Nasma student money matters magazine by Money Doctors

student money matters

THE RIGHT MOVE

NASMA: helping you stay finance savvy

Top tips for finding student accommodation

A HELPING HAND Where to find additional financial support FOOD FOR THOUGHT Top tips for saving money on your grocery shopping

BUDGETING ADVICE

How to manage your student money In association with: February 2015 | www.studentmoneymatters.co.uk

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CONTENTS

Contents

03 07 12 FOREWORD

STUDENT LOANS

The National Association of Student Money Advisers (NASMA) welcomes you to Student Money Matters

The Student Loans Company (SLC) has useful hints and tips to help get your 2015 student finance in shape

STUDENT GUIDE TO ACCOMODATION

Your student accommodation options, what to look for and where to find it

20 24 33 STUDENT MONEY TIPS

FINANCIAL SUPPORT

The Money Advice Service provides its expert advice on how to budget and manage your student money

A guide to additional student funding, including grants, bursaries, scholarships and sponsorships

KEEPING YOUR BELONGINGS PROTECTED

Expert contents insurance advice from the Association of British Insurers

39 44 48 FOOD SHOPPING ON A BUDGET

WORKING WHILE STUDYING

Helpful tips and advice on saving money on your grocery shopping

The things you’ll need to consider about working while studying

ADVERTISERS’ INDEX

A complete listing of all the advertisers appearing in this issue of Student Money Matters

www.studentmoneymatters.co.uk

UNIQLO JEANS A Perfect Fit for University

UNIQLO’s key belief is that we design LifeWear - clothes made to enhance your everyday life. Offering innovative, stylish and comfortable clothing, our range comprises ever y thing from jeans to jackets, shir ts to sweats, and everything inbetween. With UNIQLO pieces in your wardrobe, you can achieve an array of looks that will take you seamlessly from lecture, to pub, to job interview. UNIQLO jeans epitomise the versatility, comfort and style of the collection and are the perfect fit for university life. The jeans are classically crafted to ensure comfort and style. Our Selvedge stretch slim fit jean has all the

edge of raw denim but with added stretch for wearability. And, with the range starting at £24.90, each pair delivers quality at a price that won’t throw your student budget off course. So with lectures to prioritise, socialising to be done and knowledge to acquire, let UNIQLO take care of your wardrobe, so you can be cool, at school. We have 10 stores in London and, for studious centres of learning outside of the Big Smoke, our online store delivers any where in the United Kingdom. Go forth, live and learn, in LifeWear. To shop online or find your nearest store visit www.Uniqlo.com

UNIQLO JEANS START FROM £24.90 WWW.UNIQLO.COM

#LifeWear

FOREWORD

Managing Editor Sharon Lock Senior Designer Stephen Beerling Head of Publishing Operations Andy Roberts Production Controller Emma Falconer Group CEOs Dean Citroen & Oren Wolf Group CFO James Ward Financial Controller Amanda Honeyfield Sales Director Warren Hayward Published by CW Publishing Group 3rd Floor, 3 Upper Street London N1 0PQ Tel: +44 (0)207 665 1111 Web: www.cwpg.com Printed in Spain by Rivadeneyra, S.A. Tel: +34 91 208 91 50 Colour origination by F1 Colour Tel: 020 7620 0644 Paper supplied by Denmaur Independent Papers Ltd Tel: 01795 426775 Cover Image iStock © 2015 CW Publishing Group CW Publishing Group is a trading name of CW Publishing Limited. Registered office: 3rd Floor 3 Upper Street London N1 OPQ Registered in England Number 05835226

Foreword W

elcome to NASMA’s Student Money Matters magazine.

NASMA are the National Association of Student Money Advisors. We are a UK charity and are made up of Student Money Advisors from across the UK. Our mission is to relieve the poverty of students through the promotion, provision and support of professional money advice for students in the Further and Higher Education sectors. This magazine is a new venture for us and we hope you find it useful. NASMA members understand how difficult it can be juggling your finances whilst being a student, and we are here to offer advice and support on how this can be done. If you need more specific advice you can find your University’s NASMA representative by using our online contacts page: www.nasma.org.uk/Contacts-Links/ Institution-Contacts/. NASMA also organise an annual National Student Money Week which will be held this year from the 9th-13th February across many UK universities. We would be delighted for you to get involved and share your top money saving tips on twitter (@NASMA_uk) using #NSMW15.

Rob Ellis NASMA Chair

CW Publishing Group does not guarantee the accuracy, completeness or timeliness of any information contained in this publication, and shall not be liable for any loss, damage or injury directly or indirectly caused by or resulting from such information or its use. NASMA bares no commercial or editorial responsibility for the content contained within this publication and their inclusion does not equate to an endorsement or recommendation by NASMA of the editorial or commercial participants within it.

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25% student discount on glasses and contact lenses A n d g e t A d va nt a g e C a r d p o i

nt s

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Glasses shown are available in selected stores only. A 25% discount will be applied on any complete pair of glasses (frames and lenses) or prescription sunglasses (including any upgrade). Offer avilable in store at Boots Opticians on presentation of a valid NUS card or other official student identification. Offer excludes ready-made reading glasses, reglazes, safety eyeware, contact lens products, accessories, sight test fees. NHS vouchers may be used in conjunction with this offer if used as a cash contribution towards the final cost of the glasses. Offer cannot be used retrospectively or in conjunction with any other offer on glasses. A 25% discount will be applied to up to 3 monthsâ&#x20AC;&#x2122; supply of daily, twice monthly or monthly contact lenses if purchased in a single transaction. Offer excludes annual and quarterly replacement contact lenses. Offer excludes purchases made by direct debit on Boots Contact Lens Reward Scheme. Normal Boots Advantage Card terms and conditions apply. 1 point per ÂŁ1 at Boots Opticians.

The best way to boost your income… for life Studies show that on average graduates earn more than non-graduates and they are also more likely to be in work, so your time at university is setting you up for a lifetime of higher pay and greater job security. Whatever year you’re in, there’s plenty you can do to make yourself as employable as possible and increase your chances of getting that all-important first graduate job sooner rather than later. Whether you’re looking for an internship or starting to panic about applying for jobs, targetjobs.co.uk is packed with advice and information to help you on your way. Employers are usually keen to hear about your work experience and extracurricular activities as well as your academic results. A part-time student job in a bar or shop can do much more than help you bring in some much-needed extra cash; it can give you useful examples of the key skills employers are looking for, such as customer care, teamwork, communication and time management. Many big recruiters run internship schemes that can act as a springboard to a place on their graduate programmes; these opportunities can be very well paid, so it can be a chance to sort out your finances as well as to improve your career prospects. If you’re concerned that you’ve left it too late, remember that some internship programmes are open to graduates, and some employers offer graduate internships. How else can you increase your salary prospects? Study, study, study. Many big graduate recruiters specify that they only want applications from candidates who are going to get a 2.1 or higher. A good degree result will open up your options and increase your chances of success. So how much could you earn? The average graduate starting salary is between around £19,000 and £23,000, but for some professions it can be much higher. If your first graduate job is with an investment bank, for example, you could be starting on more than £40,000. Postgraduate study or training can be another way to boost your long-term earning potential, and for some professions it’s essential to undertake a postgraduate qualification. You may be able to apply for a scholarship or bursary that will reduce the financial outlay on your part. Browse courses and research funding options on targetpostgrad.com.

STUDENT LOANS

Assess, Pay and Repay-

How student loans work While you’re studying you’ll have two main costs – tuition fees and living costs – and there is a range of student finance that can help you with both. Whether you are a new or continuing student, the Student Loans Company (SLC) has some useful hints and tips to help get your 2015 student finance in shape pplications for the 15/16 academic year open in early 2015 and the advice is to apply as soon as possible to ensure your finances are in place for the next academic year.

WHO QUALIFIES FOR STUDENT FINANCE? There are a number of factors that affect whether you are eligible to receive student finance which include your residency status, the course and university or college you wish to attend and if you have received funding for any previous study you have undertaken. You can find out quickly if you are likely to be eligible by checking at www.gov.uk/student-

Universities and colleges can charge up to

finance/who-qualifies and if you live in Wales you can check at www. studentfinancewales.co.uk

WHAT FINANCE IS AVAILABLE? (or £6000 at private institutions) a year in fees depending on the course

Universities and colleges can charge up to £9,000 (or £6000 at private institutions) a year in fees depending on the course. Tuition fee loans are available to cover the cost of the fees and these are paid directly to the university or college once your ➔

“The amount of the maintenance loan is dependent on your household income, where you live and where you study” www.studentmoneymatters.co.uk

STUDENT LOANS

attendance on your course has been confirmed to us by them. There is also funding available to help you meet living costs, such as rent and bills. The amount of the maintenance loan is dependent on your household income, where you live and where you study. For example, the amounts differ if you choose to study away from home. You can check out the rates at www.gov.

uk/student-finance/loans-and-grants Depending on your circumstances and your household income, you may be eligible to receive a maintenance grant, which does not have to be paid back. Extra support for those with children and dependants may also be available, and these are based on your household income. When applying for a grant you may be asked to supply evidence to support your application.

How do you assess my application?

If so, the SLC will write to you to advise and you should send it in as soon as possible so as not to delay the processing of your application.

HOW DO I APPLY? The quickest way to apply is online. Students in England should go to www.gov.uk/studentfinance and students in Wales should apply at www.studentfinancewales.co.uk

EACH MONTH

When completing the online application form it is best to have your National Insurance Number and Passport details to hand as you will be asked for this information as part of the application process. Sometimes you or your sponsor (normally parent or partner) will be asked to send in evidence to support your loan application. If we need it, we’ll write to you and you must send this to us as soon as you can otherwise your application will be delayed.

NEW STUDENTS: You do not need a confirmed place on a course to be able to apply for student finance – you can use your first choice of course and update your application later if this changes. 

Keep a note of the email address you use when applying for student finance and make sure you choose a password that you will remember. The most common calls to SLC are from students who have forgotten their password. 

If you are applying for funding based on household income, you and your sponsor must provide the accurate financial and personal information. Your funding can be removed if you are found to have provided incorrect details, even if this comes to light after you have started your course. 

CONTINUING STUDENTS: If you are continuing your course this year but any personal details, including your bank details or family circumstances have changed since last year, make sure you gather the details before you submit your application. 

www.studentmoneymatters.co.uk

of your earnings over the relevant threshold is taken as a repayment

STUDENT LOANS

HOW WILL MY FUNDING BE PAID? Once your application has been assessed you will receive an entitlement letter which details how much funding you have been awarded. It will also include the dates your maintenance funding will be paid into your bank account and when your tuition fees will be paid to your college or university. You can keep up to date on your application, by checking for updates about your student finance in your online account by logging on at www. gov.uk/studentfinance for students in England and students in Wales at www.studentfinancewales.co.uk When accessing your account online you can also update your contact details and bank details online. It is important that you ensure that your bank details are entered correctly and they should not be updated five working days before payments will be made to your account, otherwise you may not receive your funds to the correct account.

IN THE LAST THREE YEARS SLC HAS CLOSED OVER 500 PHISHING SITES

“You do not need a confirmed place on a course to be able to apply for student finance – you can use your first choice of course and update your application later if this changes” WHEN DO I REPAY MY LOANS BACK? Repayments are only due once you have left university or college and are earning over the relevant threshold for your plan. The amount that is paid is dependent on your income and not the amount that you have borrowed. The repayment of your loans is administered through the UK tax system and each month 9% of your earnings over the relevant threshold is taken as a repayment. Your loan repayment is taken through the PAYE system with HMRC liaising with employers or the account holder (if you are self-employed) and SLC maintains your account and sends you updates. ➔

www.studentmoneymatters.co.uk

STUDENT LOANS

“Repayments are only due once you have left university or college and are earning over the relevant threshold for your plan. The amount that is paid is dependent on your income and not the amount that you have borrowed” STAYING SAFE ONLINE Fraudsters trying to steal your student finance often send phishing emails claiming to be from the Student Loans Company, Student Finance England or Student Finance Wales asking for personal or financial information. Always check that you are using a secure website when submitting sensitive or personal information online. SLC provides guidance on its website at http:// www.slc.co.uk/students/online-safety/

staying-safe-online.aspx Never post personal information, such as your customer reference number or bank details, anywhere online, including social media pages or disclose them in an email or text. If you have received a suspicious student finance email, forward it to SLC at phishing@slc.co.uk, who will close them down to protect other students. In the last three years SLC has closed over 500 phishing sites.

ALWAYS CHECK THAT YOU ARE USING A SECURE WEBSITE WHEN SUBMITTING SENSITIVE OR PERSONAL INFORMATION ONLINE. SLC PROVIDES GUIDANCE ON ITS WEBSITE AT http://www. slc.co.uk/students/onlinesafety/staying-safeonline.aspx

Find out more about student finance  Visit

the Student Finance Zone at www. thestudentroom.co.uk which is packed with information about student finance from how to apply, to accessing

grants and from getting paid to repaying your student loans.  Check

STUDENT FINANCE GUIDE TO LOANS

QUESTIONS

out the dedicated YouTube channels for Student Finance England at www.youtube.com/user/ SFEFILM and SFW at www.youtube.com/SFWFILM which have a series of one minute films which help to explain student finance further and provide information about the interest charged on your loan.  Trained

SLC advisers run regular online surgeries to answer questions about student finance and these take place at www.thestudentroom.co.uk/askSFE  SLC

also posts updates and useful information from facebook and twitter. Follow Student Finance England at www.facebook.com/SFEngland or twitter. com/SF_England and Student Finance Wales at www.facebook.com/SFWales and twitter.com/ SF_Wales.

www.studentmoneymatters.co.uk

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Underwrtten by U K Insurance limited.

STUDENT ACCOMMODATION

The right move Illustrations: iStockphoto

Living away from home for the first time can be both exciting and daunting. Michelle Higgs shows you how to find the best accommodation for you To get the most out of university life, donâ&#x20AC;&#x2122;t underestimate the importance of a good place to live. Itâ&#x20AC;&#x2122;s not simply a roof over your head; it can be a quiet space for studying, a great environment for relaxing after a hard day and the perfect place for creating lifelong friendships. Generally, there are two choices: university-run accommodation and privately rented flats, houses or rooms. 12

www.studentmoneymatters.co.uk

AROUND

20% of UK full-time students live in university-run accommodation (HESA, 2012/13)

APPROXIMATELY

32% of UK full-time students live in privately rented accommodation (HESA, 2012/13)

STUDENT ACCOMMODATION

“Universities must adhere to a code of standards for their accommodation; in return, you’ll be asked to sign a residence agreement lasting around 40 weeks and to pay a deposit to cover damages” HALLS OF RESIDENCE Run and maintained by the university, halls of residence are usually reserved for first year students; there will be an application deadline so make sure you’re aware of the cut-off date. Halls are ideal when you start your studies because they are on campus or within walking distance, leaving you plenty of time to socialise and make new friends. Most universities offer a variety of options such as standard single or twin rooms with shared bathrooms or more expensive ones with ensuite facilities. Bills for heating, water, electricity and the Internet are usually included in the overall cost; cleaning services are often included too and some universities even throw in gym membership! You can also opt for catered or selfcatering depending on your preference. Universities must adhere to a code of standards for their accommodation; in return, you’ll be asked to sign a residence agreement lasting around 40 weeks and to pay a deposit to cover damages.

PRIVATELY RENTED ACCOMMODATION From the second year onwards, it’s common for students to rent private houses, flats or rooms, not least because a place in halls is only usually guaranteed for first years. In university towns and cities, there’s plenty of housing to choose from depending on your budget and the number of friends you’ll be sharing with. Properties with live-in landlords where you rent rooms on a lodger basis tend to cost less than those where the landlord lives off-site. This is a more restrictive form of accommodation but it’s generally of a good standard. However, make sure there is a specific room for your sole use. House- and flat-shares are the most common form of private student accommodation. Once you’ve got your group of housemates together, it’s tempting simply to bag the first place you see. This is a mistake because you need to view at least three properties to make comparisons. There’s a lot to consider such as the proximity of the property to the university, if there’s plenty of shared living space as well as good sized bedrooms, and whether the building is in a well maintained condition or if there are obvious signs of damp or mould. If possible, talk to the current tenants to get their ‘warts and all’ point of view. They can give you a truly honest opinion of what it’s like to live there and whether the landlord is easy to deal with or not.

www.studentmoneymatters.co.uk

STUDENT ACCOMMODATION

FINDING PRIVATELY RENTED ACCOMMODATION When searching for a property to rent, try the university accommodation office first as they usually have a list of approved landlords who guarantee minimum standards under an accreditation scheme. Look at online portals such as Accommodation for Students (www. accommodationforstudents.com), Rightmove (www.rightmove.co.uk/ student-accommodation.html), Studentpad (http://www.studentpad. co.uk) and EasyRoomMate (http:// uk.easyroommate.com). Many of these allow you to advertise for housemates, for example, if you’re a group of four but need two more for a six room house. If you’re short of time, letting agencies can do the legwork for you. Make sure you get a full list of associated costs upfront, such as

THE AVERAGE WEEKLY RENT FOR FULL BOARD IN A SINGLE EN-SUITE ROOM IS

£172

(Accommodation costs survey 2012/13, Unipol/NUS)

fees for credit checks, inventories and cleaning so that there aren’t any nasty surprises – and don’t be afraid to haggle! In Scotland, it’s illegal for letting agencies to charge fees to tenants.

“When searching for a property to rent, try the university accommodation office first as they usually have a list of approved landlords who guarantee minimum standards under an accreditation scheme” SET YOUR BUDGET

Illustrations: iStockphoto; Stephen Beerling

When considering how much you can afford for accommodation, don’t forget it’s not just the rent you’ll need to pay. Find out if bills for heating, electricity, water rates and the Internet are covered in the monthly rent or if they are extra. Check whether contents insurance and the TV licence are included, and if any laundry or cleaning services are provided. You won’t have to pay council tax if everyone in your household is a full-time student. If any are part-time students, they might get a bill but they can apply for a discount. There’s also the small matter of the deposit to stump up. In private housing, most landlords will require your parents to sign as guarantors, so

www.studentmoneymatters.co.uk

check with them first! By law, the landlord has to place your deposit in a government-approved safeguarding scheme, and you should be given evidence of this within 14 days of payment. The most common form of tenancy agreement for a house- or flat-share is an assured tenancy for which all group members are jointly responsible. This means if one of you disappears without paying the rent, the remaining housemates or the guarantors will foot the bill. Make sure you’re comfortable with this before signing.

STUDENT BILLS THE EASY WAY When you initially imagined your life as a student, what was the first thing you thought of? Wild nights out; scary dissertation deadlines; what on earth you’d eat when your Mum was no longer there to cook? If I had to hazard a guess, I’d say it certainly wasn’t managing your money. Though a necessary part of student life, the gang at Split The Bills believe in making the monthly payment process as simple and as painless as possible, condensing and reducing your domestic bills to take the “huh” out of household. So how does it work, you ask? Well firstly, you pick the elements you’d like to include in your plan based on their range of utilities, from essentials like gas and electricity to student life’s little luxuries, such as superfast broadband and Sky TV. Then, after negotiating some tip-top deals, they estimate your total annual usage and set up a tailor-made payment plan to split your yearly fee into digestible monthly chunks. After signing up, you’re then free to enjoy student life, hassle free: with just one monthly payment to one company, your household bills are under control and you’re left with more time, energy and money to spend on the things that matter.

...student life without nasty surprises... More than just a monetary middle man though, they’re always there to offer a friendly ear, some expert advice or a bit of technical support whenever you need it. Taking the guess work out of your monthly expenditure, you have round the clock access to your Split The Bills account, which monitors cost, usage and submit

meter readings, so you’re always prepared for your next payment. They also believe in student life without nasty surprises, meaning there are no extortionate service fees, last-minute increases or mystery zeros added to your bill and what’s more, you’ll only ever pay for what you actually use (if your monthly payment is too high, they’ll lower it; if you’ve paid too much, they’ll refund the balance at the end of your tenancy). Better still, if there’s any sign of a late or missing payment, they’ll be the ones to do the chasing: after all, there’s nothing more awkward than pestering your new pals for their share of the electricity bill, is there? Whilst there are many companies out there simply looking to make a quick buck, Split The Bills is there to help you save; plus, they’re the UK’s first and only provider of shared bills to be approved by The National Association of Student Money Advisers, meaning that if you’re after the best, you need look no further. With better deals than you’ll find anywhere on the high street and a knack for money management, they’re a friendly bunch who’re always happy to help, so if you fancy living the student life without the snore of broadband speeds and water meters, why not get in touch? The team are ready to assist. Written by Hayley Jackson

In Partnership With:

Want to Know More? Visit www.SplitTheBills.co.uk Email hello@SplitTheBills.co.uk | Call 0114 213 4712

TOP 3 BILL FAILS 1. NOT PAYING ENOUGH The majority of the “big six” energy companies massively underestimate consumption in student properties, meaning that, while you may be paying your share of the bill every month, your money might not be covering the cost of what you’re actually using. Whilst a cheaper direct debit option might be more appealing to begin with, it’s likely to leave you with a huge bill to pay at the end of the year. Split The Bills, on the other hand, calculate all of their payments according to national usage statistics of student properties just like yours, meaning that payments stay regular and there are no unwelcome surprises come the end of term. 2. TRUSTING YOUR HOUSEMATES When you first meet your housemates, life may seem peachy, but a few months later, when the cleaning needs taking care of, the food shop needs to be done and money’s running dry as you eagerly await the next chunk of your student loan, politeness and pleasantries soon start to slip. It’s essential to ensure that you never set up any services solely in your name: even if it’s your pesky housemates who fail to pay their share, it’s you who’ll be liable. Don’t fancy dealing with court dates and fine payments between lectures? Let Split The Bills take the lead instead. 3. SETTING UP A JOINT ACCOUNT Whilst this can be a great idea when properly managed, things can soon take a turn for the worse with just a single late or missed payment. When the overdraft charges start rolling in, the bank won’t care who’s to blame: why not keep things simple and let Split The Bills do the legwork?

STUDENT ACCOMMODATION

THE AVERAGE WEEKLY RENT IN A PRIVATE HOUSE IS

£114

(Accommodation costs survey 2012/13, Unipol/NUS)

THE SECRET TO A GREAT HOUSE-SHARE

Illustrations: iStockphoto; Stephen Beerling

Choose your housemates carefully and make sure that everyone gets along – no-one wants endless disagreements all year! You’re sharing a house so it’s only fair that chores are shared out too. Draw up a rota to allocate tasks so that everyone takes a turn with unpopular jobs like cleaning the loo. To avoid arguments about money, get everyone to set up regular payments from their bank account to the housemate who pays the electricity bill, the one who pays the water rates, and so on.

TEN tips for finding privately rented accommodation

Before viewing a property, print off the useful checklist on My Property Guide (http://www.mypropertyguide. co.uk/articles/display/10053/selecting-a-property.htm)

2 3

Never rush into signing a contract and walk away if you feel pressurised to do so

4 5 6 7 8 9

Try to negotiate the monthly rent; the landlord may reduce it if your paperwork is ready and it’s possible to come to a quick, hassle-free agreement

Use the Brightside Student Calculator (http:// studentcalculator.org) to check your loan and grant entitlements, work out your outgoings and set a budget

Check the itemised inventory if the place is furnished or partly furnished Ask to see the Gas Safety Certificate and the Energy Performance Certificate (EPC); the EPC will show typical energy costs to heat the property If you’re thinking of renting a flat, ask if there are any service charges Most contracts on student properties are for a minimum of 12 months. Try to negotiate a break so that you’re not paying for the whole year If possible, get your contract checked by your student union or university accommodation office before signing Know your rights as a tenant: check what you’re entitled to on the Citizens Advice Bureau website (http://www.adviceguide.org.uk/england/housing_e/ housing_renting_a_home_e/housing_student_ housing_e.htm)

“Find out if bills for heating, electricity, water rates and the Internet are covered in the monthly rent or if they are extra” 16

www.studentmoneymatters.co.uk

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Get one online at PostOfficeMoney.co.uk or from your nearest branch Post Office Money® Travel Money Card Plus is issued by Clydesdale Bank PLC. Terms, conditions and fees apply

PostOfficeMoney.co.uk Terms, conditions and fees apply. Maximum card balances and annual load limits apply This card is an electronic money product. Travel Money Card Plus is a Prepaid Mastercard issued by Clydesdale Bank PLC pursuant to license by MasterCard® International. Clydesdale Bank PLC, a company registered in Scotland with number SCOO1111 whose registered office is 30 St Vincent Place,Glasgow, G1 2HL, is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. (Financial Services Register No. 121873). MasterCard® is a registered trademark of MasterCard® International Incorporated. Post Office Limited is registered in England and Wales. Registered No. 2154540. Post Office and the Post Office Money logo are registered trade marks of Post Office Limited. All information is correct at time of going to print, but is subject to change. JANUARY 2015

STUDENT MONEY TIPS

Top student money survival tips It’s important to budget and review your spending whilst at university. Here, the Money Advice Service provides its expert advice on how to budget and manage your student money and reduce your spending Going to university is all about having a good time, discovering yourself and making new friends, right? Well, yes, but hopefully you’ll learn a lot and get a good qualification as well. However, if you really want to have a great three years it’s important to budget, as you’ll probably end up spending around £4,000 a year on rent, according to the National Association of Students. Here are some tips to help you get the most out of your time away.

www.studentmoneymatters.co.uk

DON’T BLOW YOUR STUDENT LOAN You may feel loaded when your student loan comes through, but don’t blow it in the first few weeks or months. Work out how much you have to spend over the course of your term and stick to your calculations. One way you can do this is by putting your loan into a savings account and setting up a regular transfer to your current account every week or month. Try not to dip into the savings in between times.

STUDENT MONEY TIPS

£4,000 A YEAR ON RENT

BUDGET

WORK OUT A BUDGET Establish what you’re likely to spend each week on meals, other food and drinks, travel, downloads and other likely or essential costs. Also, factor in your average spend on occasional expenses, like clothes, books, toiletries and laundry. Work out what you’re likely to spend over a term and divide the total by the number of days you’re away at uni or college to give you a daily budget. Be realistic. For instance, if you reckon you’ll spend more at weekends factor that into your calculations. The Money Advice Service Budget calculator (https://www. moneyadviceservice.org.uk/en/ tools/budget-planner) can help you plan your spending.

REVIEW YOUR SPENDING Don’t forget to review your budget a few weeks after starting as you’re likely to spend more around Freshers’ Week. Don’t forget to account for the different length of each semester and budget accordingly. The Money Advice Service Cut-back calculator (https://www.moneyadviceservice.org.uk/en/tools/cut-backcalculator) could help if you need to reduce your spending.

KEEP CRAZY SPENDING DOWN Ad hoc spending can quickly eat away at your finances. So, if you’ve given yourself a budget take your daily spending out at a cash point and try to keep to the money you have in your wallet. You will overspend on occasion, but getting

ATM

in the habit of clocking up what you spend will help you to budget.

“You may feel loaded when your student loan comes through, but don’t blow it in the first few weeks or months” RE-INVEST ANY SAVINGS Illustrations: iStockphoto, StephenBeerling

YOU’LL PROBABLY END UP SPENDING AROUND

Try to save any cash you have over at the end of the day, perhaps by putting any left over money back into your savings account. You could even have a jar where you put in any change left over before you go to bed. In time this could build up enough to cover a short break, some must-have clothes, festival tickets or emergencies.

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STUDENT MONEY TIPS

GET A JOB There will be plenty of employers looking for workers to cover shifts in pubs, cafes and shops at the start of the new academic year, although the plumb jobs will be filled quickly, so if you fancy boosting your budget start looking around for work as soon as you can.

LOOK FOR WAYS TO SAVE MONEY Here are some quick ways to save money:  Get a student bank account that comes with a good authorised overdraft.  Public transport might seem necessary, especially if your digs are some way from your lectures, but you could save plenty by walking or biking instead.  Book early for coach or long train journeys, such as going home at the end of term.  Look out for sales, take note of special offers, as advertised in local newspapers and online, and use vouchers offered on

YOU’RE LIKELY TO SPEND MORE AROUND FRESHERS’ WEEK

discount sites.  Buy or sign up to student-

Illustrations: iStockphoto, StephenBeerling

friendly discount cards and schemes, such as the 16-25 Railcard (http://www.1625railcard.co.uk/) and the NUS Extra card (http://www.nus.org. uk/en/nus-extra/).

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If you find your money is draining away too quickly speak to your university’s student money adviser (and your parents) before considering something really expensive, like using an unauthorised overdraft or taking out a payday loan.

“Don’t forget to account for the different length of each semester and budget accordingly”

WORK OUT WHAT YOU’RE LIKELY TO SPEND OVER A TERM AND DIVIDE THE TOTAL BY THE NUMBER OF DAYS YOU’RE AWAY AT UNI OR COLLEGE TO GIVE YOU A DAILY BUDGET

DON’T PANIC

BUDGET

Article courtesy of the Money Advice Service (https://www. moneyadviceservice.org.uk/en/ news/top-student-money-survival-tips). Further information is available from the Money Advice Service online at https://www. moneyadviceservice.org.uk

FINANCIAL SUPPORT

A helping hand ore people are now applying for and attending university in the UK than ever before. Last year some 580,000 people applied to start undergraduate courses (UCAS), which is no small number. Unfortunately though, just as those numbers heading for university have gone up, so has the gap between the UK’s rich and poor, meaning that financial support for students is in more demand than ever. Student loans are obviously easily available, but even with those, sometimes you can still need some extra help, especially for those for whom the bank of mum and dad isn’t an option. “Depending on your circumstances and your household income, you may be eligible to receive a maintenance grant which does not have to be paid back,” says Anthony Hill from the Student Loans Company (SLC). “Extra support for those with children and dependants may also be available and these are based on your household income. When applying for a grant you may be asked to supply evidence to support your application. If so, the SLC will advise you to send it in as soon as possible, so as not to delay the processing of your application. You can find out how to apply at www.gov.uk/studentfinancesteps.”

LAST YEAR SOME

There are plenty of options for additional financial support out there for students experiencing financial difficulties - it’s just a question of knowing how and where to look, as Nat Barnes explains

Illustrations: iStockphoto

580,000 PEOPLE APPLIED TO START UNDERGRADUATE COURSES (UCAS)

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FINANCIAL SUPPORT

68% OF STUDENTS HAVE BORROWED FROM FRIENDS AND FAMILY (NUS)

53% HAVE CUT BACK ON FOOD AND HEATING COSTS (NUS)

“University is about standing on your own two feet, but it certainly isn’t about suffering in silence” Turn2us, which are part of the Elizabeth Finn Care charity, helps people to access benefits and grants with a database of more than 3000 charitable funds. Their research has shown that more than half of all students were completely unaware of charitable grants before they checked the Turn2us website (www.turn2us.org.uk) Also, on average some 28 per cent of students have struggled financially for more than a year before checking what support could be available to them. The message is clear: university is about standing on your own two feet, but it certainly isn’t about suffering in silence. Feedback from those using Turn2us has shown that once people seek help and receive a grant, it has an overwhelmingly positive impact on their lives, not just financially, but also emotionally too. So what forms can this additional financial support take? The reality is that the list of answers could fill up the rest of this magazine and then some. As well as bursaries and grants, there are sponsorship and scholarships and numerous funds available both inside and outside the university – see sidebars on pages 27 and 28. Funding opportunities from private companies are becoming increasingly

29% HAVE USED THEIR SAVINGS TO PAY BILLS AND ESSENTIAL COSTS (NUS)

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PROMOTION

Student Drivers Pay Some Of The Highest Car Insurance Premiums Out There Here’s why, and what you can do to help bring your price down. For already cash-strapped students finding a good deal on car insurance isn’t easy. If you’ve already got insurance, or you’re getting quotes for your first car, you’re probably frustrated by how high the premiums are. Why are they so high? Mainly because students have the misfortune of falling into a few high risk categories for insurance companies, and statistically speaking at least, are more likely to make an insurance claim than other drivers. Most students are younger, less experienced drivers, and have a higher chance of being involved in an accident, so insurance companies will charge a higher premium. As a student, through no fault of your own, you also haven’t

had time to build up much, if any, of your own no claims bonus, so will likely miss out on the discounts that more experienced drivers get. On top of this, many universities and colleges are located in large cities, and student houses tend to be in areas that have higher crime rates. This all increases the risk of accidents, thefts, and vandalism. Unfortunately, most high street insurers don’t have access to dedicated schemes for student drivers, and so offer standard, often expensive policies. Many require young drivers to install a telematics “black box” device in their car, which often imposes a curfew on drivers

and limits the times of day they can drive. According to Tony Allen, CEO of 4 Young Drivers, “The industry often penalises younger drivers, and students in particular, so we started 4 Young Drivers to offer competitive prices for the new generation of road users. This puts us in a unique position to offer great insurance deals for student drivers, without adding unfair restrictions on their driving, and limiting the freedom that comes with a car.” As part of National Student Money Week, 4 Young Drivers has put together some tips to help lower your car insurance premium, and make that student loan last a bit longer.

How to help lower the cost of your insurance How much cover do you need? If your car isn’t worth a lot you could try getting quotes for third party, fire & theft cover as it may be cheaper than comprehensive. Just remember that your own losses won’t be covered if an accident is your fault, or if a third party can’t be identified.

Look at your mileage Think about how many miles you’ll drive in the year. Do you plan on driving every day? How far away is your campus? Will you be driving home during the holidays? You don’t want to go over your mileage allowance, but you don’t want to pay for extra miles that you’re not going to use.

Think about which car you buy If you haven’t bought a car yet, bear in mind that the higher the car rating the more the insurance will cost. Cars in insurance groups 1 – 4, such as a SEAT Mii, Citroen C1, or Ford Fiesta, usually have the lowest premiums. This can save hundreds of pounds.

Build up your No Claims Bonus University can be a good time to build up your own no claims bonus, which should help reduce your premium each year. So driving carefully while you’re studying could mean a sizable discount on your insurance after you graduate.

Add some security Adding additional security like an approved immobiliser or a steering wheel lock to your car can help bring your premium down, especially if you’re living off campus in an area with a higher crime rate.

Look at your voluntary excess Increasing your voluntary excess may help to show insurers that you’ll do your best to drive carefully, as you’ll have to pay out more for a claim. So experiment with the excess when you’re quoting.

£60

Competitive quotes for young drivers Why insure with us?

DISCOUNT** SIMPLY QUOTE DISCOUNT CODE: MONEY MATTERS

✔ £100,000 of Legal Expenses Cover included as standard with every policy. ✔ No driving curfews and we won’t ask you to install a telematics “black box” device in your car. ✔ Affordable payment options to help that student loan go further. Call 0800 668 1795* or 0333 400 9813* from a mobile. Don’t forget to quote discount code Money Matters for £60 off your quote.** * Please note that all calls are recorded for training and monitoring purposes. Our 0333 number is free within most inclusive minutes packages on your mobile, otherwise standard rates apply. ** Terms and conditions apply to discount offer: One £60 discount per student policy. Discount only applies to quotes done on www.4youngdrivers.co.uk or over the telephone with our sales agents. Discount does not apply to quotes obtained from any price comparison websites. Offer valid until 29/02/2016. No cash alternative available. 4 Young Drivers is a trading name of Hyperformance Ltd which is authorised and regulated by the Financial Conduct Authority and is on the Financial Services Register number 307711 (www.fca.org.uk/register/). The company is registered in England & Wales number 03758951 with its registered offi ce at Garrick House, 161 High Street, Hampton Hill, Middlesex, TW12 1NG.

FINANCIAL SUPPORT

Bursaries and grants Bursaries and grants are funding in addition to any student loans and do not need to be paid back. They are often provided directly by colleges or universities or, in some cases, by private companies or charitable trusts depending on your specific courses or studies. The list of trusts and companies involved is lengthy, but they can be extremely varied from medical students to those involved in sciences or people planning to enter the iron and steel industries. There are even grants for vegetarians or the children of greengrocers (yes, really). Apart from the usual basic checks on the internet and asking your university, the best place to start looking is turn2us.org.uk (see main copy), or call their free helpline on 0808 802 2000 if you don’t have internet access.

14% HAVE TAKEN OUT A SHORT-TERM PAYDAY LOAN (NUS)

“Quite a high number of people just aren’t aware of how many grants and other funds are available, but if you meet the criteria, there is help out there”

common, but it will require a bit of legwork and persistence on your part to seek them out. Finding them is only half the battle too. There will obviously be forms to complete and the chances are that you’ll have to attend an interview too. This interview process is crucial, so make sure you dress for the occasion (best to leave the trainers and torn jeans at home) and make sure you go well prepared. That doesn’t just mean pleading poverty, it means being positive and enthusiastic about your chosen subject and, more importantly, convincing those on the other side of the desk why you should have the money over and above the other candidates. What is crucial is to make sure you stand out from the crowd, explain why the money will be useful and what you will use it for. For example, saying you will use the money to expand your horizons in your chosen subject beyond the traditional remits of your degree is probably what they’re hoping to hear.

www.studentmoneymatters.co.uk

Illustrations: iStockphoto, Stephen Beerling

Other grants are also available if you suffer from a disability that affects your ability to work (mental health conditions and dyslexia are included), if you are a single parent or if you’re eligible for income support or housing benefit. Even if you have to do a lot of traveling, especially abroad, for part of your course, there are grants to help cover your travel costs too. They may not be as large as some of the other grants available, but every little helps.

FINANCIAL SUPPORT

Scholarships and sponsorships Scholarships can take various forms, from extra money to discounts on accommodation or tuition fees. Your first step should be to contact your university to ask what scholarships are available but websites such as scholarship-search.org.uk or thescholarshiphub.org.uk are a good place to start. More often than not, scholarships are generally available based on a variety of criteria. Some are based on academic merit (both in your A levels and, possibly, ongoing) but others are based on your financial situation, where you live, what your parents do or sometimes even your ability or prowess in a specific sport. In fact, sporting scholarships are becoming increasingly popular and if you already compete at country, national or even international level in a chosen sport, then that is definitely an avenue worth pursuing. Generally speaking you don’t have to study in a sports-related degree, but you will be expected to represent the university in your chosen sport. If you row, Imperial College in London offers up to £5000 a year, Southampton Solent will offer basketball and cricket players up to £10,000 a year while others such as Loughborough or the University of Kent offer more general sporting scholarships. As well as this there are also several companies who will sponsor students who are learning skills they can use such as degrees associated with law, engineering or business studies. Even the armed forces are often on the hunt to sponsor those studying IT, languages, engineering or logistics. However, even as a student, there’s no such thing as a free lunch, so make sure that you read the small print and ensure that any company that you apply to is one that you might want to work for in the future. Getting sponsorship might sound great in the short-term, but it’s no good if you end up in a job afterwards that you don’t like.

the Royal College of Art in London. “However, there are often projects and competitions which come with some funding as a result. I entered one called the Coachmakers Bursary and while the money is obviously useful, it will look good on my CV for the future. There’s plenty of these opportunities about, it’s just a question of keeping your eyes open.” So, while a little legwork may be required, the message is simple: from competitions to grants and bursaries to scholarships, there is plenty of help to be had for those in need – it’s just a question of hunting for it. “All of the funds on the Turn2us website are for those on low incomes, so you can search for your individual circumstances, depending on your background or where you live,” explains Emma Lamberton from Turn2us. “Quite a high number of people just aren’t aware of how many grants and other funds are available, but if you meet the criteria, there is help out there.”

ON AVERAGE SOME

28% OF STUDENTS HAVE STRUGGLED FINANCIALLY FOR MORE THAN A YEAR BEFORE CHECKING WHAT SUPPORT COULD BE AVAILABLE TO THEM (TURN2US)

Alternatively, for those degrees where grants or bursaries (see sidebar on page 27) aren’t available, there are sometimes other options too.

www.studentmoneymatters.co.uk

“On some courses there are a lot of bursaries, whereas with on my design course there’s not a lot of help,” explains Mark Hinton, a student at

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PROMOTION

Your local Bargain Booze – for people who like bargains and booze! At Bargain Booze we want students to enjoy their time responsibly, in both their purchasing and consuming of alcohol! We strive to get the best value and quality for all our customers, especially as we know they’re strapped for cash. We support government regulations regarding seldom drinking more than 3-4 units a day for men and 2-3 units a day for women. This may sound confusing, but simply translates to around 1 pints of beer for men and a medium glass of wine for women. Remember that alcohol will affect each person differently, so it is important to know your limits, and know how much you’ve had to drink! Pacing yourself with a glass of water between drinks will help keep your night safe as well as subsiding the hangover in the morning. Drinking before you head to the expensive clubs and bars may save you money, but make sure you’re sensible and don’t overdo it. 1 unit of alcohol (a small shot of spirit for example) will take an hour to process through your system so although you don’t feel the effects at the time; it won’t take long until you do!

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PROMOTION

Not So Smart On September 19th of last year, whilst we were all sleeping peacefully, 18yr old Jack Cooksey was about to become famous. It was 8am on the other side of the world and the doors were opening at the Apple Store in Perth. But this was no ordinary morning. Over a thousand people had queued overnight to buy the much-coveted, newly released iPhone 6. Jack was at the front. Walking out of the store and into the glare of the world’s media Jack was asked to show off his latest purchase. Hands shaking, Jack fumbled with the lid until suddenly the box flew open and the planets first commercially sold iPhone 6 went hurtling through space, landing with a clutter on the concrete floor at Jack’s feet. The crowd gasped. It’s fair to say that Jack did not have the greatest track record when it came to the safety of his technology. He had previously jumped in a swimming pool with an iPad and his brother had sat down on his brand new Mac. So as he reached out to rescue his latest Apple purchase, he must have been imagining the worst. He wouldn’t be alone. Most of us have experienced something similar to Jack, albeit without twenty million people replaying the horror on YouTube. We drop our phones in bathtubs, we put them through the spin cycle, we abandon them in bars and restaurants. Add to this the fact that students don’t only suffer from their own bad luck, they’re three times more likely to be victims of burglary and it’s a wonder that any of our personal technology ever survives. The average student carries a walking wealth (phones, laptops and tablets) in excess of £1300, a huge

Nearly twenty million people watch in horror as Aussie Jack Cooksey drops the worlds fi rst purchased iPhone 6

amount to lose when your average monthly budget is £735. Yet only a small fraction of students consider something as simple as taking out a warranty, accidental damage cover or even a protective case. Liz Kibler is the Head of Education Services for MendIT, the UK’s number one warranty and repair specialist whose research proves the risk students are taking:

“Students make more claims than the average customer, with more than 3 in 10 student smart phone owners asking for a repair compared to an average 1 in 20 from commercial users.

“With a phone like an iPhone 6 the cost of a replacement handset can be well over £500 which is probably why so many phones on a typical campus have the smashed screen look.” It’s doesn’t take a university education to figure out then that spending £4.82 per month on three years accidental damage cover for a new iPhone 6 with no excess (the equivalent of a few beers in the Union) represents great value. Having worked with students for many years, MendIT have made the process of getting covered easy, even for butter-fingers, with their quick quote tool. Jack was lucky. “It’s all good” he exclaimed. Our advice? Don’t leave it to chance. Make it MendIT. For a quick quote check out www.mendit.com/notsosmart or call 0844 244 9999

STUDENT INSURANCE

Planning for university?

How to keep your belongings protected The Association of British Insurers provides its expert advice on the importance of ensuring that your belongings are protected whilst at university eading off to university is a huge step and there is lots to plan and prepare for – insurance can end up being bottom of the list. The Association of British Insurers (ABI) advises students going off to university and those already studying, to make sure their possessions are properly protected from burglary, fire or accidental damage. Statistics* show students are around three times more likely to

Illustrations: iStockphoto

be victims of a burglary than people in other age groups and they also own more expensive consumer goods than the rest of the population. According to the National Union of Students, the average value of student possessions is £2,600, with £1,200 for electronic items alone including laptops, phones and cameras. There are a few easy steps that students and their parents, can take to make sure that student belongings are protected. Before going to university, make sure you:

MAKE SURE THAT YOU PROPERLY ESTIMATE HOW MUCH YOUR POSSESSIONS ARE WORTH BEFORE GETTING CONTENTS INSURANCE

www.studentmoneymatters.co.uk

STUDENT INSURANCE

DON’T SCRIMP ON CONTENTS INSURANCE Even if money is short, don’t try to save money by not getting insurance for your belongings. If belongings are damaged or stolen, it will cost money to replace them. Some policies can be specifically tailored to the needs of students but make sure that you shop around for the best deal by using a comparison website or visiting different insurers. Remember that if you share accommodation with other students, you should each take out your own contents policy. You may want to consider adding additional protection as part of your insurance. Accidental damage will cover your possessions if they get

“Some policies can be specifically tailored to the needs of students but make sure that you shop around for the best deal by using a comparison website or visiting different insurers” KNOW HOW MUCH YOUR BELONGINGS ARE WORTH Make sure that you properly estimate how much your possessions are worth before getting contents insurance. Policies will have set limits on the size of any claims, so make sure the limits reflect the value of your possessions. Smaller items, like mobile phones, clothes and books, may seem insignificant but can be costly to replace. Some items, like cameras, bicycles or musical instruments may need to be listed separately.

broken or if someone else damages them.

STATISTICS* SHOW STUDENTS ARE AROUND THREE TIMES MORE LIKELY TO BE VICTIMS OF A BURGLARY THAN PEOPLE IN OTHER AGE GROUPS AND THEY ALSO OWN MORE EXPENSIVE CONSUMER GOODS THAN THE REST OF THE POPULATION

Illustrations: iStockphoto

CHECK YOUR PARENTS’ AND UNIVERSITY’S POLICY Some insurers will add students to their parents’ contents insurance but there may be restrictions. Check with your parent’s insurer to find out if you are covered and what the policy covers. It is also worth checking with the university about any insurance they may be able to offer students.

www.studentmoneymatters.co.uk

STUDENT INSURANCE

ACCORDING TO THE NATIONAL UNION OF STUDENTS, THE AVERAGE VALUE OF STUDENT POSSESSIONS IS

£2,600

MAKE SURE YOU ARE COVERED IF YOU GO ABROAD If you are going away, whether

£1,200

it is a trip with university, a holiday or a gap year, make sure that you take out travel insurance before you go and check that it covers you for any

FOR ELECTRONIC ITEMS ALONE INCLUDING LAPTOPS, PHONES AND CAMERAS

valuable belongings you may be taking with you or activities that may be part of your trip. For some expensive items, you

WITH

may need to get contents or gadget insurance that covers you at home and abroad.

“It is also worth checking with the university about any insurance they may be able to offer students”

DON’T BUY UNNECESSARY INSURANCE TAKE NECESSARY SAFETY PRECAUTIONS Make sure you keep your doors and windows locked when you leave your house to prevent thieves getting in easily. Keep anything valuable in a place where it can’t be easily seen. Consider security marking some of your more valuable items to make them less attractive to thieves and easier to identify if they are stolen. However, make sure that you check that security marking does not invalidate any manufacturers’ guarantees or warranties.

Your student bank account may offer certain types of insurance, like travel and mobile phone insurance, as part of the package. Make sure that you know exactly what you are already covered for before buying any additional insurance.

Students should remember to take common sense measures to look after their possessions so they can ensure they are not left paying a high price if valuables are lost, stolen or damaged.

Article courtesy of the Association of British Insurers (ABI). The ABI is the voice of the UK’s insurance and long-term savings industry. It has over 250 members, who together account for around 90% of premiums in the UK domestic market. For further information, visit www.abi.org.uk

“Remember that if you share accommodation with other students, you should each take out your own contents policy” * Home Office statistics at http://webarchive.nationalarchives.gov.uk/+/http:/www.homeoffice.gov.uk/ crime-victims/how-you-can-prevent-crime/student-safety/

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STUDENT SHOPPING

The student’s guide to

shopping on a budget Michelle Higgs has some helpful tips and advice on saving money on your food shopping and shows how with a little forward thinking, it’s still possible to eat healthily on a budget

SKILL UP

SET A REALISTIC BUDGET

If your parents have always cooked for you, now’s the time to learn to fend for yourself. Before you leave home, ask them or another friend or relative who’s handy in the kitchen to show you some basic skills and how to cook a few of your favourite meals. If you’ve never had to think about buying groceries before, it’s also a good idea to go food shopping with your parents before you start university; they can give you some valuable pointers about the best bargains they always look for in the supermarket and elsewhere.

You might think budgeting is boring because you’d rather just go out and spend your cash without thinking about it. Actually, setting yourself a budget and sticking to it is one of the most empowering things you can do, putting you in control of your own finances. Making the most of your money in this way means you’re less likely to get into debt and you’ll have cash left over to spend on things you really want such as a meal out, going to the cinema, or buying new clothes or music. The secret to sticking to a budget with food shopping is to be realistic and to plan ahead. For example, don’t automatically buy food for seven evening meals if you know you won’t be at home for some of them. Write a draft menu for the week so that you can work out what you need to buy and only purchase what’s on the list. Use the Brightside Student Calculator (http://studentcalculator.org) to work out your outgoings and help you to set a budget.

www.studentmoneymatters.co.uk

STUDENT SHOPPING

ON AVERAGE, STUDENTS SPEND AROUND

£25 EACH WEEK ON GROCERIES (NatWest Student Living Index 2014)

BE SUPERMARKET SAVVY The evening is when you’re likely to find the most bargains in the supermarket because that’s when items close to their useby dates are sold off. Many students don’t know the difference between best before dates and use-by dates, so they miss out on the best offers. It’s easy to learn the jargon. Foods with a use-by date are those that go off quickly, such as meat, dairy products and other items in the chiller cabinet. You shouldn’t eat something after the useby date because it’s likely to be unsafe, but you can extend the life of some foods with use-by dates if they can be frozen (freeze before the use-by date). When a food has passed its best before date, it can still be eaten but it’s likely to lose its flavour. If you’re someone who always adds more to your trolley than you can afford, investigate internet shopping to eliminate the temptation of going down the aisles. But only do this if the delivery fee is less than the cost of getting to the supermarket, or if it will genuinely save you a lot of time.

“The evening is when you’re likely to find the most bargains in the supermarket because that’s when items close to their use-by dates are sold off” USE YOUR FREEZER Every time you discard unused food, you’re throwing money away. If there’s a freezer where you live, you can easily reduce the waste. It’s possible to freeze a wide variety of foods such as milk, bread, soups, meat and fish to take advantage of bulk buys and money saving offers. If you find that you’re chucking out lots of vegetables at the end of the week, try buying frozen veg instead. It’s just as nutritious, cheap and it lasts a lot longer. It’s also perfect for adding to stir-fries, curries and stews. Fresh vegetables can also be peeled, chopped and frozen, ready for use.

12 FOOD STAPLES FOR YOUR KITCHEN CUPBOARD 1. Dried pasta 2. Rice 3. Lentils 4. Couscous 5. Tea 6. Coffee 7. Porridge oats

Illustrations: iStockphoto

STUDENTS ARE CANNY WITH EATING OUT, SPENDING AN AVERAGE OF £12 EACH WEEK (NatWest Student Living Index 2014)

www.studentmoneymatters.co.uk

8. Canned tuna 9. Tinned tomatoes 10. Dried herbs and spices 11. Stock cubes 12. Olive oil

STUDENT SHOPPING

MOBILE APPS ARE A GREAT WAY OF GETTING QUICK AND SIMPLE RECIPE IDEAS

AIM TO EAT AT LEAST FIVE PORTIONS OF FRUIT AND VEGETABLES EVERY DAY IT’S GENERALLY CHEAPER TO COOK FOR FOUR OR SIX THAN IT IS FOR ONE OR TWO

Illustration: Andrew Gibbs

DRIED PASTA AND RICE ARE GREAT STAPLES FOR YOUR KITCHEN CUPBOARD

IT’S POSSIBLE TO FREEZE A WIDE VARIETY OF FOODS SUCH AS MILK, BREAD AND SOUPS

www.studentmoneymatters.co.uk

STUDENT SHOPPING

POOL RESOURCES If you’re sharing a house or flat with a group of friends, club together to make the most of special offers. It’s generally cheaper to cook for four or six than it is for one or two because you can buy in bulk. Set up a roster and take it in turns to cook, either individually or in pairs. This is a great way to swap recipe ideas and try new things simply by finding out what everyone’s favourite meal is from home. Plain porridge oats (sold in bags, not branded boxes) is the cheapest breakfast cereal you can buy, and it has no added ingredients; add honey and sunflower seeds, apple and cinnamon, or blueberries and raspberries when in season. Make and freeze batches of tomato sauce; it’s the basis for so many dishes such as old favourites like spaghetti bolognese and chilli con carne. Have fun trying out new recipes on inspiring websites such as Delia Online, particularly the Freshers’ Fare section (http://www.deliaonline.com), and All Recipes (http:// allrecipes.co.uk).

“If you find that you’re chucking out lots of vegetables at the end of the week, try buying frozen veg instead. It’s just as nutritious, cheap and it lasts a lot longer” EATING HEALTHILY There’s nothing wrong with the occasional ready meal or takeaway but if you eat them too often, you won’t get the energy or nutrients you need. The good news is it’s fairly straightforward to eat healthily if you have a wide variety from the main food groups on a daily basis. Aim to eat at least five portions of fruit and vegetables every day. Each meal should include plenty of starchy foods like potatoes, bread, rice and pasta; some protein-rich foods such as meat, fish, eggs, beans and other non-dairy sources; some milk and dairy foods; and smaller amounts of food and drink that are high in fat and sugar. Find out more about healthy meals on ‘The eatwell plate’ section of the NHS Choices website (http://www.nhs.uk/Livewell/Goodfood/Pages/ eatwell-plate.aspx).

www.studentmoneymatters.co.uk

10 TOP TIPS FOR FOOD SHOPPING

1 2

Set aside one day a week to do one big shop and only

buy what’s on your list Plan ahead so you don’t forget things and have

to resort to more expensive convenience shops Use websites such as Supercook (http://www. supercook.com) and BigOven (http://www.bigoven.com) to search for recipes using ingredients you already have

Don’t turn your nose up at own brands if you’ve never tried them; they’re often just as good as branded products Cook things like soups, lasagne and shepherd’s pie in bulk, then freeze portions for the following weeks Try buying fruit and vegetables at market stalls instead of in supermarkets Meat and fish is often

6 7 8 9

cheaper at your local butcher’s or fishmonger’s Buy strongly flavoured cheese as you’ll use less of it If you regularly buy the same groceries, type up a shopping list and print out copies to save time If you can’t resist a meal out, try Voucher Codes (http://www. vouchercodes.co.uk)

WORKING WHILE STUDYING

JUST THE JOB Many students work while at university to help support their studies and living costs. Nat Barnes highlights some things to consider about working while studying

survey conducted last year by the NUS for Endsleigh, the student insurance company, found that well over half of those at university (59 per cent) are now working through their studies during term time. There’s nothing wrong with working through your studies of course, but what and how are the best ways to go about it and can you actually turn it to your advantage to boost your employment prospects after university? And do you need to ask your university’s permission before you take on any extra work off campus? The reality is that for many students doing any kind of work, part or full-time, in addition to their

Illustrations: iStockphoto

www.studentmoneymatters.co.uk

studies isn’t a choice, it’s a necessity. With tuition fees at £9000 a year plus living costs on top of that, it’s not hard to see why so many students leave university in debt, sometimes substantially so. Any attempt to reduce that or even just to have a little spending money in your pocket has to be a welcome one. A survey by the NUS for the 2013/14 year found that more than half regularly worried about having enough money to meet basic living costs such as rent and utility bills. “When I started my first year at University, I got a job in a factory which meant working a couple of shifts in the week and often weekends,” says Tom Evans from Sheffield. “At the time, I definitely felt like it cramped my social life a little, but there was no question that the extra money helped me to live

58% WORKED TO SPEND THE MONEY MAINLY ON SOCIALISING (NUS for Endsleigh)

55% WORKED TO SPEND THE MONEY ON FOOD AND HOUSEHOLD BILLS (NUS for Endsleigh)

WORKING WHILE STUDYING

from day-to-day. At the end of my course though, I had noticeably less debt than some of my friends, so with hindsight I’m definitely glad that I did it.” Of course, working isn’t just about earning extra money – it’s also about experience. If you can find a position in the field that you eventually wish to enter, then that’s a good way to show future employers your enthusiasm and to get a head start on your jobseeking rivals. Some universities actively encourage this and are happy to put you in touch with companies if there are obvious links and benefits to your course. Alternatively, others like Portsmouth, Bristol and

Southampton are linked to Royal Naval Units, which pay recruits as well as having a popular social side. However, while at times it might not seem like it, even the most mundane of factory-line or shelf-stacking jobs can still bring some benefits. In doing so, you’re showing employers that you can balance multiple commitments and you will also gain professional experience of work as well as working with, and for, other people of different ages and from different backgrounds. Having said that though, your first port of call needs to be your university if you’re considering taking on a full or part-time job. Nobody questions that your primary focus at

38% WORKED TO SAVE FOR THE FUTURE (NUS for Endsleigh)

www.studentmoneymatters.co.uk

WORKING WHILE STUDYING

“Most Student Unions will have a job shop advertising a host of part-time positions in and around the local area, and often they can also help with your CV” university should be on your studies, but some universities take a very dim view of working. Students at Oxford and Cambridge, for instance, are advised against taking on even part-time work, saying that they should be focused on their academic achievements. Holiday jobs can obviously ease the financial pain, but if your bank balance is seriously suffering then speak to you college as some offer bursaries depending on the circumstances (see our financial support feature on page 24). What is crucial though is that you need to demonstrate that you can balance your work and your studies together. With continuous essays to write, reading lists, extra-curricular commitments and short term times, you need to be honest with yourself that your schedule can take on any extra

burden. And don’t forget that these will all ramp up as you go through your course. Once you’ve decided, most Student Unions will have a job shop advertising a host of part-time positions in and around the local area, and often they can also help with your CV. Many job shops have presences on Facebook and Twitter and will put the latest jobs online, so they’re worth following. As well as that, there’s also nothing wrong with the old-fashioned technique of dropping into some of the local restaurants, pubs and shops to ask if there are any vacancies, especially if you’ve got past experience in similar businesses. If you’re returning home for Christmas, then don’t forget that the retail and hospitality sectors become much busier over the festive period and often take on extra staff for brief

Working when an international student As a non-EU international student studying in the UK, the maximum amount of hours you can work during term time are normally printed on your visa sticker or Biometric Residence Permit (BRP). It will depend mainly on when you made your most recent immigration applications and should also state if you are not allowed to work at all.

Illustrations: iStockphoto

If that application was in the past three years, then you can work 20 hours a week if you are studying at degree level or above or if you are on a study abroad programme. If you are below that then you can work 10 hours per week. Since May last year, your employer also has a legal obligation to check your term dates for your course, so you should provide them with a print out or letter from your institution to confirm your term dates. Outside of term times however, you can work full time. If you are in any doubt then you should check with your university or with the UK Council for International Student Affairs at ukcisa.org.uk

www.studentmoneymatters.co.uk

53% WORKED TO BOOST THEIR FUTURE EMPLOYMENT PROSPECTS (NUS for Endsleigh)

35% WORKED TO AVOID BEING IN DEBT (NUS for Endsleigh)

WORKING WHILE STUDYING

Will I have to pay tax? You will need to pay Income Tax if you earn more than your personal allowance of £192 per week or £833 a month. If your earnings are above £153 a week then you will also need to pay National Insurance contributions. Usually your employer will deduct these automatically from your wages through Pay As You Earn, but if you’ve already paid tax and stop working part of the way through the tax year then you might be able to claim a refund, which you can check via HMRC’s online tax checker. This still applies if you earn money abroad during the holidays, but if it’s for an employer in an EEA country or Switzerland then you won’t need to pay National Insurance in the UK as you’ll normally pay contributions in the country where you’ve worked. Find out more on HMRC’s website at hmrc.gov.uk

periods of time, so try and email them well in advance. “I’ve done lots of jobs while at university, both in a bar, in retail and full time during the holidays to help fund myself,” explains Mark Hinton, in his final year of an MA at the Royal College of Art in London’s South Kensington. “The money I earned was spent on my living costs but it gave my days much more structure than others. It also gave me people skills and an understanding of the work environment, but best of all it helped me to be a little bit self-sufficient for the first time. I would definitely recommend working part-time to anyone about to attend university for the first time.”

WELL OVER HALF OF THOSE AT UNIVERSITY

59% A SURVEY BY THE NUS FOR THE 2013/14 YEAR FOUND THAT MORE THAN HALF REGULARLY WORRIED ABOUT HAVING ENOUGH MONEY TO MEET BASIC LIVING COSTS SUCH AS RENT AND UTILITY BILLS

ARE NOW WORKING THROUGH THEIR STUDIES DURING TERM TIME (NUS for Endsleigh)

“With continuous essays to write, reading lists, extra-curricular commitments and short term times, you need to be honest with yourself that your schedule can take on any extra burden” www.studentmoneymatters.co.uk

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