As summer approaches, you may be about to receive the final installment of your Student Finance maintenance loan, and you may be wondering how to make sure that this money is enough to take you through the summer months.
Whether you are a continuing student and your maintenance loan is calculated to cover the summer, or a final year student with a reduced loan amount, below you can find a few tips to help you this summer:
1. Plan ahead
Make sure you have a set budget and keep it up-to-date – Blackbullion can help develop your budgeting skills for free. To help you get an idea of where you stand, Blackbullion also recently introduced a free Spending Snapshot tool, where you can enter your regular income and spending and see how your numbers compare to other university students outside of London.
2. Set a weekly spending amount
Decide how much you will spend each week on non-essentials (eating out, going out, travel, etc). This will give you a greater sense of control over your finances and help you know exactly what you can afford without running out of money.
3. Find part-time work
Summer is the best time to find a job. Employers are more likely to take on a new employee who can commit up to three months of their time. Plus, working over the summer will help you save money – it could even keep you from needing to work during the academic year.
You can find all available student roles via MyCareer, including part-time jobs and UoS internships designed specifically for our students, where you will not only be paid the UK Living Wage, but you can also gain valuable industry experience.
Visit Save the Student for useful tips on how to get a part-time job as a student.
4. Save to a separate account
Consider putting your summer savings into a separate bank account to avoid being tempted to spend it. You might also find it helpful to set up a weekly or monthly transfer that coincides with the day you get paid. That way, the money will go straight to your savings account before it can be spent.
If you need support
If you are concerned about your finances this summer, or any debts you may have, get in touch with The Student Hub – available 24 hours a day, 365 days a year.
You can also visit the Students’ Union Advice Centre from Monday to Friday, 09:00-17:00, to seek support from a trained and experienced debt advisor who can liaise with creditors on behalf of students and offer one-to-one budgeting advice.
For information on financial support funds, food offers and much more at the University and Students’ Union, head to the Cost of Living SharePoint site.