Accommodation Info

How to...Budget and look after your money

By Residencelife2 01 Sep 2022

Worried about money?

Skint? Brassic? Hard up? Broke? Whatever you call it you might find in the next couple of weeks that your student loan starts to run a little low

If you’re worried about money or don’t think you’re going to make it through to that next loan payment, there’s lots of support on offer to help you manage your money.

Budgeting

For most people University will be the first time that they are managing their own money. This can cause stress and mean that you spend your time worrying about spending rather than focusing on your time at Uni. The most important thing you need to do is work out your ingoing's and outgoings so that you don't end up overspending.

Check out this really helpful link from Money Saving Expert on the student budgeting planner. It details useful apps, top tips and general information.

If you want tips to stretch your student loan then click here!

As a student you're able to get your hands on loads of student discounts. Here are a few of our favourite websites;

Totum - TOTUM is the #1 student discount card and app giving you access to huge offers on food and essentials, tech, travel and home delivery
Uni Days - Free discounts for sixth form, college and university students. From tonight's outfit to food comas to (finally) getting fitter.
Student Beans - Your digital student card, unlock savings every time you shop!

Bills

Everyone's aware that the cost of living is getting more and more expensive. Luckily whilst you're in University Accommodation your bills are included and you don't play Council Tax. If you do choose to move out at the end of the year here are some great tips when you're on your own. Student bills – Setup, compare and split - Save the Student

If you're still feeling the pinch a good tip is to go through your monthly bills and see what you can cope without;

Saving on your mobile phone contract - look no further!
Steaming Services - Do you really need Disney+, Netflix AND Prime Video? Here are some Netflix hacks and other cheaper alternatives.
Don't miss out on these great deals!

Save the Student is a great site with lots of tips;

Make more money with a student job
Best money saving apps
Best money saving tips - Some are better than others so take it with a pinch of salt!

Financial Scams

You've probably heard about someone getting caught out by a scam; they have become more prolific and sophisticated over the last few years.

10 Common Scams and How to avoid them

Here are some top tips to avoid financial scams, fraud and theft;

Never share your OTP (One Time Password)
Never share your password
Never share your password change link
Don’t make financial transactions on open public networks
Set strong and unique passwords for every account
Use apps wisely - Only download legitimate and credible apps from the Google Play Store and Apple Store.

Good things to remember;

No-one should be asking for your password
A reputable company will never ask for your password or bank PIN, either over the phone or by email. If they need you to reset your password, they’ll send you a link to a secure page on their official site, which will allow you to do it safely. You also shouldn’t have to give any individual person your password or PIN number.

Fraudsters often use threats
In order to try to spur the victim into action, scammers may include threats in their calls. For example, they could say that your bank account will be permanently deleted if you don’t reset your password through a link that they’ve provided.

If the deal seems too good to be true, it most likely is
Be cautious when you come across promotional offers that sound too good to be true. Fraudsters will claim to be from a real company with fake offers, or that you won a lucky draw.

If you fall prey to a scam it's not your fault! You need to change your passwords, update your computer speak to your bank and report the scam. For more information click here.

University Help

The Financial Support Team have created some handy tools to help you budget; use the Money Timeline to check when your next loan instalment is due, as well as get budgeting advice from former students. Then use the Money Planner to create a budget based on your income and expenses. This will help you see whether you can make savings anywhere or if you need to increase your income.

One way to increase the amount of money you have is through part-time work. The Student Jobshop can help you find part time work that fits around your studies. They can also help you find full-time work, summer internships, year-out placements and offer tips about tax and national insurance.

If you’ve created a budget but things still aren’t adding up you can make an appointment with a Money Adviser in the Students' Union Student Advice Centre. They will be able to assess your situation, figure out the best plan of action for you and check that you are receiving all of the funding you’re entitled to as a student.

You may want to consider applying for Financial Support. These funds support students in financial hardship due to unforeseen circumstances or who are facing additional costs due to exceptional circumstances. They are administered by the Financial Support Team, and applications are assessed on a needs basis.

If you have debt and you are concerned about how to manage it you can contact the Student Advice Centre advice@sheffield.ac.uk

Remember, you can always arrange to speak to your Residence Life Mentor or attend the Residence Life Mentor Drop-in.

You can also arrange to speak to a Student Support and Wellbeing Officer at Residence Life via email at residentsupport@sheffield.ac.uk.