The Budget Book

All you need to know to help you budget whilst at University, from backing, boosting, bills to budgeting.

Contents

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Chapter 1 – Funding & Financial Backing 4Students from England 5Students from Northeren Ireland 7Students from Wales 8Students from Scotland 9NHS Funded Students 11The University of Manchester Support 12Additional Support 13

Chapter 2 – Financial Boosting 15

Chapter 3 – Bills 16

Chapter 4 – Budgeting 20Tips for minimising expenditure 22Additional help 22

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Welcome to The Budget Book

Don’t Get Into Debt

Hi I’m Charlie, your General Secretary at the Students’ Union.

Over the past year, we have become more and more concerned about the financial difficulties facing students, before, during and after their time at university. Financial issues are the main reason that many people don’t apply for university and it is the highest cause of student drop outs when they do make it.

Not only that, but it can be complicated to understand how to access the money that is available to support you during your studies.

To try to aid you in navigating this difficult and stressful process, we’ve compiled The Budget Book to help you understand what support there is

and how you can access it if you are experiencing hardship.

Financial difficulties are becoming more and more common; maintenance loans that don’t cover rent, a rising dependence on food banks and with cuts to higher education funding having impacts on bursaries and support funds, we are in a crisis.

If you want further advice, you can contact our Advice Service at [email protected] to arrange an appointment to speak with one of our expert and independent advisors in confidence.

If you would like to contact me as your representative to talk about your experiences or share issues that you would like to convey to the University, then please email: [email protected]

Coming to university is an exciting time, with a new city, new friends, new course and new events to experience. However, it can also be a stressful time, as many of you are moving away from home, having to cook for yourself and having to budget on your own.

Financial worries are the last thing you need when you are trying to make new friends and concentrate on your studies.

It is worth setting aside half an hour every year to think about how you are going to manage your finances. This guide is to help you, whether you are a first year or final year student, in managing your money.

Chapter 1: Funding & Financial Backing

Before you can budget, you need to ascertain if you are receiving all the funding that you are entitled to. However, it can be confusing with the terminology that Student Finance England (SFE) use and what it actually means for you. Below are clarifications:

• Maintenance Loan – A repayable loan to help towards your living costs, rent, food, course material, travel, etc. The maintenance loan is not means-tested, so you will be entitled to this loan regardless of parental income. Provided that you have applied to STE in time, you will receive part of this loan during Welcome Week. You will receive the remainder in two instalments at the start of each term.fair usage clause. Remember that bills included does not mean unlimited usage.

• Maintenance Grant – A non-repayable grant to help towards your living costs, food, course material, travel, etc. This maintenance grant is dependent on your parents’ income, and if their joint income is above £42,875 then you will not be entitled to the grant. Provided that you have applied to STE in time, you will receive part of this loan during Welcome Week. You will receive the remainder in two instalments at the start of each term.

• Tuition Fee Loan – The University of Manchester charge a fee of £9,000 per annum for its full-time, undergraduate courses to home students. Eligible students (home or EU) will be entitled to a loan to cover the tuition fees. The tuition fee loan is not means-tested. The tuition fee loan is paid directly to the University once you enrol, so you will not receive it personally.

• Household Income – Student finance will ask you to provide details and evidence of income from the household where you live, so that your SFE entitlement can be calculated. The household income is where you normally live, for example with your parent(s), partner or spouse. If your household income decreases by 15% during the year, then you can ask that your entitlement for the current year is reassessed.

• Independent Students – You will be considered to be an independent student if you are aged 25 or over before the start of your course, if you are married or in a civil partnership before the start of your course, are a parent of a child living with you or you have been financially independent for three years before the start of your course, or have been living in the care of a Local Authority.


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Living away from home while you study*


Students from EnglandIf you are a student from England, then your entitlement to a student loan will be assessed via Student Finance England.

*Details correct as of April 2015

*Maintenance Loan plus Tuition Fee Loan

HouseholdIncome Up To

£25,000

£30,000

£35,000

£40,000

£42,620

£42,875

£45,000

£50,000

£55,000

£60,000

£62,132

£3,387

£2,441

£1,494

£547

£50

£0

£0

£0

£0

£0

£0

£4,047

£4,520

£4,993

£5,467

£5,715

£5,740

£5,519

£4,998

£4,476

£3,955

£3,731

£7,434

£6,961

£6,487

£6,014

£5,765

£5,740

£5,519

£4,998

£4,476

£3,955

£3,731

£9,000

£9,000

£9,000

£9,000

£9,000

£9,000

£9,000

£9,000

£9,000

£9,000

£9,000

£13,047

£13,520

£13,993

£14,467

£14,715

£14,740

£14,519

£13,998

£13,476

£13,955

£12,731

MaintenanceGrant

Maintenance Loan Total Tuition Fee

Loan Total to Repay*

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Living at home while you study*

Students from EnglandIf you are a student from England, then your entitlement to a student loan will be assessed via Student Finance England.



£25,000

£30,000

£35,000

£40,000

£42,620

£42,875

£45,000

£50,000

£55,000

£58,200

£3,387

£2,441

£1,494

£547

£50

£0

£0

£0

£0

£0

£2,872

£3,345

£3,818

£4,292

£4,540

£4,565

£4,344

£3,823

£3,301

£2,967

£6,295

£5,786

£5,312

£4,839

£4,590

£4,565

£3,344

£3,823

£3,301

£2,967

£9,000

£9,000

£9,000

£9,000

£9,000

£9,000

£9,000

£9,000

£9,000

£9,000

£11,872

£12,345

£12,818

£13,292

£13,540

£13,565

£13,344

£12,823

£12,301

£11,967

MaintenanceGrant



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*Details correct as of April 2015


Students from Northern IrelandIf you are from Northern Ireland, then your entitlement will be very similar to a student from England. However, you should apply for an assessment through Student Finance Northern Ireland www.studentfinanceni.co.uk

The below table is for students not living at home and the figures are from 2015.



£19,203

£20,000

£25,000

£29,019

£30,000

£35,000

£41,065

£41,540

£42,000

£45,000

£53,035

£3,475

£3,300

£2,201

£1,318

£1,215

£689

£50

£0

£0

£0

£0

£2,953

£2,999

£3,289

£3,522

£3,625

£4,151

£4,790

£4,840

£4,792

£4,476

£3,630

£6,428

£6,299

£5,490

£4,840

£4,840

£4,840

£4,840

£4,840

£4,792

£4,476

£3,630

£9,000

£9,000

£9,000

£9,000

£9,000

£9,000

£9,000

£9,000

£9,000

£9,000

£9,000

£11,953

£11,999

£12,289

£12,522

£12,625

£13,151

£13,790

£13,840

£13,792

£13,476

£12,630

MaintenanceGrant



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Students from WalesIf you are from Wales, then your entitlement will be very similar to a student from England. However, you should apply for an assessment through Student Finance Wales www.studentfinancewales.co.uk

What differs is that you can get a tuition fee loan of £3,685. The remainder of your fees, £5,315, will be paid by a non-repayable Tuition Fee Grant. The below table is based on Welsh students living away from home, the figures are for 2015/16 entry and were accurate at the time of publication in May 2015.



£18,370

£20,000

£25,000

£26,500

£30,000

£34,000

£40,000

£45,000

£50,020

£50,753

£55,000

£55,958

£5,161

£4,715

£3,347

£2,936

£2,099

£1,142

£734

£393

£50

£0

£0

£0

£2,796

£3,019

£3,703

£3,908

£4,327

£4,805

£5,009

£5,180

£5,351

£5,376

£4,527

£4,032

£7,957

£7,734

£7,050

£6,844

£6,426

£5,947

£5,743

£5,573

£5,401

£5,376

£4,527

£4,032

£3,810

£3,810

£3,810

£3,810

£3,810

£3,810

£3,810

£3,810

£3,810

£3,810

£3,810

£3,810

£6,606

£6,829

£7,513

£7,718

£8,137

£8,615

£8,819

£8,990

£9,161

£9,186

£8,337

£7,842

MaintenanceGrant



8


Students from ScotlandIf you are from Scotland, then your entitlement will be very similar to a student from England. However, you should apply for an assessment through Student Awards Agency Scotland www.saas.gov.uk

The below table is for students not living at home and the figures are for 2014 entry. The 2015 figures will be available in spring 2015 on the website mentioned above.



£16,999

£23,999

£33,999

£34,000

£1,750

£1,000

£500

£0

£5,750

£5,750

£5,750

£4,750

£7,500

£6,750

£6,250

£4,750

£9,000

£9,000

£9,000

£9,000

£14,750

£14,750

£14,750

£13,750

MaintenanceGrant



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Previous StudyThe previous information is based on students that have not previously received student finance. If you have previously studied at another institution or a different course then you may not be eligible for Student Finance for the duration of your course. This is dependent on how many years of previous study you have.

If you are unsure if you will be eligible for Student Finance for the duration of your course, please contact the Advice Service in the Students’ Union on [email protected] or call 0161 275 2952.

Students from the EUIf you are a student from the Republic of Ireland or another EU country, then you will be entitled to a Tuition Fee Loan of £9,000 to cover your tuition fees. You can apply for your Tuition Fee Loan through Student Finance England at www.gov.uk/student-finance

For September 2015 entry, students are able to apply to Student Finance England from April 2015.

Depending on your circumstances, you may be entitled to other forms of support from Student Finance England or from your home country.

International StudentsInternational students do not normally qualify for Student Finance. Therefore, it is important that you ensure you have the relevant funding in place before you come to The University of Manchester. The UK Council for International Student Affairs website has some useful information www.ukcisa.org.uk/student

Part-time StudentsThe previous figures are based on students in full-time education. If you are a part-time student, you will be entitled to a Tuition Fee Loan up to £6,750, providing that you are studying at least 25% of a full-time course. However, you may not be entitled to any Maintenance Grant or Loan.


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NHS Funded StudentsThe funding for students studying on an NHS courses are different than those on non-NHS funded courses. To get student funding from the NHS, you must have been offered an NHS funded place on one of the following courses:

• DentalHygiene

• Nursing

• Midwifery

• OccupationalTherapy

• SpeechandLanguageTherapy

• RadiographyorRadiotherapy

• Medicine*

• Dentistry*

* Students studying an undergraduate medical or dental course will become eligible for funding from the fifth year of study or second year of the course if they are on the graduate entry programme. Students can apply for Student Finance.

Tuition FeesStudents who are eligible for NHS funding will have their tuition fees paid in full by the NHS. This does not have to be paid back.

Non-Income Assessed GrantEligible students who started their course after 01 September 2012 will get a non-means tested NHS grant of £1,000. The amount that part-time students will receive depends on their course intensity. Again, this grant does not have to be paid back.

NHS BursaryStudents may be eligible for a means -tested NHS Bursary that does not have to be paid back. This bursary is based on household income and students can receive up to £2,617 when living on their own or £2,185 when residing with their parents.

Reduced Rate Maintenance LoanNHS funded students may also be entitled to a reduced rate maintenance loan of up to £2,324 for students living on their own or £1,744 for those living with parents. This is repayable. You can apply for this loan via Student Finance.

Extra HelpSome students may be entitled to additional assistance from the NHS. For example, if their course is longer than 30 weeks but less than 45 weeks, then you may be entitled to an Extra Weeks Allowance of £83 per week when living alone or £55 per week when living with parents. This allowance will be added to the bursary. If a student studies for longer than 45 weeks then they will be entitled to a higher bursary.

ApplyYou can only apply for NHS funding once you have been accepted onto a qualifying course. Please visit www.nhsbsa.nhs.uk/students for more information and to open a Bursary Online Support System.


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The Budget Book


The University of Manchester SupportAs well as Student Finance, you may be entitled to additional funding or scholarships:

1. Manchester BursaryThe Manchester Bursary is available to any student registered on an eligible undergraduate course at The University of Manchester. Students that are eligible to receive NHS funding will not be entitled to the Manchester Bursary.

In order to qualify for the Manchester Bursary you must have had a full financial assessment carried out by Student Finance. The Manchester Bursary is based on household income and you will receive:

Household income Bursary

Up to £17,000 £3,000

£17,001 - £25,000 £2,000

£25,001 - £35,000 £1,000

This bursary is paid in three instalments, with 25% being paid in December 2015, 50% in February 2016 and 25% in April 2016. You do not need to apply to The University of Manchester for the bursary. However, it is important that you tick the “share my details with my University” box when you complete your Student Finance application. This will allow the University to automatically identify students who are eligible for the Manchester Bursary.

2. Subject-Specific ScholarshipsThe University has a range of scholarships to support students studying on specific courses. Several Schools and Faculties have their own scholarships that are awarded based on specific criteria.

For more information please see www.manchester.ac.uk/studentfinance

3. Sports ScholarshipsIf you are competing at regional, national or international level in your sport, then you may be eligible for a scholarship via SPORT Manchester Scholarship Scheme. The idea behind these Scholarships is to support students in balancing training and competing in sport with the pressures of studying for a degree.

For more information, please see www.manchester.ac.uk/sport-scholarships

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Additional SupportMost students are only entitled to a Maintenance Grant and/or Loan and possibly the Manchester Bursary. However, some students may be entitled to additional support depending on their circumstances.

Students with ChildrenStudents who have children or other dependants may be entitled to additional support:

• ParentsLearningAllowanceGrant–upto £1,573

• ChildcareGrant–upto85%ofactualchildcare costs

Maximum £155.24 per week for one child

Maximum £266.15 per week for two or more children

• AdultsDependantsGrant–upto£2,757

• SpecialSupportGrant–thisgrantreplaces the Maintenance Grant for people who may be able to claim benefits. The Special Support Grant is in line with the Maintenance Grant and students can claim up to £3,387, depending on their circumstances. This grant is non-repayable. If you are entitled to the Special Support Grant then you will also receive the maximum amount of Maintenance Loan.

You do not have to apply separately for the grants mentioned above. Instead, you will be assessed for these grants when you make an application to Student Finance. The application form will direct you to complete the relevant sections of your online application.Students are not usually entitled to apply for welfare benefits. However, if you have children, you may be entitled to Housing Benefit, Child Benefit and Child Tax Credits. Depending on your circumstances, you may be able to claim JSA or Income Support. The rules on who can apply for JSA and Income Support are very specific, so if you are unsure, please contact the Advice Service for more information.

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Additional Support {cont}Disabled StudentsDisabled students may be entitled to a non-repayable Disabled Students’ Allowance or DSA grant. These grants are to help pay for essential extra costs that students incur as a direct result of having a disability, such as travel costs, assistive technology or human support. DSA is not dependant on household income but instead on individual needs.

You can apply for DSA if you have a:

• Disability

• Long-termhealthcondition

• Mentalhealthcondition

• Specificlearningdifficultysuchas

It is important that you apply for DSA as early as possible. You do not have to wait until you have a confirmed place at university before you can apply. To apply for DSA, please follow this link www.gov.uk/disabled-students-allowances-dsas . You will need to provide evidence of your disability before your application is processed.

Once your application has been processed, you will be asked to attend a needs assessment to determine the support you are eligible for. A needs assessment is an informal meeting to discuss what equipment and support will help you during your time at university.

Finally, as a disabled student, you may be entitled to Personal Independence Payment and Employment and Support Allowance.

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Chapter 2: Financial Boosting

Chapter 1 has discussed what funding you will be entitled to while at university. This chapter will look at ways in which you can maximise your income.

Part-time WorkMany students work part-time in order to boost their income and help towards living costs. A part-time job is also a great way to gain valuable work experience to enhance your CV and prepare you for the world of work. The University of Manchester Careers Service has links and tips for finding a part-time job www.careers.manchester.ac.uk/findjobs/workwhilestudy/parttime. Furthermore, the Students’ Union often advertises for jobs in the Union Bar or Biko’s Café manchesterstudentsunion.com/jobs

However, before you take on a part-time job, it is important that you consider how this will impact on studying for your course, attending lectures, writing essays and revising for exams. Try not to work over 15 hours a week as you may find it difficult to get the right balance between studying and working part time.

Parental SupportSome parents are able to offer additional support and it is important that you sit down with your parent(s) before coming to university to discuss finances.

Sell your clutterWhy not try to sell unwanted items online. Before you throw things away, consider selling them. Try eBay, Amazon Marketplace or Loot, a newspaper of adverts which comes out three times a week and is available from most newsagents.

Student Bank AccountOnce you have an offer letter from UCAS, you can open a student bank account. You do not have to wait until you start university to open the account. The main difference between a student bank account and a standard bank account is the interest free overdraft. This interest free overdraft can be very useful but it is important to remember that, although you are not repaying interest, you will have to repay the overdraft once you graduate. Therefore, try to use your overdraft only when it is necessary to do so. Plus, make sure that you do not exceed your overdraft limit.

It is also important to shop around for the best student bank account. A lot of banks will offer enticing freebies, but it is important that you consider what the bank is actually offering. You may want to consider which bank offers the largest interest free overdraft, what interest rate is charged if you exceed the overdraft limit or when you are expected to repay the interest free overdraft. So make sure you shop around for the best bank account for you before you sign up to one.

Chapter 2: Financial Boosting

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Chapter 3: Bills

You should now be familiar with how much money you will receive while at university and ways in which you can make or save money. Now it is time to think about what your expenditure will be while at university. It is important that you prioritise essential expenditure over that which isn’t.

Rent and billsYour largest essential expenditure while at university will be your rent. For your first year, you can stay in University Halls of residence. For self-catered Halls the rent will be between £99 and £128 a week or £132 and £138 for catered Halls (these figures are based on 14/15).

After first year it is likely that you will be living in the private rented sector. Rents in the private rented sector are on average between £66 - £86 a week for houses with two or more bedrooms. For more information on renting in the private rented sector please see our Don’t Let Yet: Rent Right booklet for loads of useful information.

If you are living in Halls, then the gas, electricity, water and internet will be included in the price of your rent. If you are living in the private rented sector then you will have to prioritise paying these bills. Some tenancy agreements are inclusive of bills, but remember that it may be cheaper to pay your rent and bills separately.

Don’t forget to check if you need a TV licence. Failure to buy a TV licence could result in a huge fine.

PhoneOn average, a student should budget £5 a week for their phone or £20 a month. If you are spending more than this, then consider switching to a cheaper deal. It is important that you shop round for the best deal for you. Before you do this, you should ascertain if you use more data, minutes or text messages, so you can find the best package for you.

Prescriptions As a student, you may be entitled to get help with NHS costs through the NHS Low Income Scheme, depending on your circumstances. If you are eligible under the scheme then you may be able to receive reduced:

• Prescriptioncosts

• Dentalcosts

• Eyecarecosts

• Wigandfabricsupportcosts

To apply for the scheme you should complete an HC1 form and return it, along with supporting evidence, in the free post envelope provided. You can collect a HC1 form at the Students’ Union Advice Service.

Chapter 3: Bills

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Chapter 3: Bills

Food and Toiletries On average, students budget £25 a week for food. It is often difficult to follow a balanced diet when you are living on a budget. However, it doesn’t have to cost more to eat healthily, you just need to plan a little and know where to shop. Below are some useful tips:

• Firstandforemost,workouthowmuchyou have to spend on food. Once you have done that, only take that set amount of money shopping

• Makeashoppinglistandsticktoit

• Shoparoundforthecheapestplacesto shop. Why not try swapping your local Tesco for Aldi or pick up your vegetables off the stall on Oxford Road? This stall offers a great £1 bag of vegetables for one person

• Nevergoshoppinghungry.Youwillfindthat you buy what is on your list and much more

• Trytobuyfreshfoodsthatgooffquickly, such as milk, vegetables and meat, more frequently and in smaller quantities

• Ifyoucan,whynotshareessentialssuchas milk with your flatmates? Just make sure that everyone takes their turn in buying the milk!

• Ifyourfruitandvegetableshaveseenbetter days but haven’t gone mould, then why not make a soup or fruit salad

• Takeadvantageofspecialofferson food that you like and use a lot. However, do check the sell by date and whether you are able to eat the food before it goes off

• Tryswappingbrandedfoodforsupermarkets’ own range or ‘value’ products. You will be surprised by how much you save

• Ifyouhaveafreezerthenyoucouldconsider buying frozen vegetables that you can add to your meals

• Ifyoudon’tlikecooking,whynotcook one large meal and freeze some portions to eat again?

• Itisunlikelyyouwillfinishaloafofbread before it goes mouldy, so why not freeze it and defrost slices when you need it?

• Makesurethatyouhaveessentialssuchas pasta, rice and tinned foods in your cupboard as you can always plan meals around them.

17

Chapter 3: Bills

Bills {cont}TravelPlanning how you will travel while at university is very important as costs can quickly mount up. If you are living close to campus, then you may find that your travel costs are relatively low as you can walk to places. However, if you are living further afield then you should consider how to save yourself money.

• Train – If you are aged 16-25 or over 25 but a student studying more than 15 hours a week, then you will be eligible for a railcard. A railcard costs £30 a year or £70 for three years and will save you 1/3 on rail fares throughout the UK. You can purchase a railcard online at www.16-25railcard.co.uk

• Bus – The major bus companies in Manchester offer an annual or termly student bus pass. The Stagecoach and Magic Bus Unirider can be purchased online or at UPrint in the basement of the Students’ Union building. You can purchase a First Group ticket on line. System one Travel tickets can also be purchased online.

• Cycling – If you already have a bike, then cycling to and from the University is a great way to save money. The University has lots of place where you can park your bike securely. If you do not have a bike, then the Students’ Union run Biko’s Bikes, a student-led project where you can rent a bike for £1 a week. If you are keen to get on your bike, check out this link for more information: manchesterstudentsunion.com/getonyourbike

ClothesFinally, clothes are classed as an essential expenditure. However, clothes should not take up a lot of your essential expenditure. Be honest with yourself, do you really need to purchase another pair of jeans? Avoid impulse buying by thinking for a few days before you buy that must have item. It is likely that once you have left the item behind in a shop you will not return to buy it at a later date.

If you need a fashion fix, why not go to your local charity shop. Manchester has some great charity shops, as students leaving the city donate their unwanted and virtually unworn clothes. Have a rummage through your local charity shop to reinvent your wardrobe on the cheap. Before Christmas, students ran The Upcycling Project, a pop-up charity shop. Keep your eyes peeled for more from The Upcycling Project in 2015.

CigarettesCigarettes are classed as a non-essential expenditure. However, if you are a regular smoker and do not intend to give up, then you should budget for them. Remember if you smoke 10 cigarettes a day, that is £4.50 a day or £1,600 a year. Just think what you could use that money for if you stopped smoking!

18

Chapter 3: Bills

SocialisingYour largest non-essential expenditure is going to be socialising - whether it’s a night out, cinema or a meal. Going out and socialising with friends is a large part of university life. However, it is important that you work out how much you can afford to spend on socialising, once you have paid for your essentials. Take advantage of cheap student nights out or two for one offers.

Don’t take your cash card with you on a night out. Decide how much you want to spend before you go out, and take cash. That way you can’t spend more than you intended, and it reduces the risk of your card being lost or stolen. You may also be surprised on how much you are actually spending on a night out. Don’t forget that the Students’ Union has an exclusive partnership with local private hire firm Street Cars which means that you can get home, even if you haven’t got any money.

LaundryMost Halls of residence have a laundrette where you can pay to wash and dry your clothes. On average, you should budget £5 a week for your laundry. Some private houses have a washing machine or dryer but others do not. When you are viewing houses check what is included so you can budget accordingly.

Text BooksWhile at university you will have to purchase a large amount of books and this can be very expensive. Why not consider buying second hand books from students who have already completed the unit? Just check to make sure that you are purchasing the correct edition of the book.

HairdresserIf you want a new hairstyle but don’t want to fork out the cash, you can get cheap haircuts and colour in Manchester at the Wella Studios (0161 834 2645), Toni and Guy Academy (0161 832 8282) and L’Oréal Academy (0161 834 9594). Most of the time you will have an experienced stylist, who is refreshing their skills, and you’ll get a haircut for less than £10 and a colour for less than £20.

Alternatively, the Students’ Union has an affordable hairdresser offering cuts in the basement of the building. Just come along and wait in line for an affordable haircut.

Unexpected There will always be something that comes up that you have to pay for. It may be a birthday that you forgot about or travel home for Reading Week. Try to put something aside for unexpected costs.

19

Chapter 4: Budgeting

Hopefully it should be clear by now what funding you are receiving and how much you are likely to pay for bills. This next chapter will look at budgeting. Before you start university, it may be a good idea to keep a note of everything you spend. That way, you can check where your money is going. It will also help you budget for the next term.

Work out how much you receive every week to help you budget:

• Monthly Figures – Multiply the monthly figure by 12 and divide by 52 to receive the weekly figure.

• Termly – Add your three terms income together and divide by 52. Alternatively, look at your annual entitlement on your student finance letter.

• Annual – divide the yearly income by 52 to get your weekly income

Weekly Income:

Personal Budgeting Planner


Money Coming In Each Month Each Term Each Year

Maintenance Loan

Maintenance Grant

Manchester Bursary

Any Scholarship

NHS Bursary

Money from Parents

Part-Time Work

Benefits

Child Benefit

Child/Working Tax Credit

Other

Total

20


Now work out how much you spend a week:

Weekly Income: Weekly Expenditure: Income Minus Expenditure:

If you have any income in the minus expenditure box, then try to set this aside for emergencies. It is likely that you will be left with a minus figure. If this happens, do not panic. You should look back through the form and ascertain if you can maximise your income and minimise your expenditure.

Essential Expenditure

Additional Expenditure

MoneyGoingOut Each Month Each Term Each Year

Accommodation

Insurance

Gas

Electricity

Water

TV Licence

Food

Phone

Travel

Clothes

Prescriptions

Books

Socialising

Gym Membership

Hairdressers

Presents

Other

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Tips for minimising expenditure

Additional Help

• MakeuseofyourNUSCardasyoucan get discounts in shops, gyms and restaurants

• Insteadofpayingbycard,trytakingout a set amount of cash each week and only use this to pay for things

• Avoidbuyingthingsonimpulse.Ifyousee something you like, think about it for a day or two. The chances are that you will not purchase the item once you have walked away

• Tryfoodshoppingintheeveningasmany items have been reduced

• Useacomparisonsitebeforepickingwhich energy supplier to go with

• Makesureyourheatingisonlyonwhenyou need it, such as first thing in the morning and last thing at night

• Saveonbooksbybuyingsecondhandfrom students who have just completed the unit. Check School notice boards or websites advertising academic books. Just make sure the book you are buying is the correct edition

• Youcouldalsoconsidersellingbooksthat you no longer need using notice boards or similar websites

• Soundsobvious,butavoidgettingfines. Make sure you return your books on time or renew them online

Students’ Union Advice ServiceFinally, the Students’ Union Advice Service is here to help you. The Advice Service can advise you whether you are receiving the correct Student Finance, assist in submitting a request for compelling personal reasons, advise you on your benefit entitlement and look through your Manchester Hardship Fund application before you submit it.

Finally, the Advice Service offers an emergency loan of £100. To qualify, you should arrange an appointment with one of the advisors who will assess if you are eligible for the loan. Before the money is

given to you, the Advice Service requires you to set up a standing order to repay the loan on an agreed date. Once this has been set up, you will be given the money in cash. Please note that this loan is for emergencies only.


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Money AdvisorIf you are still worried about how you will manage your finances while at university, arrange an appointment with the University’s Money Advisor, Katie Urnevitch. She can advise you on:

• StudentFinance,UniversityScholarships, Bursaries and Hardship Funds

• Budgeting

• Generalmoneyadvice

If you would like to get in touch with the Money Advisor, please email:[email protected]

Alternatively, call 0161 275 3053/3781 to make an appointment.

Katie runs appointments on Tuesdays and Thursdays 10:00-12:00 and 14:00-16:00, and a drop-in session on Wednesdays: 10:00-12:00 and 14:00-16:00.

Appointment slots are typically 30 minutes and anything discussed is confidential and not divulged to third parties without your prior consent.

Manchester Hardship FundThe University run a Manchester Hardship Fund that is designed to assist students facing difficulties meeting their essential living expenses.

To qualify for the Fund, students must be registered on a full-time programme or study a minimum of 60 credits and will normally have completed a year of study.

Priority will be given to the following groups:

1.Studentswithchildren

2. Final year students

3. Disabled students

4. Care leavers or homeless students

5.NHSfundedstudentsorundergraduatestudents from a low income background

For the full criteria, please visit manchesterstudentsunion.com/emergency-loans-and-hardship-grants.

It may be helpful for you to read the criteria before making an application. You can apply online through your My Manchester account. Applications are assessed by the University’s Student Financial Support Team at the Student Services Centre.

If your application is successful then you will be awarded a non-repayable lump sum of money to assist with your financial difficulties.

The Budget Book

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WE ARE HEREMonday - Friday 10am until 4pmLocated on the Ground Floor of the Students’ Union building

Drop in, make an appointment by emailing [email protected] or call 0161 275 2952

The Budget Book

Documents

Transcript of The Budget Book