How to deal with financial pressures at university
Written by David McCabe
University is difficult in and of itself, combining that with financial pressures can make it hard to cope. With that in mind here are some tips and recommendations for mitigating these pressures and improving your financial situation.
Budgeting:
It’s definitely obvious but the importance of budgeting can’t be understated. Take stock of your weekly expenses, see where you can save money e.g. weekly shop, and then use this to estimate your regular living expenses. If it is your first time at uni, use the first few weeks to gauge how much you spend.
Using this you can plan around your SFE payments, understand how far each payment can take you with rent and living costs, and understand how much extra money you may need and work to either cut expenses or increase income through things like a part time job.
Scholarships, Bursaries and Grants:
Scholarships, bursaries and grants can often go overlooked, many people think they do not fit the criteria, or that they’re unlikely to receive one so they don’t apply leaving potential support on the table. This can come from places such as your university (general support, or subject area/ course specific), independent bodies (an institution related to your course e.g. British Medical Association), companies, or charities.
For most scholarships, bursaries or grants you’ll have to apply for them before the start of the academic year. Universities also have a Hardship Fund, specifically if you’re struggling to cover rent and food costs, which you can apply for at any time in the academic year, if you meet the criteria.
Check out the useful links below:
https://www.thescholarshiphub.org.uk/ - Scholarships, Bursary, Hardship funds
https://study-uk.britishcouncil.org/scholarships-funding - Scholarships
https://www.gov.uk/extra-money-pay-university/university-and-college-hardship-funds - Hardship fund
professional-organisations-and-learned-societies - Find a professional body related to your course
Part Time Work:
Part time jobs can help to bridge the gap between your loan and living costs. Apply to jobs at your students union, these roles will be more understanding to your student schedule in terms of expected hours as well as flexibility, they should pay a real living wage.
As well as this your university will most likely have a job board, posting roles not only within the university but wider part time jobs around the city which are being advertised through the university. Make sure to utilise your careers service as well to review your CV and get advice on your applications.