Managing my money at University

Budgeting is a vital part of getting to grips with your finances and, while living on a limited student income, it can be the key to avoiding financial difficulties. Knowing exactly how much money you have to spend is the only way to avoid overspending. Being able to account for exactly where your money goes will help if you come to apply for an overdraft or a bursary.

When drawing up a budget, remember to list all your income - and be realistic. Remember, too, that you must plan for the long summer vacation.

If you are worried about your finances, the University’s Student Money Advice and Rights Team (SMART) is here to help with any money-related issues you may have. The SMART team offers daily drop-in and appointment sessions at both Docklands and Stratford campuses. Appointments can be booked via the Hub. Telephone: 020 8223 4444 MyPortal: https://myportal.uel.ac.uk

You can find out more about what’s available from SMART on Track My Future. Visit the Support & Resources area from the homepage, then click on ‘Money & Bursaries’ in the Support and Advice section.

Do:

– Thoroughly check any tenancy agreement before signing it. Are any bills included? Will you be liable for full rent at times when you won’t be there, such as holidays? – Feed yourself properly and cheaply. You can economise on food by using local markets, looking out for special offers in supermarkets or buying economy brands, and learning how to cook. Take advantage of any student discounts. – Budget – keep a record of what and where you spend. – Have a list of priority spending (the difference between things you need to buy and things you want to buy). – Reply to all letters from your bank or creditors and keep copies of all correspondence. Sign up for online banking so you can keep track of your spending more easily. – Make sure that you pay your bills on time. – Acknowledge that if things go wrong, it can affect you emotionally and distract you from your studies. Seek advice immediately.

The longer you leave it, the harder it becomes to sort out. – Allow some money for a social life. – Overspend at the beginning of the first term. – Rush out and buy all the course text books and equipment on your list. Wait until your course gets going and assess which ones are essential. Remember, you can use the library and KeyText instead of buying them. – Buy non-essentials when struggling to pay for the essentials. – Ignore signs that spending is getting out of control. – Be afraid to talk to someone and seek advice if you are having problems financially. Speak to friends, family or the SMART team at UEL. – Exceed your bank overdraft limit without authorisation. Unauthorised overdraft rates are very high when compared with what is offered if you stick within agreed limits.

Don’t:

Cost of Living Advice and Support The University of East London is committed to supporting our students and has made more than £1 million of additional funds available, in addition to free products and breakfasts.

We have highlighted the most relevant support that you may be able to access and practical suggestions to ensure you make the most of your money during this time. You can find more details at Cost of Living Advice and Support page.

Help with your postgraduate tuition fees A Postgraduate Master’s Loan can help with course fees and living costs while you study a postgraduate Master’s course. Funding for postgraduate loans is different if you are a student resident in England, Scotland, Wales or Northern Ireland. Visit the following websites for information relating to your country regarding fees and maintenance loans. Student Finance England gov.uk/funding-for-postgraduate-study Student Awards Agency for Scotland saas.gov.uk/ Student Finance Wales studentfinancewales.co.uk/ Student Finance Northern Ireland studentfinanceni.co.uk/

You will find information on what you are entitled to apply for, when you are paid, and what to do if you change course or university.

EU funding eligibility for courses Following the UK’s exit from the European Union, the UK government has confirmed that EU, EEA and Swiss nationals starting courses in the 2021/22 academic year onwards, who are not registered as ‘settled’ or ‘pre-settled’ in the UK, will no longer be eligible for home/UK fee status or financial support from Student Finance England. This means that these students will pay the same fees as international students.

Financial support opportunities from UEL The University offers a PG Hardship Bursary for students who have home/UK fee status students. There is an eligibility criteria. Applications for these bursaries will open in November in 2021. The application form is online. For details on SMART and funds available visit https://uelac.sharepoint.com/sites/studentsupport/SitePages/ SMART.aspx

There are a number of external organisations and research councils which offer financial help to postgraduate students.

Find out more by visiting this link: uel.ac.uk/postgraduate/fees-and-funding/uk-eu-postgraduate/postgraduateexternal-funding

Please note, the University of East London is not responsible for the content of these external sites and is not associated in any way with the funding schemes and their application processes.