Student Finance and Funding offer advice and guidance on a variety of financial matters:
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Student Loans
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Funding Opportunities
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Budgeting
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Debt Management
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Student Bank Accounts
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Working while you study
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and advice on benefits to name but a few!
When you come to university you'll have to juggle paying the bills with course costs — and making the most of the college bars of course!!
Check out our top tips below to give you a head start in money management or come and talk to us about how we can help.
Once you know how much money you have for the forthcoming year you will be able to create a budget to help you stay in control of your finances. When completing your Monthly Budget Planner| you need to make sure you are honest and realistic about your costs and spending and that you don't underestimate them. If your not sure what you are or will be spending your money on, it may be helpful to keep a spending diary for the first couple of weeks so you can see exactly where your money is going. Keeping copies of your cash machine receipts and bank statements will also help. It is important to spend firstly on the things that you NEED (such as rent, course books etc) rather than things you WANT (clothes, gadgets etc).
Remember! - Your biggest bills, such as tuition and accommodation fees are usually paid at the start of term so you'll need to leave some money aside for them.
If you have problems sticking to your budget, keep an eye on where you spend your money and draw up a list of priority spending.
You may also like to consider living off-campus as it is generally cheaper than living on-campus.| Many properties are just 10 minutes away from campus by foot and can easily be found on HouseSearch|. Prices range from £300 to £500 pcm typically on a 10 month contract. Cooking at home with Tesco food is also cheaper than eating on campus. If you need help with putting together a budget planner, or you would like some financial advice on managing your money, please contact our Student Financial Adviser|.
Check the 'Student Finance Breakdown' letter from Student Finance England and make sure you're getting everything you're entitled to. You might also be able to get some extra benefits.
As a student, you could get a 30% discount on weekly and monthly Travelcards and bus passes by buying a special Student Oyster Photocard| for £10.00. Remember that as a member of the National Union of Students| (NUS), you'll get discounts in shops, bars and clubs.
You might also be eligible to apply for some funding from charities and trusts.|
A student diet doesn't have to mean baked beans, chips and ready meals. You can eat cheaply and healthily if you take advantage of local markets, special offers and supermarket economy brands. Try to save takeaways and eating out for special occasions.
Joining our Facebook| and Twitter pages will offer you DISCOUNTS and VOUCHERS on many different restaurants/supermarkets and retail stores!
And don't rush out and buy all of the course books and equipment on your list straight away. Wait until your course gets going and you know which ones are really essential.
Check any tenancy agreement for your accommodation before signing it. Are any bills included, for example? Will you be liable for full rent at times when you won't be there, such as holidays?
If things go wrong...
...and you find yourself in financial difficulties, get help as soon as possible!! Money problems can affect other parts of your life, including your studies, so don't ignore them. Our Student Finance and Funding team are always on hand to offer advice.
Useful Tips:
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Don’t spend too much at the beginning of term when your student loan lands in your bank account.
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Keep a record of everything you spend - this helps identify regular/occasional spending patterns.
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Consider setting up standing orders/direct debits - this can help you to plan and make consistent regular payments to all the places you need to without worrying about missing payment dates .
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Plan for extra expenditure such as start of year costs/special occasions/birthdays.
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If you need to borrow money then use only interest free overdraft facilities.
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Get a student bank account if you have not already got one.
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Internet banking is an excellent tool to help you keep a check on your outgoings.
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If you are considering part time work you may find JobShop a useful resource. Also use the Careers job hunting resources. You can also look for jobs in the Egham area via twitter (hosted by the Careers Centre).
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Join NUS and take advantage of the discounts available to students.
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Check out our useful links for further helpful information.
For general enquiries or to book an appointment please email us at financialadvice @rhul.ac.uk|. Click| here| to view our Confidentiality Statement.