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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?

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