Managing your money

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Before you get too excited about thinking of all the ways you are going to spend that grant or loan in your first term, you have to think about the essentials first! It may seem like a lot of money, but as the year goes on, your outgoings may far outweigh your income.  

This article will help you figure out how to balance the books in your favour so you can enjoy stress free studies as far as possible. Here are the main things to consider.

Your outgoings or expenditure

Your income

You definitely need budget spreadsheets or online calculators for planning your money. Some are listed in the resources at the end of this article.

Tips on being smarter with your money

Student Discounts - these are usually cards that will give you a percentage off the full price for being a student. The main ones are; 

Student bank accountsMany major banks offer excellent student accounts with interest free overdrafts between £1,000 to £3,000 a year, depending on your year of study. 

TransportWalking or cycling to campus would not only save you money but improve your overall fitness too! 

Book expensesWherever possible borrow from the library rather than buy course books. You should try to get the books on your reading list as soon as you have it, to avoid the rush by other students. If you need to buy, colleges and universities offer second hand book sale events. 

Student Money Advisers are on hand at your college or university if you need to discuss money worries or budgeting strategies. 

Debt upon graduation needs to be considered before taking on extra student loans. You should know if you are able to make the monthly repayments once you leave your course.


UCAS Online Budget Calculator

Which? University - Student finance

The Complete University Guide - Student budget sheet

Student discounts 

Young Scot


The Student Room: Student Discounts

16-25 Railcard

NUS (National Union of Students)

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