to school end up getting jobs part-time to help with finances. Another option would be grabbing a holiday job before heading off to university. You could also begin to save up for your time at university before going. Any work skills that you gain can help you get a good job to do part-time which can help in a big way.
If you still have concerns about your money management while you are a student, you could consider going on a gap year. This way, you can save some extra money before getting started.
You don’t want to be overpaying for your income tax if you are working. A lot of students don’t earn enough to go above the threshold of the personal allowance.
That being said, if you do work full time, your tax will be calculated under the assumption that you are working for the entire year. You should continually check your paystubs and if you find that you are in a position where you need to reclaim income tx, you can do so from the government.
Part-Time Work
While working during your studies might not be widely encouraged by many universities, a lot of students end up finding part-time work. Any income made from working part-time isn’t something that should impact your entitlement to loans.
You will want to ensure that your working hours fit with your academic requirements and also ensure they aren’t distracting from your studies. A lot of universities have their own student employment office that you can use to find something that works for you.