Cost of living is still affecting students disproportionately. Our maintenance loans have not gone up in line with inflation since 2020/21 and are behind by about 11%. The government’s own figures that the loan would need to rise by 15.5% this year to maintain the value of support in real terms, as compared with the 2020/21 year.
Hi everyone!
Cost of living is still affecting students disproportionately. Our maintenance loans have not gone up in line with inflation since 2020/21 and are behind by about 11%. The government’s own figures that the loan would need to rise by 15.5% this year to maintain the value of support in real terms, as compared with the 2020/21 year.
For the officer team, Cost of Living is a massive priority. We’ll be doing a lot this year whether that’s lobbying the University, the Government, or other key stakeholders to ensure you get the help and support you deserve. Keep up to date with our Cost-of-Living campaign which I’ll be leading to support you during your time at Royal Holloway.
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
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).
Please remain vigilant with your student loan and be wary of scams. There are unfortunately many people who try to prey on students and their money with the guise of tuition fee payments, or accommodation payments or ‘extra cost payments’ related to your course. Never share personal, banking, or financial information with anyone who cannot be verified by Royal Holloway. For more information on how to stay vigilant please visit the Fraud and Scams page.
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BUDGET BUDGET BUDGET
When you see that money rolling in at the beginning of term, the temptation to go on a retail therapy side quest 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.
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Pick up a Part-Time Job
As 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 a coffee shop 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!
The Careers Service will be holding a part-time jobs fair on Wednesday 2 October 2024 in the canopy on Founder's Square. Make sure to check it out if you want to see what jobs may be available to you!
Just remember: The University only allows you to work up to a maximum of 20 hours a week alongside your degree.
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Financial Support
As horrible as it is, a lot of the time, your maintenance loan is not 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!
You can also get financial advice and guidance from the financial wellbeing team.
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!
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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.
Stay smart and savvy with your money everyone!