Managing your money whilst studying at university can be overwhelming, especially if you’re living away from home for the first time. We know everyone will have their own unique situation, but there are things you can do to mitigate rising living costs and ensure you have the money to do the things you enjoy!
1. Budget wisely
Creating a budget is essential for keeping your finances in check. Calculate your income and expenses, prioritising essential costs like rent and groceries. Consider using budgeting apps like Starling or Monzo to track your spending effortlessly.
2. Open a student bank account
Open a student bank account to access perks like interest-free overdrafts and freebies. Compare different accounts using tools like Save The Student to find the best option for you. Many banks also offer great budgeting tools to help you effectively manage your money.
3. Utilise student discounts
Take advantage of student discounts on everything from train fares to gym memberships. Platforms like TOTEM and UniDays offer a wide range of discounts across various categories.
4. Look for part-time work
Consider taking up a part-time job to supplement your income. So you can successfully balance your job with your studies, keep your working hours to less than 15 hours per week during term time.
5. Shop smart
Save money by shopping second-hand for clothes, books, and technology – apps like Vinted offer some fantastic deals (while also protecting the planet!). Planning meals and looking for discounted groceries can also significantly cut your expenses.
6. Track your energy usage
Being mindful of your energy usage can help lower utility bills. Most providers have apps you can download to track how much energy you're using. Simple habits like turning off lights and unplugging electronics when not in use can also make a difference.
University support services
At the University of Cumbria, we offer various support services to assist our students with their financial needs:
- Student Support Fund: Financial assistance for students facing unexpected emergencies or delays in funding.
- Cumbria Bursary: Targeted financial support for eligible undergraduate students with a household income below £25,000.
- Red Spots Campaign: Free sanitary products for students on campus.
- My Career Enriched: Careers guidance, job listings, and support with CVs and interviews.
- Too Good to Throw: At each campus, discounted offers on ‘best by’ food items are available each Wednesday and Friday.
- Free on-campus breakfasts: Free breakfast options on campus for students to start their days off right.
- IT bundle and LinkedIn Learning: Access to digital resources and training modules to enhance students' skills and employability.
- Discounted gym memberships: Access to affordable fitness facilities on campus.
- Money Advice Service: Free, confidential financial advice available to students.
Need more advice?
For more information on financial support and resources at the University of Cumbria, visit our Money and Finance page. With some careful planning and utilisation of available resources, you can effectively manage your finances during your university journey.
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