Higher Lower GameUniversity Budgeting

Goals of the session

The aims of this session • Why do you need to budget?• Quick overview of Student

Finance• Income at University• Spending at University• Student discounts• Budgeting tools

• Higher Lower Game

77% of students revealed that they wish they'd had a better financial education

before coming to university. So if you don't have a clue how to budget, you're

definitely not alone (source: National Student Money Survey)

It's not the most exciting of subjects – but the next few minutes you spend learning

how to manage your money is basically a lifetime investment.

Why do you need to budget?

University Costs

How much does it

cost to go to

university?

It costs

£9,250 per year for your tuition

fees at university.

Tuition fees are charged by universities

and colleges to cover key elements of your course

You will need to cover your living costs like housing and food, this is

where student loans come

in….Lectures, course related facilities such as labs and media studios,

and campus life facilities e.g.

libraries, IT suites, shops and cafes

Student Finance

Covers the cost of your

degree

Covers your living costs: food, rent, transport,

whatever you

need!

What you’ll pay

back once you’re

earning

over £26,575

Student Finance (funded by the government) allows students from any financial background to go to university.

The Student Finance package includes a loan for course fees, plus a means-tested Maintenance Loan or Grant to cover living costs.

Income at University

So now you’ve applied for student finance and you know what you’re eligible for in maintenance support, you’ll start to have an idea of what your student budget is going to look like!

You now need to think, do I need extra income? Well, here are a few ideas!

Get a part-time job once

at university

Look into working for the university as a

student ambassador or at the Student

Union – its usually good pay - up to

£7.85 per hour

Nearly ¾ of students turn to their parent for

extra funds while at

university (source:

savethestudent)

If you can, start putting the odd

quid into a savings

account before you start your course, it soon

adds up.

Also look into what bursaries

and scholarships your university

offers – deadline for these might be before the

start of the academic year!

Spending at University

Rent

Once you get to university

and you have to fend for

yourself. You will need to

budget for…

Bills

Social

Food

TravelClothes

Books

Spending at University

The average student rent is

£126 per week, or £547

a month

Students benefit from one-third off

travel on regional trains with a 16-25

Railcard

Utility bills in rented

housing are about £50 per

month

Most rents include bills of

some kind, although

one-third of students will pay bills on top of rent

A typical night out including

travel, drinks and club or

event entry is about £30

Uni

vers

ity S

pe

ndin

g F

ac

ts

The average weekly food

bill in the UK is £50

Always remember your student card

as you may be able to get

student discount or student prices

when out and about.

Source: timeshighereducation

Spending at University

According to ‘Which University’ survey, by the end of the first term...

Budgeting Tools

There are handy budget calculators, trackers and financial tools that will help to manage your money at university and avoid debt. Some examples are;

Budget calculators help you work out your

monthly income and expenditure. It will tell

you what your monthly budget is and how much

is left over to spend. Try one here

Budget Trackers tell you where your money is going

in real-time. If you’ve overspent during fresher's week your budget tracker will alert you so you can

reduce your spending for the next few weeks.

Download an example here

Budget Phone Apps, there are a range of budgeting apps that

have been designed to help you to keep track of your finances from your phone such as Money

Dashboard, Bean, Chip.

Student Discount

Making the most of student discounts, should be a main priority when on a student budget! Whether you’re going out for a pizza with friends or treating yourself to a

new pair of jeans, it’s a good idea to check whether you can pay less with student discount. Discounts can range from around 5% to 40%, so there are some big

savings to be made.

Top tips of making the most out of

your student discount…

1. Always keep your student

card with you, as this entitles

you to a whole load of

discounts.

4. Consider upgrading to a

student discount card. TOTUM Lite is now

free but it might be worth upgrading to TOTUM PRO card for

extra discounts.

2. Always ask if a shop does

student discount, you never know if you don’t ask.

3. Use your

student discount online.

Higher Lower Game

Higher Lower Game

• Baked beans vs tomato soup.

• TV License VS Netflix.

• Which costs more?• Things to think about when

budgeting for university costs.• A simple game of higher or lower, to

show how much essential items cost.

Higher Lower Game

Taxi Trip from Keele University to intu Potteries, Hanley

costs VS

Bus journey from Keele University to intu Potteries, Hanley

costsHigher

Lower

Than a taxi trip

Higher Lower Game

Taxi Trip from Keele University to intu Potteries, Hanley

costs VS

Bus journey from Keele University to intu Potteries, Hanley

Costs

You could save more by sharing

a taxi with 3 friends

Higher Lower Game

Home cooked Bolognese Pasta Bake

Serves 4costs

(source Tesco.com)

VS

Medium ‘Mighty Meaty’ pizzacosts

Higher

Lower

Than a home cooked

meal

Higher Lower Game

Home cooked Bolognese Pasta Bake

Serves 4costs

(source Tesco.com)

VS

Medium ‘Mighty Meaty’ pizzacosts

(source Dominos.com)

You could save more by either batch cooking your home cooked meal or share with flatmates

Higher Lower Game

Unbranded Washing Powder, 40 washes

costs

Average 10p per wash(source Tesco.com)

VS

Branded Washing Powder, 40 washes

costs

Higher

Lower

ThanUnbranded Washing

Powder

Higher Lower Game

Unbranded Washing Powder, 40 washes

costs

Average 10p per wash(source Tesco.com)

VS

Branded Washing Powder, 40 washes

Costs

Average 18p per wash(source: Tesco.com)

You may also have to pay to

use the university laundrette! On

average it costs £2.70 for a single laundry wash at

university

Or you could just wait to take all your washing home to your

parents/carers at the end of the

semester!

Higher Lower Game

University Gym Membership

costs

(source: Chester University)

VS

Student Union Sports Club Membership

costs

Higher

Lower

ThanUniversity Gym

Membership

Higher Lower Game

University Gym Membership

costs

(source: Chester University)

VS

Student Union Sports Club Membership

Costs

(source: Harper Adams University)

SU Sports Clubs are a

good way to make

likeminded friends while at university

Cycling is a great cost

effective way to exercise at university and it can save on transport too.

Higher Lower Game

A Games Consolecosts

(source: Amazon.comXBOX One S)

VS

Reading List Books and University Equipment

costs

Higher

Lower

ThanA Games Console

Higher Lower Game

A Games Consolecosts

(source: Amazon.comXBOX One S)

VS

Reading List Books and University Equipment

Costs

(Source: University of Essex)

Remember there is no need to go out

and buy every book on your

reading list. There will be copies of

all course books in the library.

Look out for cheaper

second hand versions on

Amazon/eBay or from previous students selling

their books.

Higher Lower Game

Watching a film on Streaming Film Services

costs

Per month(source: Netflix.com)

VS

One visit to the Cinema costs

Higher

Lower

ThanMonthly subscription to a streaming film service

Higher Lower Game

Watching a film on Streaming Film Services

costs

Per month(source: Netflix.com)

VS

One visit to the Cinema Costs

For a standard cinematicket

(Source: Vue.com)

If you take out contents insurance

through the Compare the Market you'll be

able to opt-in for 'Meerkat Movies’ and

get 2-for-1 movie tickets on either a Tuesday or a

Wednesday each week.

Remember watching on-

demand shows on BBC iPlayer will be

considered the same as

watching TV live –meaning you'll now need a TV

licence.

Higher Lower Game

Homemade Full English Breakfast

costs

(source: Tesco.com)

VS

Full English Breakfast at a Student Union Café/ Bar

costs

Higher

Lower

ThanHomemade Full English

Breakfast

Higher Lower Game

Homemade Full English Breakfast

costs

(source: Tesco.com)

VS

Full English Breakfast at a Student Union Café/ Bar

Costs

(Source: Ember Lounge, Staffordshire University)

You could save money by making your homemade

Full English Breakfast for 3 flat

mates – if so it would cut the cost down to £1.65 per

person

Higher Lower Game

A Monthly Student Loan Repayment

costs

(source: student-loan-calculator.co.uk, based on

earning £30k per year)

VS

Monthly Mobile Phone bill

costs

Higher

Lower

ThanAverage Monthly

Student Loan Repayment

Higher Lower Game

A Monthly Student Loan Repayment

costs

(source: student-loan-calculator.co.uk, based on

earning £30k per year)

VS

Monthly Mobile Phone bill

costs

On average(Source: FamilyMoney.com)

You only start to pay your student loan back once

you’re earning over £26,575 a

year

Repayments start the April

after graduation (if

you’re earning over

£26,575)

Higher Lower Game

Congratulations you have

completed the Higher Lower

Game!!

Top Budgeting Tips

Be the boss of

your budget

Boost your

income

Apply for student finance

early

Use budgeting

tools

Be Savvy with your

food shop and cooking

Always carry your student card to get

the best deals in store

or online

Don’t buy new books –rent, borrow

or buy second hand

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