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Whether you are new to Cardiff Met or a returning student finances (or lack of them) can affect everyone at some time or another. We can help you look at your budget and explore ways to make those pounds stretch further!
We can look at what’s available to you and see whether you are eligible for more help.
We can explore ways of dealing with the implications of not having enough money.
Useful contacts/websites;
Student Finance & Welfare Advisory Service (Student Services)
www.cardiffmet.ac.uk/financewelfare
029 2041 6170/6333
www.moneysavingexpert.com
A great site for getting up to date information on all elements of finance and often have some great freebies too! There is a dedicated Student accounts section; look at ‘Student moneysaving checklist’
www.moneyadviceservice.org.uk
An online budget calculator; easy to input any costs you may have (daily, weekly, monthly) against your ‘income’ i.e., students loans, grants, bursaries etc.
www.studentloanrepayment.co.uk
For up to date information on student loan repayments
www.studentmoneysaver.co.uk
Set up by students for students helping you to save money. It's completely free and has a great app allowing students to easily share their household bills
Budgeting
It can be very tempting to spend all your money at once and leave yourself short of cash until your next instalment. You can help prevent this by working out your monthly income from your student loan and other funding, and spending only that amount each month.
BUILD A BUDGET PLAN
Try to record your spending for at least a week; you will need these notes as well as bank statements and details of student funding, direct debits and standing orders.
Step 1: Work out your income
Work out how much income you will have for the year. This will include any student support (loans, grants and bursaries) you may be entitled to plus any other income you may have from family, work or savings. Only include regular income in your budget. (Do not include occasional payments such as gifts or overtime because you can't rely on that income).
Part time work; some students find they are able to do some paid work alongside full time study. If you are thinking of working during term time make sure the work fits in with your timetable.
Step 2: Work out how long you'll need to budget for
Most students will need to budget for 52 weeks a year. However, the amount you need to budget for during holiday periods may be different e.g. if you stay with family and they pay for your meals etc.
If you receive your funding on a termly basis, consider making a separate budget for each term and holiday. If you receive your funding on a monthly basis, consider making a monthly budget.
Step 3: Plan your spending
• Include everything you will need to spend for the number of weeks you need to budget for
• Check your bills for details of your direct debit dates and whether these vary or are the same each month
• If the amount you spend on something varies, include the maximum you might have to pay
• Include the costs of special occasions and any travel e.g. travel home during weekends/holidays.
Step 4: Regularly review your finances
• Regularly review your budget and adjust it accordingly if there are things you may have overlooked when you set it up.
Useful contact:
www.moneyadviceservice.org.uk
An online budget calculator; easy to input any costs you may have (daily, weekly, monthly) against your ‘income’ i.e., students loans, grants, bursaries etc.
Remember:
1. Strike the right balance. Don’t make your budget so tight that you feel constrained because then you’re less likely to stick to it.
2. Be your own person. If you’re with a group of people who are going out with loads of cash, you don’t have to do the same. When you start running out of money or you feel under pressure, just say. The chances are someone else among your friends will feel the same way and will appreciate you having drawn a line on the spending.
3. Live like a student: As a student you get specialist banking services, discounts at stores, cards and vouchers that give you discounts. Use them all because it increases the spending power of your money.
5. Be cash happy: When you go out at night with friends, put only the amount of cash in your wallet that you can afford to spend.