Manage your money

If it is your first time managing your finances, it can be daunting. Here we’ve collected the best tips from the undergraduate students who have gone before you. 

1. Open a student bank account

If you shop around you can find some decent deals. It’s important to look at the overall package, not just the one with best freebies or closest to campus. If you think you’ll need an overdraft, look for one that’s interest-free. Check out penalty payments and the interest you will pay if you go over your overdraft limit.

2. Work out your budget

Budgeting sounds boring and hard work but it’s the key to managing your money well. The simplest approach is:

• Add up your maintenance loan, bursaries, regular money from family members and your wages from part-time work.
• Put aside the money you need to cover absolute essentials, such as your rent and utilities bills (if you are private renting).
• What you have left is what you can spend, week to week. We’ve listed some of the typical undergraduate student expenditure to help you think it through.
• Keep your spending in line with your budget. Getting into the habit of checking your balance often will help. 

3. Take advantage of travel discounts

There are two main types of discount: student travel passes and season tickets. As a student, you are entitled to a 16–25 Railcard which reduces all fares nationwide by a third. You can buy a one- or three-year railcard online, or at your nearest staffed train station. Stagecoach and First Bus offer discounted weekly, monthly and termly and annual tickets across Manchester. You can also buy these from the Students’ Union building.

4. Save on your food shopping

There’s loads of advice online about eating well on a budget. It often boils down to two main things:

• Plan your meals - If you are really organised, plan your meals for the week ahead, make a shopping list and stick to it. If you can, save money by pooling resources with your flat/housemates and cooking together.
• Look for the deals - where you shop is important if you are cost conscious. Not all supermarkets are the same. Keep an eye out for promotional offers. Local markets, butchers, grocers and bakers can be great value.

5. Save on textbooks

Borrow books before you buy. We’ve got a great library on campus, so make the most of it. There are usually multiple copies of core texts.  And if you are going to buy, see if you can share books with friends on your course. Local and online bookshops often have cheaper second-hand copies. If you are done with a book, see if you can get some cash back by selling it on.

6. Claim your tax back

You shouldn’t be paying income tax if you are earning less than £11,000 from your part-time job. If you have paid tax in error, you can reclaim it - at the end of the tax year if you have an ongoing job, or if you have a short-term job you can reclaim when you’ve finished working. More advice is available on the government website.

7. Check your council tax exemption

If you live in halls, you don’t have to pay council tax. If you live in private accommodation with other students you don’t need to pay council tax - but you do need to let the council know you are exempt. You can claim an exemption online if you live in Manchester. Contact your Student Hub for further advice.