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Advice for managing your money on a student budget
Student budgets can be tight, and with so much talk of rising costs, it’s more important than ever to manage your money and seek help when you need it. In the last year, our Advice Centre helped with 3,257 money related queries — so please don’t hesitate to get in touch if you need support with any of these tips.
1) Set up a budget
It’s really important to know what money you have coming in, what you need to spend and when this will be happening. The Advice Centre has a budgeting guide to help with this. Be realistic and prioritise the things that you must pay, such as your rent. See if you could make any savings, for example, by setting up a weekly shopping list to save money on meals. It’s a good idea to try and budget for those ‘unexpected’ costs — such as a prescription or an unplanned journey home — by saving a little bit of your maintenance loan or wages.
2) Check you’re getting everything you can
Make sure you’ve applied for any student funding that you’re entitled to.
Undergraduates might find it helpful to use a student finance calculator;
If there’s been a change in your circumstances (or your parents’) then check if this could mean your funding will change. E.g; if you’ve been living with your parents and you move out then you may be able to get a higher maintenance loan.
If your parent’s income has dropped, you may be able to ask for your funding to be recalculated.
For students who are under 25 check if you could be classed as ‘independent’ (not assessed on your parents income).
Postgraduate students can use this guide.
International students can find more info here.
3) Apply for extra help
Manchester Met has a Student Financial Support team who administer various funds, such as Crisis Support, Day to Day support and a bursary for care leavers.
You may qualify for a grant from a charity.
Check if you can get help with NHS costs.
4) Keep a close eye on your money
Check that your bank account is the right one for you – student accounts usually have extra perks available. Use a banking app on your phone and regularly check your balance. You might find it helpful to set up alerts as well.
If something unexpected happens look at ways you can make savings and apply for extra help (see tip 3).
If you’re experiencing financial difficulties, it’s best to seek help as soon as possible. It’s not unusual and at the Advice Centre, you’ll get confidential, independent support from trained professionals who support students at Manchester Met full-time. Our Advisers love what they do and are here to help — plus the service is completely free and in the 2021/22 academic year, the team helped students gain an additional £286,806.02 — so please make the most of the support if you need it.
