Budgeting as a Student

Your time at University should be enjoyable and rewarding, and it is important that this is not affected by unnecessary financial worries.

It is never too early to start planning your finances and if you follow these steps it will help you be prepared. 

The most popular way to finance your time at university is through a student loan. 

It is never to early to apply. Further information.

We would recommend that all students create a personal budget before arriving so you can manage your money right from the start.

First find out how much you might be entitled to from Student Finance England by using their calculator  https://www.gov.uk/student-finance-calculator .

Remember you will only receive your inital maintenance loan instalment from Student Finance around 3-5 working days after the University confirms your registration. So you will need some money to last until your first instalment is paid.  

Once you know what your income is you also need to work out what your outgoings might be from accommodation to food, mobile phone contract to utility bills and much more besides.

We recommend you use one of these online student calculator to see how your money is going to add up:

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:

  • Part time work – you can sign up to Unitemps, the University's recruitment service for students, before you arrive to help you find a job in and around the University.
  •  External Funding  - take a look at these websites for further funding opportunities
  •  Way2Pay - once here think about downloading the Way2Pay App, a cashless and secure payment system for food and drink using your smartcard. You or your family can upload funds from any smartphone, tablet or PC to help you budget. 

The main difference between current and student accounts is the overdraft facility. Some student accounts allow overdrafts of up to £3,000, interest free. This means that you don’t have to pay interest on anything within the authorised overdraft limit while you’re a student.

But remember, this isn’t free money. After you graduate you still have to repay everything you have borrowed.

The Money Advice Service offers a wide range of guidance on student and graduate bank accounts, we would suggest you check what the bank is offering you and ensure it meets your requirements before opening an account.

Read more at https://www.canterbury.ac.uk/new-students/before-you-arrive/budgeting-as-a-student.aspx#collapseFive#7ycYHuCkLCcsxEVI.99

If you would like to discuss your financial situation further or need any advice, please get in touch with the Student Support and Wellbeing Advisers: T: 01227 922 675 or email studentwellbeing@canterbury.ac.uk

For information on financial support available once you are a student.


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Last edited: 01/07/2019 10:23:00