Budgeting is one of the many challenges that university students have to face. The students to juggle between accommodation costs and other daily expenses through their academic life on campus. Below are tips and strategies that will help you make better decisions and budget your money correctly.
Learn to Manage Your Money At Campus.
To reduce your worry levels, you have to master the art of budgeting money. As we all know, money is a limited resource and hence has to be used accordingly. Affordable student storage. After figuring out the amount of money you will require, you should start planning to earn extra income to sustain your life at campus.
1-Working out your minimum annual income is the first step to managing your money.
Students who study in the UK can start the process after getting their student finance.
2- Student Loans(which includes your maintenance loan).
Any amount received as a tuition fee loan or grant will directly go into the university account. Student’s living costs are to be catered for by the maintenance loan. The maintenance cost is given depending on the student’s household income. To receive full financial support, they have to prove they are from a low household income.
The maintenance loan also depends on your area of residence before becoming a student. Different nations have different criteria for offering living cost support. As you study, the location you reside in will also affect the amount you will receive as living cost. Students who stay at home receive lesser amounts than students who reside in London(but they will receive a lesser amount if they are from Scotland.)
It is advisable to have your student finance application forms filled as early a possible and follow through to make sure you receive the confirmation letter. Provide all the evidence required to prevent your provider from delaying the loan disbursement process. If the application is accepted, your first maintenance amount will be deposited in your account immediately after registering on your faculty.
Other Financial Support Programs.
Some students are legible for scholarships, bursaries, grants, and other forms of financial support depending on the student’s status. If you are taking care of your siblings, the government may offer you a grant. If your household income is low, you can apply for a bursary or a university scholarship.
There are other forms of financial help. You just have to be on the lookout. An additional source of income, despite the amount, can make a huge difference in your university life.
Get A Job.
Many students seek part-time jobs to help ease their financial burdens. Another option is getting a job during the summer before enrolling on the university. Apart from earning extra cash, you will also gain more work experience during the part-time job adventures.
Some students opt to take a year out of school to create time to work and save up the money they intend to use.
You have to be careful not to overpay income tax if you get the chance to have a job. Luckily, or unluckily, students don’t make enough money to pass the personal allowance tax amount.
If you happen to have a full-time job, it is assumed that your job is during the year. Regularly check your pay slips and make tax reclaims from the government if need be.
Lots of students seek part-time jobs during their studies to help sustain their living costs. This is despite most of the universities advising against it. However, extra money earned from part-time jobs should affect your eligibility for bursaries and loans.
Your part-time job should also not affect your studies. Our campus profile will help you with a list of jobs that will not affect your studies and school timetable.