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University of the West of Scotland


Funding and Advice Service

Money Doctors


Money Doctors is a concept adopted by Funding and Advice to help students better manage their money. There are three main strands to what this involves:

  • ensuring you are informed about all the available funding and employment opportunities, enabling you to maximise your income
  • providing you with the skills you need to manage your finances, enabling you to use your money effectively and concentrate on your studies
  • educating you on the sources of help available so you know where to go when things get tough

Watch out for our Monthly Money Doctors Monthly Themes that could help you save money, or get more savvy with your finances.

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March month of Insurance

Are you insured? Do you need insurance?

How will your finances cope if something goes wrong?

Use this hand guide to find out what you need to know about Insurance

BenefitS FOR STUDENTS

Council tax

Full time students should be exempt from paying council tax. Exemption forms should be collected from your local Council and completed by Student Administration.

Students moving form one course to another, or transferring institution may become liable for Council tax over the long summer holiday, even if that course is a progression.

The Council Tax Exemption is a little trickier if there are other non student occupiers of your property. The Council Tax bill in this instance will become the responsibility of the non students as students are considered "invisible". If a student only shares with 1 non student, then that student becomes the only person liable and can claim the Single Occupancy Discount by contacting the Council.

Properties that are occupied solely by students are exempt from council tax, for example student halls of residences.

Tenants in properties that are occupied on different leases e.g. bed sits, are not liable for the Council tax. Even although the landlord may not be resident, they are liable. The landlord is within their rights to increase the rent accordingly.

Part-time students and students who own the property in which they live may still become liable for the Council tax.

 

tax credits

There are 2 types of Tax Credits:

  • Working Tax Credits (this can include a childcare element)
  • Child Tax Credits
Students can claim Child Tax Credit if they:

  • Are a lone parent with one or more children
  • Are part of a couple and have one or more children
  • Are responsible for at least one child who is "normally living with" the claimant
  • Have children who are under 16, or under 19 and in full-time non-advanced education
  • Are not subject to immigration control.
Students can claim Working Tax Credit if they:

  • Are 16 or over, have children and are working at least 16 hours a week
  • Are 16 or over , have a disability and are working at least 16 hours a week
  • Are over 25 and working 30 hours a week
  • Are 50 or over, have been claiming Income Support, Job Seekers Allowance or Incapacity Benefit for at least 6 months, and are now working more than 16 hours a week
  • Are not subject to immigration control.

Housing Benefit

Housing benefit is not normally available to full time students unless you are either:

  • A lone parent
  • A disabled student qualifying for the Disabled Students Allowance
  • Students responsible for a foster child
  • Students aged 60 or over

Contact your local council and apply for your housing benefit, the local authority will means test you in the same manner as any other applicant, which means they will need to see your letter of award, student loan agreement and any Child Tax Credit you may be receiving.

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Childcare
Sourcing Childcare

Many organisations offer help and support in finding childcare that suits your circumstances. The web site below provides information on many of the organisations that we find helpful, and hope you do too:

http://www.scottishchildcare.gov.uk/

 

PAYING FOR CHILDCARE

Financial support for childcare may be available from:

  • SAAS
  • Childcare Funds
  • Working Tax Credits

Find out if you're eligible to apply to the childcare funds. If so, Advisers will assess you for any childcare costs above any other childcare funding you may have from the above sources.

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Discounts

Many retailers offer discounts to students as a way of enticing you to spend your money in their establishment. Some discounts simply require you to show your student ID card but many are negotiated nationally by the National Union of Students (NUS) who sell the NUS Extra Card. This card includes a wide range of discounts on food, books, computer equipment, and much more.

Saving money when possible is an excellent way to budget and make your money go further.

BUDGETING

Student life isn't any different than the 'real' world. You have a set amount of money coming in, and that's what you've got to spend and budgeting is key to keeping debt to a minimum. Spend more than you've got, and you'll build up more debts, and paying them back will become a problem.

There are a number of basic steps to take in order to make budgeting easier:

Do your research before you buy. It's easy to assume mobile phones, supermarkets, gym membership, TVs, gas & electricity bills, car and home insurance and other prices don't vary too much – but they do.

Making the right financial decisions can save you money every week.

  • Budget

Everyone needs to budget but it's more important to do this when your income is low. Doing this keeps you in control of your expenditure and ensures you're not left without cash.

  • Entertainment costs

For many students, enjoying life as much as possible is an important part of the student experience. There's nothing wrong with spending money on entertainment but you need to budget for it, like everything else in life.

Plan when you're going out and when you're staying in, no-one can afford (financially or physically) to party every night, so don't feel pressured into doing it.

  • Don't get the ‘spend it before it goes' bug

When the loan arrives, it's tempting to splurge but remember, this needs to last all month. Everyone loves to splurge but the time to do it is at the end of term, when you've carefully managed your money and know you've got some spare, not the beginning, leaving you short and struggling to pay bills, which is only the beginning of a downward spiral..

  • Get a job

While studying is a priority, it's become commonly accepted now that many students will work to get by. So if you don't have enough cash, don't over borrow, try to find a job instead.

NOVEMBER MONTH OF HOUSING AND UTILITIES

For many students, particularly those living away from home for the first time, finding somewhere to live while at university can be a daunting process as can balancing finances to pay for accommodation.

Here we provide advice and guidance on the different types of accommodation available for students and related issues such as getting your deposit back, safety in rented accommodation and paying for a tv license.

This section covers:

  • Finding and choosing a property
  • Who you should live with
  • Your rights and responsibilities
  • Your deposit
  • Utilities

FINDING AND CHOOSING A PROPERTY

There are many types of property available for students. Some students will already be settled in mortgaged homes or rented housing association properties when they begin their course. Others may be moving out of the family home for the first time when they begin their course and don't know whether to stay in University accommodation or private rented property.

Whatever you decide to do, it's important to research before you commit to anything.

University Accommodation:

New students moving away from home for the first time may favor University accommodation. UWS has various accommodation that is managed by the Accommodation Unit. Some students may find that spending Year 1 in University accommodation allows them an opportunity to make friends and get used to University life before moving into the private rental market.

Private rental (Either through letting agents or direct with landlords)

The private rental market may feel like a daunting place but there are many rules and regulations in place to stop dodgy landlords taking advantage of vulnerable students and dubious students taking advantage of landlords.

Landlords in Scotland must be registered with their local authority in order to legally rent their properties. This registration process ensures they meet the 'fit and proper person' criteria by looking into any criminal convictions or their history of managing properties. You can check to see if your prospective landlord is registered on the Landlord Registration web site provided by the Scottish Government.

In April 2008, the Scottish Government launched its Landlord Accreditation scheme. This is different from Registration as it is optional but it encourages landlords to improve their standards. Only those showing they are reputable and trustworthy will be accredited. You can find out if your landlord is accredited by checking for the Landlord Accreditation Scotland logo on property adverts or in letting agents' windows. Letting agents should also have a copy of their accreditation certificate on display in their office.

Before you agree to rent a property from an accredited landlord or letting agent, ask to see their Accreditation Certificate. You can also ask for a copy of the core standards, which explain the quality standards with which your landlord must comply.

If you're in any doubt, contact Landlord Accreditation Scotland they we will confirm whether the landlord or letting agent is accredited.

An HMO (House of Multiple Occupancy) is a property that is shared by three or more tenants who aren't members of the same family. HMO landlords must have a licence from the council. This ensures that the property is managed properly and meets certain safety standards.

Many students live in HMO properties as this includes Halls of Residences and shared flats.

WHO YOU SHOULD LIVE WITH

It's important to think carefully about who you should live when making the decision to move into private shared accommodation. Many students cannot afford to love alone so will have flatmate's or housemates that they share a property with. You need to make sure you find someone you can trust to pay their fair share and not to make life unnecessarily difficult.

YOUR RIGHTS AND RESPONSIBILITIES

In any kind of lease you will have rights as a tenant but also responsibilities. Most students will into a short assured tenancy agreement meaning you have the right to live in your home for at least six months. During this time, your responsibilities with include paying rent on time, keeping the property clean and tidy and reporting any repairs that are needed.

Shelter Scotland provide excellent information on your rights and responsibilities.

YOUR DEPOSIT

In private rented accommodation you should expect to have to pay a deposit of up to two months rent in advance. Your landlord will return this at the end of your tenancy as long as you are up to date with rent and bills, haven't caused any damage or haven't taken anything from the property. For this reason, you should request an inventory of all items in the property at the start of your tenancy. You should also be given a receipt for your deposit.

If you have problems getting back your deposit you should contact any local Advice Works or Citizens Advice Bureaus.

UTILITIES

The thought of having to pay electricity, gas and insurance is enough to scare anyone into forever living with Mum and Dad but it doesn't have to be so daunting.

Electricity, gas, broadband, phone, insurance and grocery shopping are all important parts of life but there are ways to make your money go further.

Student Finance offer great hints and tips on how to budget, find cheap providers and source student friendly deals.

Money Saving Expert also provides advice on how you can reduce your monthly outgoings by cutting back your utility bills.

Just think about your shopping habits. Are you continually having to throw out spoiled food? Think how much you could save by planning ahead and not buying that food in the first place.

Just think…if you were to substitute your weekly shopping for supermarket own brand goods instead of luxury brands, you could save at least £13.62* per week which is equal to £708.24 for the year. It’s definitely something worth thinking about. And we could have saved further by buying the supermarket value range.

There is nothing wrong with buying brand name goods if they are part of a deal, or buy one get one free, but you need to beware of FALSE ECONOMY. Buying bulk may be good for some items that aren’t perishable but for others, such as fresh fruit and vegetables, buying bulk only makes sense if you’re going to use them. Stocking up on canned goods or dried goods when they are on sale is good economical sense. But spending money on items that you won’t use before their use by date is the same as throwing your money away.

* Based on an exercise carried out by Paisley Advisers comparing 2 baskets of shopping from Morrisons.

DECEMBER MONTH OF OVERDRAFTS AND CREDIT

These days, borrowing is an inevitable part of being a student. It is virtually enforced, making it nearly impossible to avoid debt. The question is, what's the right way to fund, borrow and live as a student?

No-one in the UK should be put off studying because of potential student debt. Done right, it's very different to normal debt. It's only repaid when you finish studying, and if you don't earn enough when you leave (and of course one reason for studying is to enable you to earn more) you don't have to pay for it!

It is important to remember that some types of debt are MUCH better than others and that all debts are not the same! Once you accept all debts aren't equal, the key question is which are the right debts? And luckily it's easy to draw up a strict order of priority:

  • FIRST CHOICE: Official student loans

    The official Government-backed Student Loans Company (SLC) loans are the cheapest long term debt you'll ever get and should always be the first place to borrow from.

    There's nothing to repay until after graduation and then the less you earn the less you have to repay. Plus, if you earn less than £15,000 you won't have to repay it at all.

  • SECOND CHOICE: Student bank cccount interest-free overdrafts

    Banks often provide interest free student overdrafts, or other perks, to entice you to to use their service. An overdraft allows you to spend more money than there is in your account by borrowing into negative figures. Normally customers are charged interest each month on their overdraft, but for students it's usually 0% up to a set limit, in other words you don't pay to borrow this money.

    As it's interest free, you may ask why this isn't the first choice. The answer is that once you're no longer a student the banks will start charging an expensive commercial rate of interest, whereas student loan debt always remains cheap.

  • THIRD PLACE: All other debts

    All other debts should be avoided. This is anything charging a commercial rate of interest such as credit cards and bank loans. However, if you must use debt, their are clever ways to get the best available deals that will have the least possible effect on your finances.