National Student Money Week

The Funding and Advice Team are on hand to offer support year-round, not just during National Student Money Week. Find out more about what they offer, and how you can use their service:

UWS FUnding & Advice Team

If you are interested in making your income go further, you might also want to consider stretching your income. We have a range of Discretionary Funds available to certain types of students, that can offer extra funds to help you meet your basic living costs while studying. These act as a top up to your student funding from SAAS or SLC, so if you feel you might benefit from this type of income boost, click below for full details:

UWS Discretionary Funds

Managing finances can be challenging, and not just while you’re a student. This Student Money Week we’re looking to the future and giving you the tools you need to develop effective money management skills for life. 

Building a Budget

The key to building a successful budget is understanding where your money goes and why. It’s not just about the figures – all sorts of things can affect your spending habits, and understanding what they are gives you more control of your money. 

To get started, download the UWS Spending Diary:

UWS Spending Diary (PDF)

This helps you track not just where your money goes, but also patterns in your spending: maybe you spend more using a card than you would with cash, or vice versa; maybe you tend to eat out or get take aways on days you finish work or Uni late; maybe you’re paying for services you’re not really using, like gym membership, or an expensive phone contract with add-ons. When you notice a pattern that’s costing you more than it should you can make changes for the following week, then see what else you notice, and so on. 

Once you’re got a good handle on what you’re spending (and how much, if any, you have spare) you can think further than next week – what about next month, the summer between years of study, and special events like Christmas, birthdays and holidays? These new habits of budget awareness and planning ahead will set you up for bigger challenges, like preparing for the transition from student life after graduation, and more significant goals after that like buying a car, a house etc. 

After graduation you’re likely to have different financial needs and commitments, and it’s important to factor these in when making or planning future financial decisions e.g. when comparing salaries for a job, you’ll need to consider how your student loan repayments will be impacted.

One of our favourite tools for planning ahead is the Budget Planner on the Money Helper website, which you can use throughout your study journey and beyond. 

Prioritising Essentials and Planning for Events

Your budget needs to cover essential living costs such as rent, utilities, and basic groceries. You’ll typically have little or no control over the rate of essential living expenses, but other costs will have more flexibility. It’s for you to decide what’s necessary within your budget in terms of quality and quantity of those less essential outgoings. 

The Money Saving Expert Demotivator Tool shows you how much of your budget is being spent on non-essential costs. This is especially helpful if your budget is tight, as it quickly highlights areas where you can make changes, freeing up money for higher priorities or future spending plans. 

One helpful approach is to budget using two bank accounts – one for paying bills, and the other for groceries and less essential spending. The Experian website has a range of tips on how to optimise this approach.  

Similarly, you could have one account for making payments, with separate saving “Pots” for specific outgoings, whether that’s monthly bills, annual fees (like car insurance and road tax), Christmas, or a holiday. The Money Helper website explains how you can make use of Pots. 

Using Student Discounts

While you are a student, make the most of it! Many retailers, restaurants, and events companies offer student discounts. Make sure you carry your student ID and sign up to student discount platforms. Not sure what’s out there? The Student Crowd website has a list of 30 discount websites to get you started. 

Navigating Travel Costs

If you use public transport, consider all of your available options – bus, train, tram, cycling, walking. Where paid-for travel is necessary be sure to take full advantage of discounts and travel off-peak wherever possible. 

• Apply for or replace a 16-25 Railcard for discounts on relevant journeys 
• Apply for or replace an under 22s bus pass for access to free bus travel in Scotland 

Finding Part-time Employment

Where you have the capacity to work, balancing employment and study can enhance time management skills as well as reducing financial stress. Additional income will obviously inflate your budget, allowing space for more variable monthly spending, and future-saving potential. 

Visit the Careers Service section of the UWS website for information and support with getting into employment:

UWS Careers Service 

Building Your Own Emergency Fund

Setting aside a portion of your income for unexpected expenses can prevent financial setbacks. Automatic “Round Up” and “Save the Change” tools are offered by many banks and are a great way to start saving. You won’t typically notice the absence of these small amounts, meanwhile the balance of your savings will be increasing. 

An even better approach is to treat your savings like an essential outgoing and get into the habit of saving a regular amount each month. If you have surplus funds in your main account at the end of the month you can also add these to your savings. 

Here are a couple of articles on saving techniques:

• Automatic savings apps: how they work & top picks | Money Saving Expert
• Student budget planning: expert tips to save at university | The Star

Avoiding Unnecessary Debt  

When your budget is tight, it can be tempting to look at borrowing as a solution. Although this may feel like a “temporary” measure it’s very important to be future-ready, and consider how, when, and if you’ll be able to repay the debt. You should always adjust non-essential spending as far as possible before considering borrowing – read the Debt section below for more guidance on how best to manage unavoidable debt. 

When money is tight it might feel like thinking about the future is an impossible dream, but it needn’t be. Investing in your future self, even the tiniest bit, is better than not thinking ahead at all.

What’s left of your budget?

You’ve worked out a budget. You know what you have coming in and going out, and you know what’s left at the end, so now is the time to start thinking about what to do with those available funds, so they work for you.

Develop a savings habit

As habits go, this is the best one to have. Whether you are starting a small emergency fund, or saving for a big-ticket purchase, getting into the habit of saving is a worthwhile thing to do. Don’t overwhelm yourself by setting a massive target – having a small pot of savings to dip into for emergencies is better than having nothing at all, and by starting small you are more likely to succeed.

Our Beginners Guide to Saving is a great tool to get you started on your savings journey.

Ways to save

There isn’t just one way to save money. You might prefer a simpler approach, such as a ‘pot’ or separate bank account to keep your savings separate from your current account. Or if you are more savvy, you might be interested in a specific savings account and be thinking about what can be gained from interest payments. 

Money Helper have a really simple explanation of how interest works.

Different savings accounts have various features that you might find help to reaching your goal, and that you will want to be mindful of when shopping around for an account. For example, you might be able to earn higher rates of interest if you commit to leaving your funds untouched for a period of time, but that might not suit if your savings are to help you manage unexpected bills. 

It’s important to think carefully, and shop around for what suits you best. Money Saving Expert always have really good information about savings accounts and we’d always recommend reviewing their web advice, whether you are new to looking for a savings account, or are looking for a new or better deal. 

Tips to stay motivated

Think about what motivates you and lean into that. If you are saving for a holiday, change the wallpaper on your phone to a picture of your desired destination. Every time you look at your phone you are then reminded of your savings goal and think twice before spending.

If you are prone to treating yourself, instead of trying to dent yourself, give yourself a treat allowance, but once it’s gone it’s gone. 

The Money Helper Savings Calculator is a great tool to help you set a target, see how long it would take you to reach that target, and help you make your savings work hard.

Debt versus Savings

When thinking about saving, some people might be held back as they already have debts, and it is most certainly worth thinking about whether your money is better utilised paying your down your debts or building up your savings.

The general rule of thumb is to work out the cost of debt and the benefit of the savings and compare the two. For example, if you had a £1,000 balance on a credit card at 35%, your interest cost over the course of a year would be £350. If you have £1,000 in a savings account, earning 3% interest, that would be £30 for the year. As the cost of the debt is much higher than can be earned through savings, you will be better off using any surplus funds to pay down the debt. 

Money Saving Expert have some really good guidance to help you understand this point.

What does your future hold

Nobody knows precisely what their future will hold but you might have some hopes, dreams or plans that you can prepare for. From starting a family to weddings or buying a house, the following links can help you start planning.

• Baby costs calculator | MoneyHelper
• Weddings on a budget: 50+ tips & savings | Money Saving Expert
• First-time mortgage borrowing: How much can I borrow? | Money Saving Expert
• Government schemes for first-time home buyers and existing homeowners | MoneyHelper

Debt will always be a part of financial life. Whether it's trying to manage debt during your studies, making a solid plan for tackling debt in the future or aspirational debt such as a mortgage or prestige car. Debt is a fact of adult life in the UK. The best way to stay on top is to stay informed. This National Student Money Week, our focus is Repay, Recover, Rebuild and the resources here will help you to lay solid foundations so that you can move on from university fully equipped to manage your future finances.

REPAY

One of the first areas a student may be worried about is repaying their student loan. There is lots of misinformation on this, and this can unnecessarily add to overall money stress. We have lots of clear information on how student loan debt actually works on the Student Specific Borrowing section of our Debt & Borrowing Money Advice pages. If you would like more depth information, the SAAS Student Loan webpage and the UK Government webpage on repaying your student loan have all the details.

You may be interested in the best ways to maintain your current credit and understand your credit score. Again, our Debt & Borrowing webpage has a specific section on this. You can also read more from Experian or Which.

RECOVER

If you already have debts and feel that they need attention, whether that’s because you are struggling, or you just want to make sure you are on top of this, there are lots of resources to help. 

If you are struggling, we would encourage you to take professional advice. We have a list of trusted organisations on our Debt & Borrowing webpage. We also have an easy-to-use Debt Toolkit (pdf) to help you understand your debt position and how to make offers of payment if you are falling behind. Please do reach out to the team if you are in this position and want support and reassurance. You can book an appointment in confidence via the student hub. 

You may simply want to make sure you are reducing your current liabilities in the best way or make a plan for repaying your debts. You can learn more about Reducing Borrowing on Credit or the Managing Credit Well webpages on the Money Helper website. If your budget allows, you may be interested in making overpayments to reduce your debts. A good overview is available in this Money Supermarket article on Repaying Debt More Quickly. The Money Saving Expert Calculators on Credit Card and Loan Repayments are also useful as they help you to clearly see the impact of changing a payment or moving a debt. 

REBUILD

You may be focusing on future you and seeking to rebuild your finances following study. Again, you will find Money Helper a good source of information as they have pages specifically for How to Prioritise Your Debts and How to Deal with Debt After Graduation. If you want to find out more on specific approaches to paying off debt, this article by Experian on Debt Snowball v Debt Avalanche Method will be informative. If you want to plan for life’s larger purchases such as a home or a car, these Money Saving Expert articles will help you – How to Boost Your Mortgage Chances and Best Way to Buy a New or Used Car.

You will also find advice on our The Home webpage and the Buying a Car section of our Debt & Borrowing webpage.

In the UK, free access to lots of advice and guidance is part of our culture, so you’ll often be able to seek help and support, whether that is online materials or in person advice services. But it’s really important to recognise when that advice comes from a trustworthy source, particularly in an age where social media can make it easy for anyone to claim to be an expert. 

While you are a student, the range of support services available to you from within the University should be considered trustworthy and expert. Staff in these teams are professional, experienced and engage in robust training and development to allow them to deliver support to students.

Outside of the university, when it comes to money, you should consider these organisations to be trusted:

• Gov.uk – the official UK website for government services and information
• Mygov.scot – The Scottish Governments official website for public services in Scotland 
• Money Helper - free, impartial guidance that’s backed by government
• Citizens Advice – A reputable and well-respected organisation providing support to consumers across the UK
• Money Saving Expert - the UK's biggest consumer website, helping people to be a savvy consumer and get the most out of their money.

Advice versus Guidance

Do you need guidance or advice? These are actually technically different, which is handy to know if you are seeking support. Guidance helps you make informed decisions by providing information and options that you then act on, which would be the case if you used the websites listed above.

Advice is tailored to a person’s individual circumstances and would apply if you had a one-to-one appointment with a specialist, who then provided quite specific next steps, and may well take the action on your behalf.

Guidance is most often free, but advice can sometimes come at a cost, for example, seeking advice from a mortgage adviser, solicitor, pension adviser etc. 
 
Turn2us can help you find credible advice on a variety of subjects, and most of the agencies they refer to will offer free advice and guidance.   

Beware of Social Media

We can be bombarded with information on social media, and more and more, social media is being used to sell us things. I’m sure we’ve all bought something that seemed amazing, only to be disappointed when it was delivered.

When it comes to financial information though, the risks of being sucked in can be much greater than using a few pounds on a bad purchase. 

To best protect yourself, follow our ABCs…

• Avoid Influence – Influence tells you what to think, so apply your own judgement. Likes and followers are not the same as credibility and qualifications.
• Beware of Shortcuts – If it seems too good to be true, it probably is. Real progress can take time and rarely comes from quick fixes.
• Credibility Matters – Check the source and consider reliability, expertise and track record. Cross check and compare multiple courses rather than relying on just one.

From avoiding scams to identifying fake ‘experts’, you’ll find helpful information here in this Financial Times news article on how to deal with finance on social media platforms.

Loan Sharks

And while this might seem old fashioned, or far removed from your own life, Loan Sharks (also known as Illegal Lenders) are very much in operation in all pockets of society and are criminals who often disguise their service as friendly advice. 

Victims may not realise that they have borrowed from an illegal lender. We heard a story about someone who ended up owing a loan shark a lot of money, and it started with his local shop providing a tab for groceries during covid. 

Citizens Advice have a useful guide to help you avoid and report Loan Sharks.