Navigating the financial challenges of student life can be a daunting task, with the cost of living steadily on the rise. Tuition fees, accommodation expenses, and everyday necessities all contribute to the financial burden on students.
However, there are practical steps you can take to combat these rising costs and make your student life more affordable. In this blog post, we will explore five ways to help students in the UK tackle the ever-increasing cost of living.
1. Secure extra funding
Aside from your tuition fee and maintenance loans, there are other ways to supplement your overall funding.
Scholarships, grants and bursaries are different to student loans. This is usually a sum or pot of money that you may be eligible for if you meet set criteria. But what’s the difference? You don’t have to pay any of this money back! We offer a number of bursaries and financial awards for current students. Take a look at our bursaries and awards available for students.
Scholarships are offered by universities based on a variety of criteria such as academic or extra-curricular achievements. These can be large sums of money to cover tuition fees, course, or maintenance costs and more.
Similarly, bursaries can be provided by both universities and organisations to uplift young talent at university. If you are a care leaver or estranged student, there is extra financial support available to help you. Why not also have a look into the Living Expenses Support Scheme (LESS)?
On the other hand, grants can be awarded by charities, trusts and the government for more specific needs.
2. Working on campus
Do you want to earn some extra cash while becoming more employable? Have you been looking for part-time work that fits around your studies and an employer who understands your busy student schedule? Look no further than your campus and take advantage of the opportunities available.
- Talent Bank
- Student Helper/Ambassador Scheme
- Student Representative
- Social Media Ambassador Scheme
3. Budgeting wisely
One of the most effective ways to manage your finances as a student is to create a budget. Start by calculating your monthly income, which may come from sources such as student loans, part-time work, or parental support.
Next, itemise your monthly expenses, including rent, utilities, groceries, transportation, and entertainment. By setting limits on discretionary spending and prioritising essential expenses, you can ensure that your money is allocated efficiently.
There are numerous budgeting apps available that can help you track your spending and stay within your budget.
4. Student bargains
Never pay full price as a student! You can find great deals and tips below:
- Unidays
- Student Beans
- Save the Student
- TOTUM
5. Student advice
There might be a time where you cannot figure it all out alone. It’s okay to reach out for support and advice. Reach out to the Student Advice team for support when it comes to managing your money.
It’s not just money but also general queries you may have. You can even book a 1-1 appointment with a member of the team either in-person or virtually.
You don’t have to do it alone, we’re here to support you through university.
About the University of Westminster
As one of the most diverse universities in the UK, we are a global university with London energy with more than 19,000 students from 169 countries. To find out more about our courses, visit the University of Westminster website.
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