6 December 2021by Am茅lie

Let鈥檚 be honest, the prospect of money management at university is really daunting for many people. If you have anxieties about finances, don’t worry. My aim is to try and offer some ways to make this seemingly massive task a little more manageable. 

Organise yourself early!

Preparing yourself before you鈥檝e even started term helps you feel more confident about your spending once you arrive at university. You鈥檝e got lots of other things on your mind – like trying not to get lost on the way to your lecture or working out how exactly the washing machines work. 

Many students apply for student loans, for tuition fees, living costs, or both. Not all students are eligible for the same amount of loan, or feel they need one. But if you have or are thinking of applying, the loan is an excellent starting point for calculating your funds. 

Remember: student loans cover one academic year at a time, so you鈥檒l need to reapply in subsequent years if you want a new loan. Student loans for international students have different application processes to UK student loans. Research your options beforehand. If you鈥檙e not applying for a student loan, consider your expected income on a weekly basis, monthly basis or otherwise.

Check out the University鈥檚 accommodation pages for details on accommodation for your starting year. You might create a shortlist of accommodation you鈥檙e interested in so you can compare costs. It鈥檚 useful to compare your maintenance loan or equivalent with potential accommodation costs. If your accommodation costs look like they鈥檒l exceed your personal finances, you might reconsider your accommodation choices. 

Once you鈥檝e worked out your annual income and potential outgoings, you can calculate a weekly budget. It鈥檚 really difficult to predict living costs before you鈥檝e started university, and much easier to work out how much you could spend per week. Creating a budget will help to set you up mentally for money management at university. 

Take time to review your week鈥檚 spending in relation to the weekly budget you calculated for yourself. Don鈥檛 be alarmed if the first few weeks (even months) look really different – this is normal! You鈥檒l still be settling in and working things out. 

Lots of students decide to get jobs during their degree. There are many job opportunities for York鈥檚 students, with the University (such as blogging), our student union YUSU (York University Student Union), or external employers. Most employers understand that students have busy schedules so are willing to be flexible with shifts that suit you. Getting a job is great for your CV, but it鈥檚 also good to do something different from academic work!

Think about where you鈥檙e shopping: supermarkets like Aldi, Lidl and Iceland are great for students on tight budgets. However, if you have dietary requirements, other shops might be a better option. 

If you struggle with money management at university, don’t panic!

If you still feel like money is causing you serious stress, or even if it鈥檚 a background anxiety, there are people you can talk to at the University.

The Student Hub is the primary place to go for advice – not just for financial issues! You can contact the Hub via email, live chat, over the phone, or visit their office on campus. They also have a link to a self-referral form on their webpage 

There are also emergency and hardship loans available to students. For more information, you can contact YUSU. The emergency loan applies to situations where student funding has been delayed, and the hardship loan to students in unexpected financial hardship. Hopefully you鈥檒l never need these loans, but they鈥檙e here if you need them. 

I hope you鈥檝e found this blog useful! Thanks for sticking with me to the end. Good luck with your applications!

Am茅lie 馃檪 

Hi! I'm Am茅lie, and I'm an undergraduate English Literature student from London. My interests are dance- and food-related!

Categories: Managing your money, Undergraduate, What's university really like?Tags: accommodation, finance, food, help, loans, managing money, YUSU