www.swansea.ac.uk

www.swansea.ac.uk

MONEY MANAGEMENTFOR STUDENTS!

Your Money Doctors are:

Asad Rahman,

Alison Maguire, Jessica

Hughes, Rachel Edwards &

Rob Ellis

www.swansea.ac.uk

Why am I here?

• To ensure you know where you can access support whilst studying at Swansea University.

• To provide a basic understanding of how overdrafts and credit cards.• To get you thinking about budget planning so that you can afford to

do what you enjoy.• To empower you in regards to YOUR finances!

www.swansea.ac.uk

• Money Advice and Support Office (MASO)• International Student Advisory Service (ISAS)• Disability Office inc. Assessment Centre• Wellbeing Service• Residential Services• English Language Training Services (ELTS)• Centre for Academic Success (ASP and Reaching Wider)

Student Services is a one stop shop for any advice and guidance required!

Where do I go for help or support?

Student Services Reception

www.swansea.ac.uk

If your problem

involves this…

You need to come and speak to us!

MASO – How can we help?

www.swansea.ac.uk

Student Funding

• Have you received your funding?

• Having Issues that you can’t get resolved?

• Not sure exactly what you are entitled too?

Come and speak to us so we can help you get your funding

through ASAP or check the website

www.swansea.ac.uk/undergraduate/fees-and-funding/studentloansandgrants

.

www.swansea.ac.uk

BUDGETING

www.swansea.ac.uk

Quick Questions

What are priority Payments?

Can you think of any unforeseen expenses

that may not be included in a usual week

to week budget?

www.swansea.ac.uk

Why create a budget?

- Make sure that priority payments are covered- Stay in control of your finances - Know where you’re spending your money- Help to plan for unforeseen expenses- Help you get out / stay out of debt- Ensure your money lasts for the whole term!

www.swansea.ac.uk

How do I do it?

Decide:• What time period does the budget cover? - Month? Term? Year?• Do you want to break it down into monthly or weekly amounts?Then…• Get bank statements / student funding notification / receipts together

and Internet banking makes this much easier!• Make a list of all your income and all the things you spend money on

Sample Budget

www.swansea.ac.uk

• If your expenditure is higher than your income, look for areas where you could spend less.

• Don’t forget unforeseen expenses! Plan ahead.• Be flexible and keep your budget up to date.• STICK TO IT!

Online Budget Plannerswww.moneyadviceservice.org.uk/en/tools/budget-plannerwww.moneysavingexpert.com/banking/Budget-planning

Remember…

www.swansea.ac.uk

Maximizing your Income – Top Tips

• Student funding – Are you getting everything you are entitled too?

• Benefits – Are you entitled to any?

• Sell old course books and other unwanted items

• Ask your parents – It may be expected that they can help you!

• Part time work - A few hours a week make a big difference

www.swansea.ac.uk

Make sure you pay the right amount of Tax!

• Are you paying the right amount of tax? Ensure you get a rebate if not!

– Tax system no different for students– Allowed to earn £10,000 per year tax free!– Issues can occur if working during holiday periods.

www.swansea.ac.uk

Plan a budgetPrioritise – living expenses and billsDon’t exceed your overdraft without prior agreementTake advantage of student discounts & offers (NUS Card)Avoid ATM’s that charge you to withdraw cashShop around and look for vouchers before you buyLearn to love cooking – ready meals & takeaways = expenseCommunicate – with family, friends, university & your bank

Reducing your expenses – Top Tips

www.swansea.ac.uk

‘Every time you buy something, save a certain coin out of your change. E.g. I save all my 20p pieces and £2 coins’‘Casseroles!!! They last for days and do 3-4 meals. Epic!’‘I got lots of energy saving light bulbs for free at an event ‘ ‘Don’t take debit cards with you on a night out’‘Don’t buy a kebab at the end of the night. They’re so expensive’‘Book travel home in advance for cheaper tickets (and use railcard if you have one)’

Some of the more inventive ideas…

www.swansea.ac.uk

Don’t buy Guinea PigsThey may be cute and squeaky but they cost more than you think!

And our personal favorite…

www.swansea.ac.uk

DEALING WITH DEBT

www.swansea.ac.uk

NEVER pay for debt advice!

www.swansea.ac.uk

• If you are struggling to maintain payments – We can provide basic advice on where to go and how to help yourself.

• You should never have to pay to receive debt advice! • Free Debt Advice is also available from Student Union Advisory

Service, Citizens Advice Bureau, National Debtline & Step Change.

For more information on Debt Counselling please contact us!

Help with Debt

www.swansea.ac.uk

CREDIT CARDS

www.swansea.ac.uk

What is the difference

between a credit card and a

debit card?

Quick Question?

www.swansea.ac.uk

Credit Card Quiz – True or False?

If I pay my credit card in full by the due date, I will not

owe any interest?

www.swansea.ac.uk

Credit Card Quiz – True or False?

TRUE!

If you pay the entire balance within the grace period allowed, you will not owe any

interest on your purchases.

www.swansea.ac.uk

Credit Card Quiz – True or False?

There’s no penalty if I pay my balance after the due

date?

www.swansea.ac.uk

Credit Card Quiz – True or False?

FALSE!

Credit card companies charge late fees to card holders who do not pay their bill by the due date. Not paying

your bill on time can be costly.

www.swansea.ac.uk

Credit Card Quiz – True or False?

If I pay the minimum monthly payment, then I won’t owe any interest?

www.swansea.ac.uk

Credit Card Quiz – True or False?

FALSE!

After you subtract the minimum payment from your balance, finance charges will be added to your remaining balance. Always avoid the minimum

payment trap.

The minimum payment trap!

Paying the minimum monthly payment on a credit card balance of £500.00 will take you…

15 YEARS TO

CLEAR!!!

www.swansea.ac.uk

Minimum monthly payment + £10 tip….

• £500 debt would be repaid in just over 3 years

• £493.13 would be saved in interest.

Just by paying an extra

£10 per month.

www.swansea.ac.uk

What is APR?

“APR is basically how much your

borrowing will cost over the period of an

average year, over the term of your debt”

(www.moneyfacts.co.uk)

But……………what does APR stand for?

Credit Cards – Pro’s

• Short term credit.• If used correctly they can build a good credit history.• Can be interest free if amount paid in full.• Easy way to pay for items, ease cash flow or spread

payments.• Payments over £100 provide extra cover if there are issues

with products, or company goes bust etc.• Cheap way of spending money abroad• 0% credit cards available

Credit Cards – Con’s

• High interest rates, late payment fees & possible annual charges.

• Can be an expensive way of borrowing money.• Easy way to get into uncontrollable debt NB – Watch out for

store cards!• Require self control!

www.swansea.ac.uk

BANK ACCOUNTS

www.swansea.ac.uk

• Do you know your account?• You may be eligible for a student account and an interest free

overdraft.• Are you getting the best deal?

o Banks want your business, shop aroundo Loyalty rarely pays

• Always check the small print regarding fees!• Do you know the difference between a planned and unplanned

overdraft?

General Advice – Bank Accounts

www.swansea.ac.uk

 

Fee Amount Description

Monthly Fee £6.00You will pay this fee if you have an Unplanned Overdraft at any time during your monthly billing period (even if your next monthly billing period is only a few days away).You will be charged a maximum of one monthly fee in a monthly billing period

Daily Fee Unplanned Overdraft balance is:£10.00 - £25.00 £5.00 per day£25 or more £10.00 per day

You will pay a daily fee for using an Unplanned Overdraft. The amount of the fee will be worked out at the end of each day (including weekends and bank holidays) on the balance of your Unplanned Overdraft.You will be charged a maximum of 10 daily fees in a monthly billing period.

Overdraft Example

www.swansea.ac.uk

EXAMPLE – Unplanned Overdrafts

You go over your agreed overdraft limit by £20 for a period of

2 weeks. How much will you pay in charges?

1 Monthly Fee - £6.00

1 Daily fee £10.00-£25.00 @ £5.00

9 Daily Fees above £25.00 @ £10.00

Total of £101.00 to be repaid in charges!

www.swansea.ac.uk

PAY DAY LOANS

www.swansea.ac.uk

Beware of the Psychology used in adverts!

www.swansea.ac.uk

Borrowing £100 at Wonga’s APR (4214%) costs

more than the US national debt (over $14 trillion)

after just 7 years!Borrow £100 and make no repayments

After 1 year Owe £4,200After 2 years Owe £180,000After 3 years Owe £7,500,000 (£7 million)After 4 years Owe £315,000,000 (£315 million)After 5 years Owe £13,000,000,000 (£13 billion)After 6 years Owe £557,000,000,000 (£557 billion)After 7 years Owe £23,500,000,000,000 (£23.5 trillion)

Pay Day Loans

www.swansea.ac.uk

Since this slide was calculated…..

Wonga’s APR has increased to an enormous…

5853%

APR

www.swansea.ac.uk

LOAN SHARKS

www.swansea.ac.uk

• Predatory & Ruthless

• Increasingly lenders targeting

students and student parents.

• The Loan Shark is breaking the

law – not you!

• Extortionate interest rates.

• Contact the Illegal Money

Lending Team in confidence on

0300 123 3311

Illegal Money Lenders

www.swansea.ac.uk

HARDSHIP FUNDS

www.swansea.ac.uk

Hardship Funds

• Available all year!• Can be used for hardship or unforeseen costs!• Swansea University Hardship Fund available to Home and EU

students• International Students can apply to the International Student Crisis

Fund• But….. No guarantee of an award and every application is assessed

on an individual basis

www.swansea.ac.uk

• Student Services is the place to go

• Banks are not your friends!

• Credit cards can be good

• Internet Banking can save time and money

• Good budgeting = Max money available for you!

• Knowledge is key to taking control of finances

• The Money Advice and Support Office will advise and support

with any financial problems

Recap – Today's Key points!

www.swansea.ac.uk

My personal top tips

are……

www.swansea.ac.uk

Join us on BlackBoard!

• Student Funding Information; • Hardship Fund Information and Application forms;• Useful Links;• And A WHOLE LOT MORE…

Visit:Student services

___‘MASO’ money advice and support office

blackboard

www.swansea.ac.uk

We’ve gone social!

‘Like’ us on Facebook!

• Student Money Saving Tips. • Reminders for Student Finance Application deadlines.• Competitions with great prizes to be won throughout the year.• Plus A WHOLE LOT MORE…

facebook.com/SwanseaUniMASO

www.swansea.ac.uk

‘Follow us’ us on Twitter!

Did you get a Piggy Bank at Arrivals? If so, send us your piggy snaps around campus.

Most creative pic will win Amazon Vouchers

@SwanseaUniMASO

We’ve gone social!

#piggyontour

YouTube

Range of videos which cover topics like:

• Student Finance for Year Abroad Schemes.• The dangers of Pay Day Loans.• Leaving Student Digs.• How to Re-apply for Student Funding.

swanseauniMASO

Drop In:

Where? Keir Hardie Building: Student Services Reception (Opposite the main library on campus)

Monday Tuesday Wednesday Thursday Friday

Closed Closed Closed Closed 10am – 1pm

1pm-4pm 1pm-4pm Closed 1pm– 4pm Closed

01792 606699

moneydoctors@swansea.ac.uk

www.swansea.ac.uk/money-advice

Contact Us