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Budgeting for the new year


A blog by Dan, Student Money Assistant

With the start of a new year and the next student loan payment approaching, now is a great time to reflect on last term’s money management. Receiving a lump sum of money at once can be challenging to deal with, so budgeting is an essential skill that can be worked on over time.

If you struggled to plan how to spend your money, we have plenty of budgeting advice on the Student Funding Support webpages. These tips include how to create a budget (which can be surprisingly simple, even if you have no experience), where to save money, and how to make money whilst at university.

Many of us find it challenging seeing a large student loan or bursary payment appear in their bank account and it can be tempting to spend this carefree, but the money needs to stretch through the whole term.

To limit your spending, you may wish to open a second bank account, or savings account, from which you transfer a weekly allowance into your current account. It is a good idea to set some money aside to cover holiday expenses when calculating how much you can spend each week. Lots of banking apps also have inbuilt budgeting tools to help you track your spending.

Even though it would be nice to be under-budget every single week, in reality, this may not be possible, and that is okay. What is important is to review your spending and re-adjust if necessary. If you end up with a budget surplus, building some small savings can go a long way to easing the cost of emergencies.

If you need any support with your money during the year, you can contact Student Funding Support by email or telephone (024 7615 0096) Monday to Thursday 8.30am – 5pm or Friday 8.30am – 4pm. Alternatively, you can drop in and see us by going to the Wellbeing Reception in Senate House between 10am and 3pm Monday to Friday.