Uni 101: Managing Your Money

Hi everyone! Me again...

Cost of living is hitting us all. HARD. For a lot of you, it’ll be your first time managing your own finances. As part of our Uni 101 Guide, here’s a short blog on managing your dosh during the cost of living crisis.

Set up a student bank account

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You’ll need a safe place to keep your money, especially when you get your student loan - you need somewhere to put it. Student bank accounts are a great shout, some offer freebies and/or interest-free overdrafts. Once you've opened a new student account, remember to update your Student Finance body and let them know your new bank account details (you can do it online).

BUDGET BUDGET BUDGET

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When you see that money rolling in at the beginning of term, the temptation to go on a retail therapy mission at Urban Outfitters will be VERY real. DO NOT GIVE IN!

Your money needs to cover food, rent, bills and so much more – make sure you’ve thought wisely about where you’re spending.

Create a budget sheet. And STICK TO IT. Trust me, doing it will save you from eating tinned beans from the reduced section at the end of the month. It saved me in my first year and taught me to be more mindful of where I was tap-tap-tapping my Apple Pay.

Enter your working-era

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Like I mentioned, cost of living has hit everyone like a truck, so getting a job is definitely something to consider.

I worked all throughout my degree at Café on the Square (the Starbucks on campus). It helped me make new friends whilst supporting my studies. I had so much fun whilst doing it!

Everything the Students' Union makes monetarily is re-invested directly back into improving your experience and employing student staff is one of them! You can check out vacancies to join our student staff team on our Work With Us page. Keep an eye out when recruitment opens later this month!

You can also work at the University whether that’s as a library assistant or within their conferencing and catering team. You can check out their vacancies on their website. Also check out the local pubs, restaurants and stores in the area, they might be hiring!

Just remember: The University only allows you to work up to a maximum of 20 hours a week alongside your degree.

Financial Support

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As horrible as it is, sometimes your loan isn’t enough.

You can save, you can budget, you can work - but there can be circumstances in which all the options above have been exhausted and you’re still left deep in your overdraft.

The University has many means of financial support which you can find here. See which ones you’re eligible for and APPLY APPLY APPLY!

Access Fund

If you’re part of a student group or thinking of joining one, but the costs are holding you back, check out our student group Access Fund here. The fund can help you cover the following costs to the amounts listed:

• Membership to a desired group up to 100%
• Kit and essential travel costs: up to 100%
• Competition entry costs: up to 100%
• Event entry cost: up to 100%
• Non-essential costs (e.g. trips, conference fees, individual competition costs, and social activities): up to 50

You can request up to £150 per academic year from the fund so don’t let cost-of-living stop you from getting involved!

Don’t hesitate to reach out if you’re struggling

Times are HARD. It can be extremely overwhelming, and you may find yourself struggling mentally.

• Reach out to the Wellbeing team (wellbeing@rhul.ac.uk) if you need a chat, don’t let yourself suffer in silence.
• If you ever feel like you’re unsure about anything, whether it's housing, finance or academic, reach out to our Advice Centre team (advice@su.rhul.ac.uk). We provide you with free, confidential, and impartial advice and if we’re not the right people to help you – we’ll know where to direct you.

Sweet discounts

Last but not least, USE YOUR STUDENT DISCOUNT. Make a UniDays and Student Beans account. Your bank account will thank you for it. 

Stay smart and savvy with your money everyone!