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For a lot of people, university is the first time they are truly financially-independent. Though this new level of responsibility can be very exciting, it can also feel somewhat overwhelming, however armed with the right information and resources effective money management is easily possible.
Student accounts
‘What is a student account and do I need one?’
Student accounts are just current accounts designed specifically for people in higher education; you will only be eligible for one whilst you’re at university (though certain banks, e.g. Halifax, will allow you to hold your account for a limited period of time after you have graduated).
The main benefit that comes with having a student bank account is the interest-free overdraft.
Each bank will offer different benefits that you get for signing up with them, and it’s worth taking the time to research and compare these so that you get the best offer for you. Some examples include:
Free Amazon Prime Student Membership or National Express Coachcard (Natwest)
Free railcard (Santander)
Free money (HSBC)
Student account comparison websites:
‘What are the pros and cons of an overdraft?’
This is probably one of the only times in your life where you will be offered an interest-free overdraft, so it is worth taking advantage. Your overdraft can provide financial “breathing room” for you as a student when, frankly, money is always kinda tight.
That being said, it is best to see you overdraft as just that – financial breathing space – and not to become too reliant on it as you will have to pay it back after you graduate, and it will be subject to interest too (most likely a year after you graduate).
Different banks offer different overdraft limits, and this tends to increase with each year (e.g. £1,000 in 1st year, £1,500 in 2nd year, etc.)
Pros
Interest-free
Financial breathing space – can help you out when money is especially tight and in emergencies
Helpful if your maintenance loan doesn’t cover/only just covers your rent
You can control your overdraft limit – you don’t have to take the maximum available to you (I’d suggest keeping it at £1000 and working within this)
Cons
Subject to interest when you graduate
Easy to get too friendly with your overdraft and think you have more disposable money than you actually do
Money earnt over Summer when you’re trying to save up for the next academic year will just go straight into topping up your overdraft
Employment
‘Do I need a job whilst I’m at uni?’
Part-time employment may or may not be essential depending on the maintenance loan you receive and/or financial aid received from elsewhere (e.g. parents, bursaries, scholarships).
Regardless, the university recommends that students on a full-time degree scheme should work no more than 15 hours per week during term-time.
You should definitely put your studies and extra-curricular interests first and consider how much time you actually have once you take into account study time, extra-curricular activities (societies, volunteering, & sports), and of course having down-time to relax and enjoy yourself!
‘What kind of jobs would work around my studies?’
Cardiff is a huge student city, boasting 4 higher education institutions. Employers know that a large proportion of applicants will be students, and many are therefore willing to accommodate and work with you to find a good balance.
If you choose to find employment without going through the university, ensure that you know what they are expecting from you in terms of training and hours, and factor in travel time to and from work.
Jobshop
The university runs Jobshop, which you can register with within the Students’ Union to receive email alerts on both casual work and permanent posts.
Once registered with Jobshop, you can submit your interest in advertised jobs. Once accepted, you can choose to accept or decline the shifts that are offered to you.
Contracts work on a zero-hours basis, which is ideal for fitting in shifts around your studies to work as and when you need to.
Examples of work available: bar staff in clubs and stadiums, warehouse operative work, cleaning, assisting with open days, manual labour
Cardiff University Students’ Union (CUSU) also employs students as ‘Venues Assistants’ on a zero-hour basis and is affiliated with Jobshop. Again, this is ideal for fitting around your studies, and is a good way to get to know lots of people from different years and degree schemes (everyone that is employed is a student). CUSU tends to hire over Summer and sometimes at Christmas – adverts posted on their Facebook page.
Making the Most of Your Money
‘How can I save money?’
Two words: budgeting and discounts.
‘What’s the best way to budget?’
Steps to successful budgeting:
Establish how much money you have per term and how long you need to make this last for. Remember that your maintenance loan comes in three large installments (one per term) and the dates for these are given well in advance.
Work out how much money you have left after paying for your accommodation.
Calculate your weekly budget. Each term is roughly 10 weeks long. It is better to budget weekly as opposed to monthly, as it’s easy to splurge at the beginning (especially during Freshers’) and be broke for the rest of term.
Ring Fence a certain amount of money for each type of expense (i.e. groceries, toiletries, travel, going out)
Consider creating a budgeting spreadsheet or using budgeting apps such as Starling Bank and Monzo.
Links:
Budgeting: https://www.savethestudent.org/money/student-budgeting/student-budgeting.html
Budget calculators and spreadsheets: https://www.savethestudent.org/money/student-budgeting/student-budget-calculators.html
‘What are your best budgeting tips?’
Have a separate account that your maintenance loan is paid into, then set up a direct debit to your current (student) account to ensure you don’t spend all your loan in one go.
Shop cheap! Lidl and Aldi are so much cheaper than other supermarkets and the quality is perfectly good.
Cook. Takeaways are so convenient but are a quick way to drain your bank account if you get into a habit of getting them a lot. Cooking in bulk and freezing portions will mean you can eat and save money even when you’re tired.
Freeze fresh foods and bread (it’s amazing how quickly everything goes off when you pay for it yourself…).
Consider getting a budgeting app like Monzo, but don’t pay your student loan into it - just your weekly allowance. These track and categorise your spending in real-time, and send you push notifications on your phone whenever you spend with a running-total for the day. You also have the option to round up anything you spend to the closest pound to be put away in a ‘savings pot’ - it’s surprising how quickly this adds up!
‘What kind of discounts do I have as a student?’
SO many.
Wherever you go shopping or out to eat, get in the habit of asking if they offer a student discount (the worst they can say is no!)
Your student ID (your Cardiff one) alone will give you access to discounts in a lot of shops, cinemas and restaurants.
There are several student discount services available, including UniDays (which is free), and NUS (£12 a year and you can use this abroad).
Student cinema tickets in Cardiff are ridiculously cheap (£3 at Premiere and £2.90 at Cineworld).
Healthcare and Medical students also have access to the NHS discount (which includes 50% off Dominos, 20% off Nandos, and 15% off KFC).
‘What other money saving tips do you have for me?’
Get the Burger King app (thank me later).
TooGoodToGo is an app where restaurants sell leftover food for extremely low prices - reducing food waste and saving you ££s at the same! There are a range of restaurants which partake in the scheme in Cardiff (including YO! Sushi and BB’s Coffee and Muffins).
Go to supermarkets at night as often they have food on clearance (especially meat and bakery goods) that they need to get rid of by the end of the day.
It’s easy to walk everywhere in Cardiff. Walking around will help you get your bearings in the city whilst saving you money at the same time
If you do have to go somewhere a bit further, make use of the free nextbike membership you have as a university student! You get 30 minutes free per trip.
Check/post on the ‘Overheard in Cardiff’ Facebook page for tickets to events that may be sold out or on final release.
Compare gym prices before settling! Though the uni gym is the closest it’s definitely not the cheapest. Notable deals include The Gym in the city centre (9 months for £109).
Check to see if you get free access to software through your school before buying membership - I cannot stress this enough! Example: Complete Anatomy for medical and biomedical students - some peers in my year paid £50 for membership at the beginning of the course when membership is already funded by our school(s).
‘Where can I go for financial help, advice, and/or assistance?’
There is always support available within the university (this goes for any difficulties that may arise during your time as a student).
The Advice and Money team, located in the Cathays Park Student Support centre, offer free, impartial, non-judgemental and confidential advice on a wide range of matters. Alternatively you can contact them by email at: adviceandmoney@cardiff.ac.uk
For students from lower income households, Cardiff University bursaries are available to provide financial support on top of government funded maintenance grants and loans. For some of these you don’t have to apply - you’re automatically sent the money.
Additionally, the Cardiff University Financial Assistance Programme (FAP) is also available (subject to meeting eligibility criteria) for students facing financial hardship so that they are able to remain in their programme of study.
In addition, don’t forget that we as your ACS welfare officers are always on hand to advise and signpost you to appropriate services should you prefer
This has been a bit of an information overload but we hope you find this information useful in helping your financial journey - Lisah and Vera :)
Links: