Sunday 6 January 2013
Recently received your Student Finance? Worried it won’t last until the next instalment in April? The Advice and Counselling Service have some tips on how to help you manage your money, advise whether you are eligible for further funding or support, and provide details of who to contact if you need help.
Do you know what you spend?
The first step to successfully managing your money is to do a personal budget. This just means writing down all of your spending and all of your income. Use this quick leaflet, ‘Managing your budget and cutting costs’, which contains a step by step guide to help you work out a personal budget and check whether your income is enough to pay for your costs. If it isn’t, the budget will identify how much extra income you need, so you can think about where to get the extra money from – see section ‘Is there other money you can apply for?’ below.
If you need any help with this, you can contact a Welfare Adviser in the Advice and Counselling Service.
Is there other money you can apply for?
We often see students who aren’t getting all of the money they are entitled to. Sometimes this is because Student Finance has made a mistake, or because the rules about grants and bursaries are hard to understand. There may also be hardship funding that you can apply for.
You can read our advice guide, ‘Additional Sources of Funding’, for ideas. If you need further advice, contact a Welfare Adviser in the Advice and Counselling Service who can check whether you’re getting all of the money you’re entitled to, help you to apply for any other money you’re eligible for and help you think through other possible options.
Are you spending more money than you need to?
You may be able to reduce your spending just by taking advantage of discounts and promotions, shopping in different stores or switching the company that provides your mobile phone or electricity – you will find lots of simple money saving tips in our advice guide, ‘Managing your budget and cutting costs’.
You might also be able to save money by identifying unnecessary spending – a Welfare Adviser in the Advice and Counselling Service can help you with this.
Do you need further advice?
You can find out more about the Advice and Counselling Service and how we can help you at www.welfare.qmul.ac.uk