Living on a student budget
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This document provides information on living on a student budget, including types of student income and costs. It details household income amounts and the grants and loans students are eligible for. It also recommends cost-saving strategies like choosing store brand items over name brands, meal planning, applying for student discounts, and avoiding credit. Overall, the document offers guidance on budgeting as a student and maximizing financial resources through smart spending habits.
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Living on a student budget
- 1. 1 Living on a Student Budget
- 2. 2 Introduction • Student outgoings • Student income • Branded v budget • Cooking meals for less • Dos and don’ts • Think like a student – think smart!
- 3. 3
- 4. 4 Type of income Amount (£) Tuition Fee Loan Up to £9000 Maintenance Loan Up to £5,550 Maintenance Grant Up to £3,387 Bursaries and scholarships Varies Part-time employment Up to £3000 (Average) Overdraft Between £500 - £3000 Parental contribution Varies Savings Varies
- 5. 5 Household Income £ Maintenance Grant Maintenance Loan Total £25,000 and under £3,387 £3,862 £7,249 £30,000 £2,630 £4,240 £6,870 £35,000 £1,494 £4,524 £6,018 £40,000 £547 £4,998 £5,545 £42,611 £52 £5,529 £5,581 £42,875 £0 £5,555 £5,555 £50,000 £0 £4,836 £4,836 £60,000 £0 £3,826 £3,826 £62,125 and over £0 £3,610 £3,610
- 6. 6 Branded v Budget • Loaf of sliced white bread (Warburton/ Tesco) • Can of baked beans (Heinz/ Tesco) • Tin of tomato soup (Heinz/ Tesco) • Bag of frozen chips (McCains/ Tesco) • Chocolate digestives (McVities/ Tesco • 500g box of cornflakes (Kelloggs/ Tesco)
- 7. 7 Branded v Budget: Answers • Loaf of sliced white bread • Warburton's £1.45p • Tesco £0.47p • Can of baked beans • Heinz £0.68p • Tesco £0.24p
- 8. 8 Branded v Budget: Answers • Tin of tomato soup • Heinz £0.89p • Tesco £0.25p • Bag of frozen chips (1kg) • McCains £2.60p • Tesco £0.82p
- 9. 9 Branded v Budget: Answers • Chocolate digestives • McVities £1.59p • Tesco £0.44p • 500g box of cornflakes • Kelloggs £1.80p • Tesco £0.31p
- 10. 10 Branded v Budget: • Cost of the branded basket of goods • £ 279 over 31 weeks • Cost of the own label basket of goods • £78 over 31 weeks That’s a saving of £201 on just six products over a 31 week student year.
- 11. 11 Student Meals For Less Spaghetti Bolognese • With own brand ingredients comes to just £4.44 for two people • A whopping £8.43 with branded ingredients! Chicken Curry • With brands you’re looking at an unsavory £8.05 for two • Make that £4.14 when you save on your own brand chicken!
- 12. 12 Student Meals For Less Cottage Pie • £6.91 with branded ingredients for two • Just £3.70 with own brand
- 13. 13 Preparation and Planning – Do! • Apply online in early 2015 at www.gov.uk/studentfinance • Work/save before university • Open a student bank account • Line up part time employment • Try and calculate a weekly/monthly budget before you arrive at university/college
- 14. 14 Budgeting – Do! • Work out your income • Work out your expenditure • How to fund the gap? • Stick to your budget! • Swap a night out for a night in • Return library books on time
- 15. 15 Budgeting – Do! • Cook and shop together • Make a shopping list • Avoid buying from the corner store • Shop late at supermarkets
- 16. 16 Do not! • Use credit cards, catalogue or store cards • Take your car to university! • Go shopping on a whim • Take small amounts of cash from your bank account on a regular basis • Forget to record payments from your current account
- 17. 17 Do not! • Give in to peer pressure • Spend money you don’t have • Keep quiet if you do have problems • Think you are loaded when the first payment goes into your account
- 18. 18 Think Smart • Get student council tax exemption • Get a TV licence refund for summer holidays • Make full use of your NUS card • Don’t overpay tax on summer jobs
- 19. 19 Think Smart • Get a railcard • Find the cheapest gas and electricity • Use free web software
- 20. 20 Think Like a Student • Think of a luxury or treat that you buy every month which you could save money on • Could you spend less on this item or buy it less frequently? Could you even give it up completely? How much would that save you per academic year?
- 21. 21
- 22. 22 Conclusion The future ahead… • Better career prospects • Higher earning potential • Personal development • Fun!
- 23. 23 Further Information • www.gov.uk/studentfinance • www.ucas.com • www.moneysavingexpert.com/students • www.nottingham.ac.uk/studentservices
- 24. 24 Questions? Insert name, Insert job title Want to know what it’s like to be a student? Find out at http://blogs.nottingham.ac.uk/studentlife Not sure which university is for you? www.which.co.uk/university UoNapplicants The University of Nottingham UoNapplicants www.youtube.com/user/NottmUniversity
Editor's Notes
- Introduction Introduce yourself Say you are from The University of Nottingham Check everyone can hear you/ see the screen. How long you will be talking for When they can ask questions - let them know if they will be receiving a handout or if they might want to make notes. SMILE
- Go through what you are going to cover in presentation – what they should know by the end.
- People often ask me how much things will cost at University. This pie chart shows a students monthly costs – but your costs will vary depending on Your personal preferences –some people love cloths shopping – other eating out! Where in the country you study – things tend to me more expensive in the south than the north for example Your course’s requirements .
- Here’s a brief overview of what kind of income you can expect while you’re studying, bearing in mind that all your loans, grants, bursaries and scholarship vary hugely depending on what and where you study and your household income. The Maintenance Loan figure here of up to £5500 represents the majority of students who live away from home and study outside London.
- Go through exercise – guess the prices.
- Answers
- Answers
- Answers
- Answers
- Ok not that I might be slightly obsessed with food here but I just wanted to make it tangible how much you can save on something like food when you start to add up the cost of meals on a daily and weekly basis. It really is quite surprising how changing a few items in your shopping list can have such a massive effect on your finances! *Activity – split audience into groups and ask for correct price for each meal. Group that comes closest each time wins a prize, maybe something fun like a tin of baked beans or Pot Noodle. For final meal (mushroom risotto) each group has to correctly guess the branded ingredients price to get a prize (between £5-6)*
- Preparation is key, so to get things off to a good start you should be looking at applying for your Tuition Fee Loan and Maintenance Loan and Grant early next year to ensure it gets sent off well in time for the Spring deadline. Any delay to this could cause complications further along the line and even delay your payments in September. Try to work and save as much money as you can in the summer before you head to university as this will help in those action-packed and expensive first couple of weeks! Open a student bank account which has the biggest 0% overdraft possible, as this is the main benefit you’ll receive as a student. Don’t be fooled by the fancy gimmicks and promises of a free bottle of vodka if you take out a credit card alongside – it’s the overdraft you’re focusing on. If there’s any chance of getting a part-time job at the Union or in a bar at your university of choice then get in touch before you go, and you could already have a job set up for when you arrive. Similarly if you work for a shop like Boots or Marks and Spencers then you might be able to transfer to another branch in your university town. And of course try and think ahead of what you’re going to be spending you’re money on when you get there – you’ll already know how much the accommodation will cost but think about your allowances for food, bills, clothes and nights out. How much do you already spend on these things? Can you think of a way of reducing the amount you spend e.g. changing your mobile phone contract?
- Explain what a budget planner is and how to use one.
- Go through points
- Explain what can cause unnecessary expenditure and ways in which companies can take advantage of students – for e.g. many clothes shops such as Topman, River Island etc. try and get young people to take out store cards which can often have interest rates of up to 30%.
- When your funding does go into your bank account you may feel like an overnight millionaire, but remember this money has to last all term and frittering it away on pizza and evenings out in the first fortnight is the worst thing you can do. Don’t copy your mates and spend irresponsibly – it’s up to you and you alone how you spend your cash. There’s support available at your university if you get into financial problems so don’t ever feel like there’s no-one to talk to.
- The section will cover…. Information only for students who normally live in England. If you live in Wales, NI or Scotland please check with your funding body.
- Do activity
- Explain the graph. Study conducted over the last decade by the Labour Force Survey.
- You might be thinking at this point there’s an awful lot to take in and start researching about student finance and budgeting, but in the end is it all going to be worth it once you go to university and finish your degree? The answer is absolutely yes. Higher Education is an investment in your future, and over the past decade degree holders have earned an average of £12,000 a year more than non-graduates – with earnings increasing faster for each year of age and for longer.
- Offer the chance for people to ask questions. Draw student’s attention to the UoN applicants facebook and twitter pages and encourage them to join. Also, insert any social media channels that you run in your School and draw attention to them.