Coming to university is really exciting and one of the most important life choices you will make. Once you have chosen your course, you will want to be as prepared as possible. This includes planning ahead financially, making sure you understand the funding you are entitled to, applying for this appropriately, and considering how this affects your budget. Our UWS Money Magazine features lots of helpful information, tools and resources to help you do this.
The first thing you need to do is find out what student funding you are entitled to apply for. This can differ depending on your chosen course of study, and your circumstances.
Student Funding you’re entitled to apply for
You should also ensure you take into account any impact that being a student might have on your entitlement to benefits, so check out our Benefits & Tax Credits webpage. It’s important to do this research so you don’t rely on funding that you may not be eligible to receive.
The next thing you need to consider is how being a student will impact your outgoings. This includes thinking about your cost of living while studying, and any financial commitments you will have.
Once you have a better understanding of how your income will change when you become a student, and what your outgoings will look like, it’s important to use this information to create a budget and see how your finances will look during your time at University. Creating a budget will allow you to identify any potential shortfall, and gives you time to readjust your spending to make your budget balance.
Here are some great resources designed to help you plan ahead financially and create an effective university budget:
Students from the UK:
UWS Budgeting Module – This is a web-based tool that takes you through the process of preparing a budget.
How Much – This tool will help you identify the costs associated with living and studying. You’ll be able to use this to work out your cost of living, and plan for one-off or irregular expenses.
Basic Budget – This basic budget template will help you create a budget, and look for areas that need to be addressed.
Students from outside the UK:
UWS Prepare to Study in the UK – This is a web-based tool designed exclusively for those students joining us from outside the UK. It will help you understand more about money and the cost of living in the UK, and will take you through the process of preparing a budget.
How Much (non-UK) – This tool will help you identify the costs associated with living and studying in the UK. You’ll be able to use this to work out your cost of living, and plan for one-off or irregular expenses.
Basic Budget (non-UK) – This basic budget template will help you create a budget, and look for areas that need to be addressed.