My main concern with money as a student is rent and deposits for a house. I’m very lucky in that my student maintenance loan does cover my rent, which I know is not the case for a lot of students. I also receive a bursary due to the financial position of my parents, which is there to assist with rent and buying of necessities. Despite this, I do still find that thinking about money can negatively affect my mental wellbeing and causes quite a bit of stress when thinking about whether I will have enough money to live on. Additionally, there is the worry that my financial position will mean that I may miss out on opportunities that other students get to enjoy. For example, there are a number of university societies such as the snow society that host ski trips each year. Part of university is the experience and having access to a whole range of opportunities you’ve never had before and for me, money worries can sometimes get in the way of this. Personally, I think more should be done to give everyone equal access to such experiences provided by the university, regardless of financial position.
Eva T
University of Sussex
My biggest worry/concern that I had was initially not having enough money to spend on nights out or events. It can be surprising that many bars or events that take place do charge for entry and this can take a toll on your money. Additionally, as you get used to uni life there are a few more concerns which can arise, such as concerns on lack of money for food shops, paying to get your washing done and paying for taxis/Ubers. A big concern for me was when I was further into my first year and had to start looking for our second year houses, it can be a shock with the amount of money that is asked for the deposit or any other expenses when finding your new house. Although in some cases, the deposit may only be around £100 this can still cause damage to your bank account and affect your budgeting.
Ella G
Nottingham Trent University
I think undoubtedly my biggest concern, as a student living in privately rented accommodation, would be keeping up with the rent payments. I am very fortunate that due to my financial situation at home I am entitled to the higher amount of student finance and this just about covers my rent, however it then leaves little money for other essential expenses. I have been actively searching for a job for a while now but due to the effects of the pandemic, I have been unsuccessful. This does worry me massively as especially next year when bars and restaurants open up, I am aware that without the money from a part time job, I may not be able to enjoy the university experience as much as possible and I will have to opt out of certain activities so as not to run out of money. This is not to say I’m struggling at a dangerous level as I am acutely aware that many people are in a worse situation and I know that I am very fortunate to have the support of my family along with a larger student finance loan. However, as a student currently unable to get another job, money concerns are at the forefront of my mind.
Yelena Z
University of Sussex
When I was going into first year at university, money management was a big concern for me, as it was going to be my first time completely providing for myself in terms of food, rent, clothes, travel and university resources. Having qualified for the maximum loan due to my parents income and living in a single parent home, I needed guidance on how to manage such a large amount of income having previously never had that much money in my bank account. I was already concerned with the amount of debt I’d be accumulating from the loan as well as the fees for my course, so I was pretty set on never having to go into an overdraft. However, having such sudden and easy access to a large sum of money with no real education on money management, I was worried that I could end up overspending, not necessarily on any big purchases but the small and seemingly harmless purchases that end up denting your account before you know it.
Khai O
Manchester Met
As a student you try not to go into your overdraft as much as possible at the start of uni but at the end of the day it’s ‘free money’ and once you’ve gone into it a couple of times it’s a slippery slope to being over a grand in debt. One of my biggest concerns is about getting out of being in my overdraft and staying out of it. I always try to work over the summer but with holidays, festivals and other events this is very difficult as money is needed for all of these things and I prioritise having a good time over being financially stable.
Tim A
Liverpool University
Balancing substantial meal costs with a social life is an ongoing struggle as a uni student. Most first year accommodations are excessively expensive, the first payment alone can leave next to no money left. Combined with freshers and trying to develop new friendships you’re quickly thrown into financial disarray. Knowing what to cook is vital. Consistently eating full meals can be expensive if you don’t know what you’re doing. Some students arrive at university with minimal cooking knowledge so either don’t cook at all, which can get very expensive, or students find themselves eating meals with little – no nutritional value, like pot noodles.
Being in a new city wanting to make friends can also prove financially challenging as you don’t want to miss out on nights out or be excluded from friend groups. Many students opt to dip into their overdraft rather than dipping on nights out, working part time can often solve this but especially at beginning, with managing a new time schedule and budding relationships this option is often less appealing
Miles W
Leeds Beckett