Managing your money

Managing your money successfully at University can be a challenge and the Student Money Advice team are here to help you do this with a range of advice, guidance and information to help you make informed decisions about your finances. 

If you would like information about a subject not shown here, please contact us. Please note that we are not responsible for the content of non-Student Services web pages

Opening a Student Bank Account

There are a wide variety of student bank accounts. Student Money Advice does not recommend any particular bank, but we do recommend looking at the following websites when choosing a bank account:

If you are under 18 you may not be able to have a Student account, however you should still be able to open a UK bank account. The different Banks can give you information on their accounts for under 18s.

It is important to use bank accounts responsibly by not going beyond agreed limits to avoid unnecessary charges, possible freezing of accounts and poor future credit ratings. If you encounter difficulties keep your bank informed and come in to see the Money Advice Team.

Information about scams

Scams are getting more and more sophisticated so it pays to know what to look out for. Scammers can contact you over the phone, by email, by text, or might even show up on your doorstep. If you think you have been a victim of a scam or would like to know more about what to watch out for please see this information from the Money Advice Service

Budgeting Advice

Working out a budget is crucial for managing your money successfully as a student, and we have prepared some sample budgets based on estimated costs of living in Bath. Budgeting will let you know if you are likely to encounter financial difficulties and will allow time to prepare a plan to deal with them.

Questions to ask yourself are: Am I getting everything I'm entitled to? How long must my money last? What are my essential costs? Are there ways to reduce my spending? Do I need to see Student Money Advice for some advice and guidance?

Please Note: Our budgets do not include tuition fees or the cost of travel to and from the UK

For more information about how to start a budget please visit the Money Advice Service.  You can also use the budget calculators below to complete your own personal budget:

If you are an international student the OANDA currency converter will help you convert the figures in the budget into your national currency.

Working as a Student

Part-time work can not only provide you with additional income but will enhance your skills, experience and C.V. We do not recommend working more than 15 hours a week during term time so as not to impact on your studies.

You can find information on employment rights, Income Tax and National Insurance on the Students’ Union Joblink web pages.

You can find information about reclaiming Income Tax that you have paid whilst working in the UK on Student jobs: paying tax on GOV.UK.

If you do a paid placement in an overseas country you need to check what any employment taxes are and if you can reclaim them after your employment finishes.

Top Money Tips

We are all looking for ways to either save money or increase our income.  Money Saving Expert has a range of top tips in how to make the most of your money.

Reducing household bills:

Dealing with Debt

Dealing with debt can be stressful but the key message is not to ignore it, as this will make things worse. Inform your creditors of your circumstances and try to negotiate a repayment plan. If this is proving difficult or too stressful seek specialist advice from the Money Advice Team or the debt organisation StepChange which offers free advice. National Debtline may also help.

Finance app from National Association of Student Money Advisers (NASMA)

This free finance and funding app includes a calculator to enter your income and outgoings, a budgeting tool and a calendar. The contacts provided will also help you get detailed answers to any questions.

For more about funding and finances as a student you can also visit the NASMA website

Other Sources of Financial Help

Trust and Charities can be a really useful source of finding additional funding and can offer grants covering a wide range of criteria:

Student Money Advice have copies of Educational Grants & Grants for Individuals in Need in Student Services, 4 West for students to look through.

Useful information