When you think of the student stereotype, you’re probably seeing beans on toast, a hazy head and a severe backlog of washing up to do. A serious lack of funds might also probably spring to mind!
Student life is often considered synonymous with scrimping, but this week’s mythbuster looks deeper into the reality of the cost of student living.
As you might have heard, getting a student loan can help out a lot. The recent hike in tuition fees may put some of you off going to uni, but you’ve got to remember that those fees aren’t paid up front, and the majority of students apply for a tuition fee loan to cover the cost.
On top of that, there’s also a maintenance loan to cover the costs of living, and at unis like Newcastle University students may even be entitled to additional financial support like grants and scholarships that usually don’t need paying back.
Avoid the first-week-blowout and manage your money like a boss. At the start of each term it’s always a good idea to work out how much money you’re likely to be spending on rent, bills, and other unavoidables. You’ll then have an idea of what you’ve got left over for all the fun stuff.
Forward planning will stop the mid-term panic when you realise maybe you’ve not got quite enough cash to see you through.
But if the figures don’t add up six weeks in, help and advice is at hand when you study at Newcastle University with the Students’ Union’s Student Advice Centre Team who offer a free support with a range of student matters including finance.
Living on a budget doesn’t have to mean scraping the barrel. It’s all about spending your money wisely. Do you really need another pair of shoes? Are they essential?
There’s ways to reduce necessary spends too! How about cooking meals as a flat to save money? Or walking to uni instead of getting the bus? A few pounds here and there really does add up!
Part-time work not only helps you earn extra money while you’re studying, it’s also a great way to gain work experience, develop valuable skills and meet new people. Many students work part-time in shops, bars and restaurants– these jobs are generally the easiest to find and fit round your studies.
However, you’ve got to find the right balance and not neglect your uni work. Make sure the hours are manageable, and don’t be afraid to talk to your boss if it all gets a bit too much. Newcastle University has an award-winning Careers Service if you ever need advice or help finding a job!
So there you have it, being a student doesn’t necessarily mean you’re going to be poor and miserable, it’s all about what you do with your money not how much you have!
If you’ve got any questions about anything to do with student life, why not ask our panel of students in our next live webinar on Thursday 27th November 12.30pm.