SUBU Me and My Money Guide

Me and My

Money

SUBU and BU have teamed up to ensure you have the information and advice you need to make the most of your money and achieve your money goals.

You can complete these activities on your own, friends is that you can share some great ideas and hot tips.

If you prefer, you can come along to one of our workshops listed on the back page where

AskBU

SUBU Advice

AskBU is here to help you if you require financial support. This could be helping you resolve problems with your funding provider, for example Student Finance England or the NHS, help with managing your money, or you are in financial difficulty and require additional funding.

SUBU Advice is here to help you with any money issue you may have. We can ensure you have all the funding you’re entitled to, plan ahead and budget your money and put you in touch with expert services so you can feel in control of your finances. You can visit us at:

You can come and visit us at The Base on the ground floor of Poole House, drop us an email:

Bookable Appointments 10am - 2pm

askbu@bournemouth.ac.uk

Drop in Time 2pm - 4pm

or give us a ring on 01202 969696

Contact Us subuadvice@bournemouth.ac.uk

Contents What’s my attitude to money?

01

Money and Me

05

Manage your money worries

06

Spending Diary

07

What’s my weekly cost?

09

My Budget

10

Budget Sheet

11

Dealing with Debt

14

Days out for a fiver

18

Money and wellbeing

20

Financial Support

22

Contacts and Useful links

23

Just for fun

24

Helpful Workshops

Back Page

What’s my attitude to money?

Let’s start by taking a look at how you manage your money and consider how your attitude towards money can impact the decisions you make.

1) When you get your money for the week, you: A Spend it all within the first two days B

Work out what you need over the week first, then spend the rest

4) Do you like to: A Buy on impulse B Think carefully before you buy things C Always make sure if you’re going to buy something that it is within your weekly budget

C Work out what you need, then put some aside for saving before spending what you have left

2) If you run out of money, you: A Borrow from friends and family, which you might pay back in the future

B Borrow only what you need to get along,

5) If you needed to borrow money to buy an expensive item, you would choose: A A credit card – because it is easy to use and you are pretty sure you can pay it off quickly

and have a plan for exactly when and how you are going to pay it back

B A loan – because you know you can pay

C Go without

it off by regular payments

C To save up some of the money in

advance, and then get a low interest loan for the rest

3) Given the choice, would you pick a: A Credit card – because you can have

what you want now and not have to pay the bill until later

B Debit card – because the money comes straight out of your account

C Cash card – because the amount you

can take out is strictly controlled (you can only take out what you’ve got in it)

B A

01

B

A

Light hearted quizzes like this one only ever give you a rough guide to your attitude to money. There are many other factors to take into account.

What the quiz does do is begin to get you thinking about your attitudes and behaviours.

C

6) When a friend says they want to go out for an expensive evening at a time when you don’t have any money, would you: A Borrow the money and go anyway, because you’re only young once

8) You are given a large sum of money as a present. Do you: A Go out and treat your friends, then spend the rest on clothes and music

B Spend some of it on enjoyment and use the rest to buy essential items or pay off debts

B Go, but take a limited amount of cash from your savings account

C Put it straight into your savings account

C Stay in for the evening and watch TV

7) When buying a mobile phone on a limited income, you would choose a: A Contract with a high monthly cost

which has loads of free minutes and texts, because you have to speak to all of your friends all the time and it would save money

B Contract with a lower cost which has

some free minutes and texts, and control the number of calls you make

9) If you needed to buy a car, would you be tempted to: A Buy a brand new car from a dealer, pay a small deposit and the rest with a loan

B Buy a used car from a dealer, pay half

from your savings and the other half with a loan

C Buy a used car privately (from its owner) and pay the whole amount from your savings

C Pay As You Go phone, so you can keep

the cost down to whatever you’ve got left in your pocket each week

B Question

1 2

A

Answer

A

C

3 4 5 6

Compare your results on the next page to see your attitude to money.

7 8 9

02

The results are in!

How do you manage your money? Lets take a look:

Mostly A’s: If you chose mainly A’s you are likely to be a person who likes to live for the moment, and may tend to spend money on impulse.

While this can mean that you are able to buy lots of things you want, you may find that without planning you struggle to pay for some items you really need.

You could also be at risk of becoming unstuck and getting into debt. Some simple tricks for looking after your money, such as budgeting and understanding the difference between ‘needs’ and ‘wants’, can really help A’s!

Mostly B’s: If you chose mainly B’s you are reasonably in control of your money – you know where it is going and may be making some savings.

With the right tools you are likely to continue being able to balance your spending with your saving.

Mostly C’s: If you chose mainly C’s then you are very careful with your money. You prefer to avoid debt and are likely to find working towards a savings goal very rewarding.

You may even find it difficult or stressful to spend money and may not be able to enjoy your money either.

You might want to add a few treats to your list of wants and needs.

03

You might be interested in some more information on making the most of your income, or handy tools such as spending diaries.

04

Money and Me We all have a unique relationship with money and what’s important to one person may not be important to another Just like in any relationship, how we interact with our money can be stressful at times and cause worry. This activity will help you identify how important money is to you and how you can reduce your worry levels.

1) On a scale of 1-10, how important is money to you? (1 - not important at all, 10 – exceptionally important) 1

2

3

4

5

6

7

8

9

If you’re doing this activity with a friend, what number did they circle?

2) If money is that important to you, what is more important?

5) Would money feel more important if you had more of it?

10

6) What areas of money seem to be okay at the moment?

Finish this sentence: The money issue that most worries me at the moment is:

3) What is less important?

4) Does money feel more important when you don’t have it?

I could reduce my worry levels by doing the following:

Check out some ideas as to how you can manage your money worries on the next page.

05

Manage your money worries

Here are some other ideas as to how you can manage your money worries: Make sure I have all the funding I am entitled to Ensure I have the best bank account for me Feel confident with managing my money Plan my income and expenditure Ask for money instead of gifts Feel in control of my finances Save money each week Sell things I don’t need Shop around Ask for help Earn more Spend less

My Notes:

06

Spending Diary You think you’ve got enough to see you through, and then it all seems to vanish in the space of a couple of weeks, leaving you with nothing to show for it. Where does it all go? Watching what you spend can be a simple way of making sure you don’t sleepwalk into unmanageable debt.

Income: Money In

List the ways you could increase your income (get more money)?

Expenditure: Money Out

What do you spend money on?

List below:

Now we know your income and expenditure, let’s think about ‘needs’ and ‘wants’: What do you ‘need’ to buy this week?

How much does it cost?

What would you ‘like’ to buy this week?

How much does it cost?

How do you feel when they spend money on something you ‘want’ as opposed to ‘need’ – is it different?

07

08

What’s my weekly cost?

Using the spending diary below, list all the things you buy and guess how much each costs, this is the Estimated Weekly Spend, or EWS. Over the next week list all the items you spend money on, adding any extra items as needed, and record how much you spend. This diary will help you understand your spending patterns.

Item

EWS

Mon

Food

£25

£20

Tue

Wed

Thu

£3

£4

Fri

Sat

Sun

£8

Total At the end of the week think about ‘needs’ and ‘wants’ again and answer these questions: What do you ‘need’ to buy?

What would you ‘like’ to buy?

You can increase your income by ensuring you have applied for everything you are eligible for, shopping around for the cheapest products and utility bill providers, selling anything you do not need and being in employment.

09

Total £35

My Budget A good budget is a useful tool. It’s your own personal tool for staying in control of your money. Make sure you’re in charge of your money, rather than your money being in charge of you.

Task: Complete the budget sheet on the next page from now until the end of the academic year (July 2019).

You will need to look over the last three months of your bank statements to get an average cost of each item. You can calculate your expenditure on a monthly or weekly basis. Simply divide the income by the number of weeks or months it needs to cover and times the expenditure by the same number of weeks.

Income

Duration

Per Month

£4000

10 Months

Per Week

£4000

42 Weeks

= = =

Budget

£400/Month

£95.24/Week

If this budget sheet doesn’t work for you, try a budgeting app such as Spending Tracker or Wally Next. Or check out the online budget sheet on the Money Advice Service website: www.moneyadviceservice.org.uk/en/tools/budget-planner

10

Budget Sheet Feel a bit overwhelmed? Not sure where to start?

Contact SUBU Advice for a 1-2-1 session to help you complete your budget sheet!

Income Student Finance Funding - Loan/Gran Wages/Salary Student Finance Funding - Loan/Gran Social Work Bursary NHS Bursary NHS Travel Expenses Reimbursement Postgraduate Loan BU Scholarship Professional & Career Development Loan

Income Support Universal Credit Parents Learning Allowance Childcare Grant/Allowance Tax credits Contribution from family Child Maintenance Future Finance Loan BU Financial Support Funding Other TOTAL

11

Week

Month

Quarter

Year

Notes: Household

Week Month

Quarter

year

Other

Week Month Quarter

Year

Week Month

Quarter

Year

Quarter

Year

Gym

Rent/mortgage

Subscriptions

Building insurance

(Spotify/Amazon Prime etc)

Contents insurance

Cigarettes

Council tax

Alcohol

Gas

Gambling

Electricity

Gaming

Water

Meals/drinks out

Telephone

Newspapers/magazines

TV licence

Cinema

Internet

Christmas presents

Books/equipment/ printing/photocopying

Birthday presents Other

Repairs/maintenance

TOTAL

Child Maintenance Childcare Costs Food

Financial

Laundry Credit card 1 School/Work meals Credit card 2 Nappies and baby items Store card Vet and pet insurance Bank charges

Pet food

Pension contribution Other

Loan Repayments (not student loan)

TOTAL

Car Finance Savings

Travel Bus fares for self

Week

Month

Quarter

Year

Other Debts TOTAL

Bus fares for dependents

Week

Car insurance Car tax

Month

Money In Total Money In

Car MOT Petrol Travel home

Money Out Out Total Money Total Money In, minus Total Money Out

Other TOTAL

12

13

Dealing with debt If you run into difficulties with money, the most important thing is to not ignore the problem and talk to someone who can help you sort things out.

Which do you think would be helpful in dealing with debt? (please tick) Contact National Debtline/Stepchange or the Money Advice Service Keep all the letters and documents related to the money you owe Increase your hours at work to increase your income Develop a budget to help reduce your spending Apply for all the funding you’re eligible for Stop checking your bank balance Apply to increase your overdraft

Apply for another credit card

We recommend that seek advice to ensure you are aware of all the options available to you and the associated risks so you can make an informed decision and have realistic expectations.

Sell things you don’t need

We strongly advise against:

Talk to you credit provider

1. Telling the police as it isn’t a criminal matter and they are unable to help.

Arrange a repayment extension Borrow from a door stop lender

Apply for a personal loan Contact Citizens Advice Borrow from a friend Borrow from parents Change your name Just forget about it Tell the police Sell your TV Do nothing

2. Borrowing from a door step lender is very risky. Door stop lenders, or loan sharks, are not legal money lenders and can charge exceptionally high interest rates, visit your home and threaten you.

3. Changing your name to avoid your creditors is fraud.

4. Forgetting about your debts will not make them go away. In fact your debts will escalate further and have a longer lasting impact.

Get a job

14

What would you do in the following situations?

Situation 1: I have recently got a new mobile phone. At the beginning I thought it was a good idea having a phone with a contract, but now I can’t pay the bills. They have cut me off and say they won’t turn it back on till I pay the outstanding amount.

The last time I checked it was £187.00 although that was last month.

What would you do? (Please tick) 1) Ignore the bill and get a pay as you go phone 2) Contact the phone company to let them know you are having difficulties 3) Tell someone such as a trusted friend, family member or your support worker 4) Sell your phone and use the money to pay the bill 5) Seek help from a Citizens Advice Bureau or other free debt advice agency such as the Money Advice Service, National Debtline or Stepchange.

6) Increase your overdraft

Situation 2: I opened a current account with a £500 overdraft when I was working. Now I am out of work and have spent the money – I am being charged very high fees, which I cannot pay.

What would you do? (Please tick) 1) Tell someone such as a trusted friend, family member or your support worker 2) Apply for a pay-day-loan to pay off the overdraft 3) Open another account with a different bank and forget about the overdraft 5) Ask a friend if you can borrow some money 6) Get in touch with the bank to let them know you are having difficulties

15

Situation 3: I am 20 and have a little girl called Samantha. I wanted to buy her some new clothes, so I got a store card. I have now spent over £400 on it and don’t have any way of paying it back.

What would you do? (Please tick) 1) Phone the store card company to let them know you are having difficulties 2) Don’t spend any more money on the card 3) Use another credit card to pay off the store card

Answers: Situation 1: 2, 3, 5 Situation 2: 1, 4, 6 Situation 3: 1, 2, 4, 6

4) Tell someone such as a trusted friend, family member or your support worker 5) Forget about it and cut up the card 6) Seek help from a Citizens Advice Bureau or other free debt advice agency, such as the Money Advice Service, National Debtline or Stepchange

Top Tips: Don’t ignore the problem – it won’t go away. The longer you leave it, the worse it will get.

Always keep copies of letters and papers you send or get.

Ensure you are in receipt of all funding you are eligible for including student finance and welfare benefits.

Don’t borrow money to pay off your bills without thinking carefully.

Tackle your priority debts first for example, debts that could mean losing your home, or having your gas or electric cut off.

Work out your personal budget to determine how much money you need to cover your basic expenses and how much you have left over to pay off your debts.

Get advice first.

Get advice from either Citizens Advice, Money Advice Service, National Debtline or Stepchange. They can help you to get in touch with your creditors and develop a repayment plan

16

It’s easy to fall into a cycle of despair when you don’t have enough money. But when you start looking there are lots of things out there to do which cost little or nothing – you’ve just got to look for them and be creative.

17

Days out for a Fiver Can you think of any activities that cost five pounds or less?

Spend 20 minutes on the internet searching for cheap activities in the local area. What did you find out?

Post your ideas on the SUBU Advice Facebook page to receive your free gift.

Ensure you use the hashtag: #daysoutforafiver

Scan the QR Code to visit SUBU Advice on Facebook

/SUBUadvicebournemouth

For more ideas check out: www.subu.org.uk/support/advice/money/daysoutforafiver

18

19

Money and Wellbeing Struggling with your finances can create low mood and in some cases have a significant impact on an individual’s mental health.

Specialist external sources of support It may not always be clear as to whether the money issue has caused the poor mental health, or visa versa. Ultimately it’s how you manage your money that will determine to what extent your wellbeing is affected.

It may be the case that you buy things to cheer yourself up but regret it at a later date or that you do not feel confident in talking to your creditors on the phone.

You may be unable to sleep as you are worrying about your finances and in some instances may not have enough money to pay for the essential things you need.

Whatever your situation is, the best thing is to talk to a friend, family member or a professional.

BU Wellbeing Support BU provides a Counselling Service and staff in the Chaplaincy are also qualified to provide students with emotional support. Each Faculty also has a Student Support and Engagement Team who can provide you with advice and support. Contact the service/s you feel most comfortable approaching.

SUBU Advice is here to help and can point you in the right direction for specialist advice and support. We can also advise you on relevant SUBU and BU Policies and Procedures, e.g. exceptional circumstances, formally known as mitigating circumstances.

More sources of support can be found at www1.bournemouth.ac.uk/students/ health-wellbeing/resources/resources-z

Mind provides advice and support to empower anyone experiencing a mental health problem.

They campaign to improve services, raise awareness and promote understanding. As well as offering advice and support they provide information and advice on how to improve your mental wellbeing.

The Campaign Against Living Miserably (CALM) is an award-winning charity dedicated to preventing male suicide, the single biggest killer of men under the age of 45 in the UK. CALM supports men via their helpline and webchat facility and has some useful information on how you can help a friend who you believe maybe suicidal.

Students Against Depression is a website by students for students. It provides a calm environment and resources to help you find a way forward.

The Samaritans offer a safe space for you to talk to anyone at any time. Whatever you are going through, you can call the Samaritans for free.

You can also speak to your GP, friends or family.

Gambling

available. Gambling carries the risk of criminal vulnerable people. It can also be addictive, and it is important to know when to stop. awareness of responsible gambling, with tips on what you can do to protect yourself, and additional support: www.bournemouth.ac.uk/ students/help-advice/financial-support gambling-awareness

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21

Financial Support BU and SUBU offer a range of financial support depending on your financial circumstances.

AskBU

SUBU Advice

AskBU can help you identify what additional support may be available for you. Here is some of the additional financial support which you may qualify for if you meet the criteria:

We’re here to provide free, independent, nonjudgemental and confidential advice and information to all BU students.

BU offers two types of bursaries intended for students in need of additional financial assistance; the BU Maintenance Bursary and the BU Care Leavers Bursary.

Bursaries are generally available to students whose family or household income is £25,000 or below.

The BU Financial Support Fund offers nonrepayable support that can help you if you are having financial difficulties during your degree. Funds can help with childcare, travel, accomodation, as well as books and equipment.

Please note that EU (non-UK), Channel Islands, Isle of Man and international students cannot apply for this fund.

The Emergency Loan is a short-term advance if your mainstream UK Government funding such as your student loan or NHS Bursary are late arriving. We can assist with day to day costs, but due to budgetary contraints cannot assist with rent or housing.

If you’re worried about the cost of going on a placement, you should check whether you are eligible for some additional financial support.

BU offers funding to eligible students through the Placement Opportunity Fund.

An Advice Worker will listen to your concerns, ascertain what your options are to resolve the issue and support you to find a resolution. We’re accredited by the Advice Quality Standard and are members of AdviceUK and National Association of Student Money Advisers.

Our Advice Workers can provide 1-2-1 support in helping you manage your finances. From ensuring you have all the funding you’re entitled to, working with you to resolve financial issues, increasing your income and budgeting your finances.

We can also advise on additional and emergency funding. We administer the Small Emergency Grant which is available for students in acute financial crisis.

You can find out more about the Small Emergency Grant and the eligibility criteria here: www.subu.org.uk/support/advice/ money/additional funding.

More information and eligibility criteria for BU funds can be found on the BU website: www1.bournemouth.ac.uk/students/ help-advice/financial-support.

22

Contacts and useful links SUBU Advice

subuadvice@bournemouth.ac.uk 01202 965779 | Text: 07501622462

AskBU

askBU@bournemouth.ac.uk 01202 969696

Financial Support BU Financial Support

www1.bournemouth.ac.uk/students/help-ad vice/finance-support

External Student money and debt

Wellbeing Support

www.nationaldebtline.org/EW/factsheets/Pag es/studentmoneyanddebt/studentdebt.aspx

BU Student Wellbeing

University budgeting tips

studentwellbeing@bournemouth.ac.uk 01202 965020

www.moneyadviceservice.org.uk/en/articles/ budgeting-for-college-or-university

BU Chaplaincy

Money Advice Service

haplaincy@bournemouth.ac.uk 01202 965383 | 07894 598915

www.moneyadviceservice.org.uk/en

Big White Wall

www.nationaldebtline.org

www.bigwhitewall.com

Student Support and Engagement Team FoHSS: Sam Honnoraty

shonnoraty@bournemouth.ac.uk 07718 118974

FoM: Claire Devaney

cdevaney@bournemouth.ac.uk 01202 965512 | 07718 118973

FMC: Sarah Lovett

slovett@bournemouth.ac.uk 07718118975

FSciTech: Selina Boyce sboyce@bournemouth.ac.uk 07718 118976

Learn more about SSET here: www1.bournemouth.ac.uk/students/health-well being/student-support-engagement-team.

23

National Debtline Stepchange www.stepchange.org

Citizens Advice www.citizensadvice.org.uk

Money Saving Expert www.moneysavingexpert.com/students

-

Just for fun

APR BASE RATE CREDIT CREDIT CARD CREDIT RATING DEBIT DEPOSIT INTEREST LIABILITY OVERDRAFT SORT CODE STANDING ORDER TAX

24

Helpful Workshops

Money means different things to different people, and can sometimes cause stress and worry if not managed carefully.

A good budget is a useful tool. It’s your own personal tool for staying in control of your money. Make sure you’re in charge of your money, rather than your money being in charge of you.

By the end of the workshop you will: 1) Have identified how important money is to you 2) Have begun to think about ways to tackle their worries around money 3) Completed a budget sheet