Budgeting

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Whether becoming a full time or part time student, you may find it useful to draft a monthly budget.  This will help you to determine whether the method of study is appropriate to you and your family’s circumstances and help to ensure you are accessing all the funding available to you.  You may find a Budget Planner helpful.

Being a full time student will have an effect on your finances because of the change in your income and the way you are paid.  Also, you may be able to increase your income by taking a part-time job, getting help from the Childcare Funds, Hardship Funds or from a Trust and Foundation search.  All of these can ease the cost of study.

Additionally, you may decide to use your personal savings and reduce costs by accessing a Student Bank/Building Society account which offer the benefits of discount schemes with National stores etc. as well as offering interest free overdrafts.  You may also be able to rearrange any existing personal loan repayment terms to help reduce monthly bills.

While a student, you may be offered additional options such as Credit Cards and Store Cards, if you don’t already have them.  These are very easy to use and are often used by students.  However, be aware that these are among the most expensive methods of spreading the payment of goods.