Managing your money
Managing your money at university can be a challenge, we have lots of advice, guidance & information to help you make informed decisions about your finances.
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. We also have information about phishing emails.
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.
Students’ Union Joblink have information on employment rights, Income Tax and National Insurance. They also advertise job vacancies.
Please note that students taking short-term holiday jobs face paying income tax and national insurance after a change in the tax rules. Gov.uk have information about reclaiming Income Tax that you have paid whilst working in the 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.
There are also some guides on 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
This free finance and funding app from the National Association of Student Money Advisers (NASMA) 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:
- Turn2Us offers a search tool for charitable grants
- Scholarship Search
- EDF Energy Trust awards grants to those who need assistance with their energy bills
- Student Cash Point
- Leverhulme Trade Charities Trust offers annual bursaries of £3000 if you meet their criteria
Student Money Advice have copies of "Educational Grants & Grants for Individuals in Need" in The Roper Centre, 4 West for students to look through.
Other useful information
- NUS money and funding
- Federation of Student Islamic Societies information and advice for Muslim students
- Save the Student information on all aspects of student funding
- Money Saving Expert
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