Coping with a Shortfall

As a student on a limited income, it is not unusual to find you have a shortfall after setting out a budget plan. Following the advice below will help you to make progress towards balancing the books:

Maximise your income

Make sure you are receiving all of the financial support you are eligible for. For advice on this, please contact the Welfare & International Support team based in the Student Support and Wellbeing Centre or visit our website.

Most students supplement their income with earnings from part time work. Careers & Employment (Ground Floor, Northumberland Building) helps students to find part time work in the local area.  Please be aware that the University recommends that students work no more than 15 hours per week during term time.

See what student overdraft facilities are available to you.  If you are up to your limit the bank may allow you to extend it further (but remember if you go over your limit without arranging an extension you will face substantial charges).

Sell your old books by advertising on notice boards/student book websites

 Minimise your expenditure

Take advantage of the ‘BOGOF’ (Buy One Get One Free) offers in your local supermarket. You can use these to fill your freezer. Try shopping with a friend and splitting the cost

Try to plan your own menu for at least 2/3 meals during the week and prepare a shopping list in advance.  This helps to avoid impulse spending

Avoid shopping on an empty stomach

Try the Grainger Market (at the top of Grainger Street) for cheap and fresh fruit and veg/meat/fish.  The market is open Monday-Saturday

Shop in the evening when many shops reduce prices of items with a short shelf life

Try not to buy on impulse - often if a purchase is delayed it is never made

Take advantage on cheap student nights out/ 2 for 1 offers in restaurants etc.

Make use of your NUS card to get student discount in shops/gyms/restaurants etc

Instead of using a credit card use a debit card.  Debit cards are limited by the amount of money you have in your account, so you can’t spend what you don’t have

Use direct debits to pay your bills-many providers offer a discount if you pay this way

According to www.uswitch.com, changing energy supplier could save you up to £150 per year, while turning down your thermostat by 1 degree will cut a further 10% off your fuel bills

There is an option to have your telephone set to receive incoming calls only-this would eliminate the danger of building up large telephone bills

Reduce your bills by cancelling your internet subscription and instead make use of the free University internet/email system

Instead of using your mobile, access Facebook/ Twitter/ Myspace/ Bebo through the University internet system to stay in touch with your friends

Wherever possible, don’t use a car.  The cost of tax/insurance/petrol/mot/repairs/ parking really adds up over the year and will take a huge chunk of your income

Save on books by buying second hand from other students.  Look on course notice boards or visit the many websites advertising second hand academic books for sale

Avoid fines - if you’re in a student house you will need a TV licence.  Return your library books on time and take care of your smartcard (a replacement costs £10)

Try to save some money each month for emergencies, even if it is only a small amount

The links on the right will help you with your money management.

If you have made sure that you have maximised your income and have reduced your expenditure to a bare minimum and you are still in financial difficulty, you should ask for advice from the Welfare & international Support Team.  If you are a UK student, you may be eligible for financial help from the Access to Learning Fund (ALF).  However, funds may be limited and every opportunity to reduce your expenses and maximise your income should be made before applying to the fund.