Managing your money
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Managing your money

Cash machine

Having enough money at university is always a concern for new students, but planning ahead and being sensible will help you feel more confident about your financial situation.

It is important to work out your student budget before you start your studies, so that you have an idea of how much money is available for you to live off. Once you arrive at Plymouth, you should update your budget with the actual amounts that you receive and spend. It will usually take a couple of months to settle in to a spending routine so you will need to be careful, especially during those exciting first few weeks.

In order to budget effectively you should work out how much money you’ll receive from loans, grants and any other funding sources such as the National Scholarship Programme. Then you can work out where this money is going to be spent.

Money and mobile phone on a table

Student Funding Debit Card

​Your income  

Ensure you’ve looked at all of the different funding options available to you. Applying for loans and grants will happen after you have submitted your university application through UCAS but it is always a good idea to research the following -
  • Loans and grants
    • Make sure you know what financial support you may be entitled to. Funding will depend on your personal circumstances, your course and where you will live when you study. More information can be found at the Student Finance, Your Future website.
  • Bursaries and scholarships
    • Plymouth offers a range of bursaries and scholarships which you may be entitled to - check your entitlement here on our bursaries and scholarships page. 
  • Savings
    • Do you have anything put away that you could bring with you to university? If you have a part time job before you arrive at Plymouth try and put a little away each month to boost your income.  
  • Get a part time job
    • Enhance your skills as well as earn money whilst you study – see the section below for more information about our Student Jobs scheme.  
  • Bank Account
    • Do you get a free overdraft with your student bank account? If you overdraw past your limit you may have to pay bank charges. You should avoid credit cards that banks offer you when you open the account as it is likely they will have high interest rates for monthly repayments.   
  • Family and friends
    • Ask for gifts of money and vouchers to support your social life and food bills.

​Your spending

During your time at university you will have various costs, which you will need to budget for:

  • Study costs
    • Text books, course materials and field trips for your course  
  • Accommodation
    • This is likely to be your largest living expense. For those students who will live at home during their time at university, you may be expected to pay rent and contribute to your household expenses  
  • Food
  • Household bills
    • Gas, electricity, water rates, phone line rental and calls, internet, TV licence, contents insurance (some of these will be included in your rent in halls of residence
  • Clothes 
  • Travel 
  • Socialising 
  • Leisure and activities
    • At Plymouth you will need an estimated £200 per week for living expenses – this includes accommodation, food, personal expenses and social life. This would be around £6,400 for an academic year (remember most courses at Plymouth finish at the end of May). 
Student eating breakfast

​Budgeting tips

Now you know the amount of money you’re likely to receive and spend, you need to ensure you have enough money! Budgeting is very important to make sure you can pay for everything you will need and avoid any financial difficulties or hardship.
 
Try to work out a weekly or monthly budget, and stick to it – two good online budget calculators to look at are:
 
For more information please download our student finance brochure, or if you're applying for an Allied Health course our NHS funding brochure has more information about the funding available.


Money wallet

 

Budgeting Tips

  • Remember that any grant or loan that you receive is meant to last you until the beginning of the next term – just over three months usually
  • Use online banking to help you keep track of your spending and income – this way you’ll never be caught short at the cash machine
  • Use your free University email account to communicate with family and friends back home rather than having lengthy phone conversations
  • Shop for food with friends and cook meals in groups – buying in bulk can save you money 
  • Use your NUS card to get discounts at cinemas, shops and some restaurants 
  • Use discount codes and vouchers if you’re eating out with friends 
  • If you become a little tight for cash, ask for a little increase on your free overdraft facility as opposed to signing up for credit cards 
  • Buy pre-owned text books from your fellow students – they are usually sold cheaper than if you were to buy them from a book store 
  • Get a part-time or weekend job. See information about our ‘Student Job’ service

​Part-time jobs

Many students will work a few hours a week to boost their income and support their budget but you need to plan this around your lectures and ensure your job doesn’t impact on your studies.
 
Plymouth University has a brand new service called Student Jobs - a dedicated service which will allow you to register online and receive email alerts with job vacancies that match your interests. To find out more about Student Jobs visit their website www.plymouth.ac.uk/studentjobs 
 

Further information

My Finances by Mike
 
For lots more tips, useful hints and advice on managing your money at university, Money Saving Expert.com has a really useful video on student funding from 2012 as well as more information on the Money Saving Expert website.
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​Invest with Plymouth University
​Invest with Plymouth University