By planning ahead and thinking about finances before you arrive, you can make sure that you stay within your budget while also having a great time!
Four in ten first-year students say they find managing money trickier than expected, so it’s never too early to get started. Here are five key steps to work your way through.
Step 1: The first step is to organise your funding – see our student webpage on undergraduate fees and funding for information and support. And remember if you are eligible to apply for your Student Finance in plenty of time.
Step 2: Work out what your income will be. Find out how much you might be entitled to from Student Finance England by using their calculator.
Step 3: Estimate your outgoings.
The latest National Student Money Survey reveals where students' money goes and will give you a sense of how much you will need to put aside. The average student's living costs are about £810 a month (or £187 a week) although students at Christ Church seem to spend less at £512 per month.
Check out what we estimate you may need to put aside to cover accommodation, bills, shopping, travel and entertainment.
Step 4: Calculate your budget. Which?’s student budget calculator will give you an idea of how far your money will stretch.
Step 5: Boost your income. The maintenance loan from Student Finance England is unlikely to cover all your living expenses so you may need to think about how you or your family can financially support your time at university and ways to boost your income. Plus you can check out any external funding or scholarship opportunities at www.thescholarshiphub.org.uk.
Don’t forget you can sign up to Unitemps, CCCU’s recruitment service for students, before you arrive to help you find a part time job.
Once here, think about downloading the Upay App, a cashless and secure payment system for food and drink including deliveries to University accommodation. You or your family can upload funds from any smartphone, tablet or PC to help you budget.
Cooking on a budget
You don’t just have to live on spaghetti hoops! It is possible to eat normally and healthily whatever your budget. Think about supermarket own value brands, buying in bulk and making packed lunches.
Here our Head Chef Stuart has a range of tasty recipe ideas to make your food shopping go further
Getting support
The most important thing you can do if you are worried at any point about your finances is to get support as soon as possible. Our Student Wellbeing Advisers are available to talk about finances and give advice on budgeting – call them on 01227 922 675 or email studentwellbeing@canterbury.ac.uk.