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Budgeting

How to manage your money

Managing your money during your teacher training is essential. There are more costs than just tuition fees and accommodation, such as food (if you're not living in catered halls), travel, insurance, course requirements (books, equipment etc), bills and leisure activities.Make sure you know what you will need, how much it will be, and how you will pay for it.

Step 1: Income

The first thing you need to do is add up your income:

  • student loan
  • any grant or bursary you are entitled to
  • sponsorship, if eligible
  • income from a job
  • savings

Step 2: Outgoings

Add up all the essential costs:

  • tuition fees
  • rent
  • travel
  • contents insurance
  • car bills
  • Credit card payments
  • utility bills, for example, water, gas, electricity, if applicable
  • phone bills
  • tv licence
  • food and drinks

Step 3: Other costs

Take away your essential costs from your income, you can see how much you have left over for other costs, such as:

  • course books/equipment
  • household goods
  • clothes/shoes
  • toiletries
  • music/films
  • social activities

There will be other costs that will depend on your circumstances.

Try the UCAS budget calculator to plan your finances. This link will take you to the UCAS website.

Look out for....

Student discounts: certain shops offer discounts to students. If you show your National Union of Students (NUS) card, you may get a discount. The booklet that accompanies the NUS card will give you more information, and you can apply for the card through your training provider.

Internal jobs: there are many opportunities for part-time work at the training provider where you study - every higher education institution has a students' union, which employs both undergraduates and postgraduates, so you could earn money whilst becoming involved in the current issues that affect student life. You may also wish to be a note-taker for students with disabilities. (Just be careful that a part-time job does not interfere with your training.)

Be aware of....

Cash machines: some cash machines will charge you for the privilege of withdrawing your own money from your bank account, so you could be losing valuable cash for no reason. There may be a no-charge cash machine just around the corner, so it is wise to find out which ones charge and which don't.

Burglaries: students run a very high risk of burglary, so insuring your property is a must. You can choose what you wish to cover, such as clothes, TV and iPod, for example, and the cost depends on where you are living and what you insure. You can also ask for cover outside your room, for example, if you take your laptop out with you. If you will be living in halls of residence, speak to your training provider about their insurance policy.