University can be an incredibly exciting time. You're getting to focus on a subject that you're passionate about, meeting new people from different walks of life, and throwing yourself into brand new experiences.
For many of you, this may also be the first time that you're experiencing financial independence and seeing firsthand how far your money stretches. The first instalment of your Maintenance Loan may feel like a long time ago now and for those of you feeling the pinch here are a few things to think about which may help ease the load.
Budget, budget, budget
It sounds boring but budgeting to some extent is essential to ensure your money lasts as long as possible. We appreciate this isn’t the easiest thing to do if you're just starting your University journey but working out a broad outline of what you will spend on food, bills, and other commitments will help you see how much you have leftover to spend on yourself.
You can get access to a budgeting worksheet as well as links to a whole host of useful budgeting apps that you can download on your phone, alongside lots of other budgeting information, here on the UPSU website.
More information and resources:
Bank smart
Many students end up keeping the same bank that their parents set up with them before University, but the terms and perks vary from bank to bank and you may be missing out on exclusive offers which are only available to students. This could include things such as an interest-free overdraft or a higher overdraft limit.
It's important to remember, that while a student overdraft can be particularly useful and most don’t charge interest, these will have to be paid back, and extra charges and fees can be added on if they are not paid back within a certain timeframe of finishing your course.
Don't discount student discounts
Your student ID can do so much more than gain you access to the library; they can be an especially useful bit of plastic and can save you so much money. Shops, bars, restaurants, and a whole host of leisure activities across Plymouth (and further) give students a sizeable discount for flashing their ID card. Some streaming platforms also offer discounts, which makes watching some of your favourite binge-worthy shows or listening to the latest music sensation feel all the sweeter. This is a great way of saving money on things you would be buying anyway - don't be tempted to overspend because you're getting a discount.
Some retailers, venues or businesses will offer a discount just by showing your University of Plymouth student ID card whereas others will ask you to show a specific type of ID - usually TOTUM (formerly NUS), UniDays or Student Beans. The good news is that all three of these have an option available to subscribe to for free.
- TOTUM (formerly NUS) claim to 'save you over £550 a year on everyday shopping' and offer a free (TOTUM) and a paid-for (TOTUM+) membership. With the free membership you will have access to the discounts through the TOTUM app whereas with TOTUM+ you will receive a physical card. Prices start from £14.99 for a year and go up to £24.99 for a card which will be valid for three years. If you are paying for a card it's worth adding in the 'free TOTUM ID' option, this will give you a verified form of photographic proof of age ID for no additional cost - this is a valid form of ID to show for purchasing age restricted goods and for entry into bars/nightclubs. Not only is this a bargain but if you do happen to lose your ID on a night out this is much cheaper to replace than a driving license or passport.
- UniDays is a fast and completely free way of accessing exclusive student discounts. Entirely online/app-based, once you've registered you'll be able to download your UniDays ID and show in-store with participating retailers.
- Student Beans is also completely free and the registration process is quick and easy. You will need to reverify your student status at the start of each academic year but this is free and simple, you'll also be able to show your digital ID on your phone in-store as well as accessing online discounts.
- Save the Student lists some of the best deals and discounts out there as well as signposting to competitions, freebies and a whole range of articles with information on saving money, accommodation hacks and knowing your rights.
Make sure you ask each place you visit whether they offer a discount for students, some establishments don’t shout about it as much as others and you'll be no worse off if they say no.
Save on travel
Whilst spending a little bit of money on a railcard can seem like a pain, its better to do it when you aren’t counting the pennies quite as closely. If you're likely to use the train a lot, whether that is to go back home to visit family or friends, or just to explore, a 16-25 railcard will save you plenty of coins.
We all know that trains aren’t cheap, so you need to do all you can to knock as much off the cost as you can. Some student bank accounts can offer a free rail card as an incentive, so doing your research as mentioned above can prove to be very handy.
-
A 16-25 railcard costs £30 for one year or £70 for three years and you will get 1/3 off rail travel each time you purchase a ticket. Despite the cards being named 16-25, mature students can also apply for them. You can see more about them here (https://www.16-25railcard.co.uk/)
-
You can also get a 15% discount on a range of adult products when it comes to using Plymouth City Bus. To do this you need a valid student email from Plymouth University. The discount is available on the following: 1 day adult ticket, 7-day adult ticket, 28-day adult ticket, 91-day adult ticket and 12-day adult ticket. You can read more here (https://www.plymouthbus.co.uk/schools-colleges-and-nhs-discounts)
Cook smart
Grabbing a takeaway or eating out can seem like an easier option, particularly after a long day at university but the cost quickly adds up and the money spent on one meal could provide you with more if you buy ingredients from the shop. Even grabbing a sandwich every day for lunch can mount up, with what you’d spend in two days being enough to make you sandwiches for the week.
Looking for recipes online that you can batch-make can help as it reduces the amount of time that you need to spend in the kitchen every night. Having a soup, casserole, or chilli that you can dish out into containers and then place in the freezer, means on the days you can’t be bothered to cook you have something that just needs defrosting.
Another handy tip is to consider shopping in the evening. That is the time that shops start to reduce the price of certain food items, which means you can get more for less. This can be particularly useful for getting cheaper bread that you can store in the freezer and take out what you need when you need it.
Suss out additional support and bursaries
If you are struggling with your finances and in need of support, don't be afraid to reach out. While we can't give you money, the SU Advice team can help with signposting you to any financial support you may be eligible to apply for.
- The University of Plymouth offers a wide range of support to students who are experiencing financial hardship due to the cost of living which you can read more about here (https://www.plymouth.ac.uk/student-life/cost-of-living)
- There are also a range of bursaries and funding options that students experiencing financial hardship can apply for depending on their circumstances. Having a knowledge of this list and knowing what you could be eligible for is worthwhile. (https://www.plymouth.ac.uk/study/fees/scholarships-bursaries-and-funding/bursaries)
- There is also a website called Turn2us which has a grant search tool, linked to charitable funds. There are various pots of money available, and many of them will have specific criteria to assess the eligibility of applicants. Often the amounts available are minimal, and there are no guarantees of being awarded a grant, but there is nothing to lose by applying. You can find out more here (https://www.turn2us.org.uk/get-support/Grants-what-you-need-to-know?)