6 Feb 2019
Students: be money-savvy this semester
To recognise National Student Money Week (4-11 February), the University’s Student Advice and Support Service (SASS) have provided a number of tips below to help you save money and look after your finances:
1. Make sure you apply for all of the student funding you are entitled to
This must be done every year. Complete your application by 31 May to guarantee that your funding will be in place in time for the beginning of each academic year. If your financial circumstances have unexpectedly changed for the worse, you might be eligible for a larger maintenance loan and assistance from the University’s Hardship Fund. Be sure to make an appointment with SASS if you are worried about money or are not sure that you are getting everything you’re entitled to.
2. Secure some part-time work
If you don’t already have a part-time job, consider searching for a job that can work around your University studies. It’s important you don’t work too many hours, as you need to make sure you can commit to your course, but working a few hours a week can give you some extra money to feel more secure with your finances.
3. Work out how much you spend and where you afford to cut back
Write down everything you spend money on over the next two weeks to identify what your outgoings are. Then, analyse what you might be spending too much money on and try to reduce or cut back on a few things where possible. For example, if you are buying a coffee every morning, this can amount to around £15 a week. Instead, purchase a Loughborough Cup (available in most retail outlets on campus) and bring your own coffee to your morning lectures. This could save you almost £500 each academic year.
4. Make a budget plan, and stick to it
After you have worked out your weekly spending and have set some goals, create a budget plan using the SASS resources online to help you. Even if you don’t always stick to it, it can be great at motivating you to save that little bit extra.
5. Return your library books on time
Always note the return date of any library books you borrow so you can avoid getting fined. If you choose to renew it, check your student email account regularly in case it has been recalled.
6. Follow the SASS Twitter and Facebook accounts
Check out more useful tips and advice on a regular basis by following SASS on Twitter or Facebook.
In addition to money matters, the Student Advice and Support Service also provides guidance on housing, consumer rights, employment rights and immigration. For further information, visit their webpages, call 01509 222058 or email advice@lboro.ac.uk.