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Living on a Student Budget
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Introduction• Student outgoings• Student income• Branded v budget • Cooking meals for less• Dos and don’ts• Think like a student – think smart!
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Type of income Amount (£)
Tuition Fee Loan Up to £9000
Maintenance Loan Up to £5,550
Maintenance Grant Up to £3,387
Bursaries and scholarships Varies
Part-time employment Up to £3000 (Average)
Overdraft Between £500 - £3000
Parental contribution Varies
Savings Varies
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Household Income £
Maintenance Grant
Maintenance Loan
Total
£25,000 and under £3,387 £3,862 £7,249
£30,000 £2,630 £4,240 £6,870
£35,000 £1,494 £4,524 £6,018
£40,000 £547 £4,998 £5,545
£42,611 £52 £5,529 £5,581
£42,875 £0 £5,555 £5,555
£50,000 £0 £4,836 £4,836
£60,000 £0 £3,826 £3,826
£62,125 and over £0 £3,610 £3,610
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Branded v Budget • Loaf of sliced white bread (Warburton/ Tesco) • Can of baked beans (Heinz/ Tesco)• Tin of tomato soup (Heinz/ Tesco)• Bag of frozen chips (McCains/ Tesco)
• Chocolate digestives (McVities/ Tesco• 500g box of cornflakes (Kelloggs/ Tesco)
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Branded v Budget: Answers • Loaf of sliced white bread
• Warburton's £1.45p• Tesco £0.47p
• Can of baked beans • Heinz £0.68p• Tesco £0.24p
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Branded v Budget: Answers • Tin of tomato soup
• Heinz £0.89p• Tesco £0.25p
• Bag of frozen chips (1kg)
• McCains £2.60p• Tesco £0.82p
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Branded v Budget: Answers • Chocolate digestives
• McVities £1.59p• Tesco £0.44p
• 500g box of cornflakes
• Kelloggs £1.80p• Tesco £0.31p
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Branded v Budget:• Cost of the branded basket of goods
• £ 279 over 31 weeks • Cost of the own label basket of goods
• £78 over 31 weeks
That’s a saving of £201 on just six products over a 31 week student year.
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Student Meals For LessSpaghetti Bolognese
• With own brand ingredients comes to just £4.44 for two people
• A whopping £8.43 with branded ingredients!
Chicken Curry
• With brands you’re looking at an unsavory £8.05 for two
• Make that £4.14 when you save on your own brand chicken!
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Student Meals For LessCottage Pie• £6.91 with branded ingredients
for two • Just £3.70 with own brand
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Preparation and Planning – Do!
• Apply online in early 2015 at www.gov.uk/studentfinance
• Work/save before university
• Open a student bank account
• Line up part time employment• Try and calculate a
weekly/monthly budget before you arrive at university/college
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Budgeting – Do!• Work out your income
• Work out your expenditure• How to fund the gap?
• Stick to your budget!
• Swap a night out for a night in• Return library books on time
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Budgeting – Do! • Cook and shop together
• Make a shopping list
• Avoid buying from the corner store
• Shop late at supermarkets
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Do not!• Use credit cards, catalogue
or store cards• Take your car to university!
• Go shopping on a whim
• Take small amounts of cash from your bank account on a regular basis
• Forget to record payments from your current account
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Do not!• Give in to peer pressure
• Spend money you don’t have
• Keep quiet if you do have problems
• Think you are loaded when the first payment goes into your account
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Think Smart• Get student council tax
exemption• Get a TV licence refund for
summer holidays
• Make full use of your NUS card
• Don’t overpay tax on summer jobs
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Think Smart• Get a railcard• Find the cheapest gas
and electricity• Use free web software
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Think Like a Student• Think of a luxury or treat that you
buy every month which you could save money on
• Could you spend less on this item or buy it less frequently? Could you even give it up completely?
How much would that save you per academic year?
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Conclusion The future ahead…• Better career prospects
• Higher earning potential
• Personal development• Fun!
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Further Information• www.gov.uk/studentfinance• www.ucas.com• www.moneysavingexpert.com/students
• www.nottingham.ac.uk/studentservices
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Questions?
Insert name, Insert job titleWant to know what it’s like to be a student? Find out at http://blogs.nottingham.ac.uk/studentlife
Not sure which university is for you? www.which.co.uk/university
UoNapplicants
The University of Nottingham
UoNapplicants
www.youtube.com/user/NottmUniversity