Check out our tips below to ensure you are fully prepared before you set off.
Apply early for your funding.
Do your homework
Research the area you are moving to:
- How much is your accommodation?
- Is your accommodation convenient to your placement?
- Would it be cheaper to live a little further away and pay the travel costs or to live close and pay none?
- What utility bills are you expected to pay? For example: water rates/council tax
- Find out about the cost of living – how much would an average grocery shop cost?
Put a budget in place
Watch the Personal Finance 101 video before you get started, then try using a template or online budget planner.
- Income - count your monthly earnings, student loan and if you have dependents or caring responsibilities, your Social Security Benefits.
- Outgoings - include everything from rent to travel to work. Make sure you include all those one-off expenses during the year, and save a little each month to cover them. Don’t forget to plan for the unexpected, this may be the cost of a flight home if feeling home-sick or money put to the side in case you need car maintenance or repairs.
- Remember! If you want to make the most of your placement and go sight-seeing whilst there, factor this into your budget too – you need to be realistic about what you can and can’t afford.
Start working extra hours during holidays or when exams are over to clear your student overdraft and build up some savings. You may need that overdraft should something completely unexpected come up!
Track your spending
Use a spending diary, free budgeting app or track through your online banking.
Essential or non-essential?
- Could you opt for a night-in rather than going out when you have that family event next week?
- What about those new clothes? Would the cost of those cover your travel for the next two weeks?
- Need a morning coffee fix? Why not bring one in a travel mug rather than spending £2-£3 per day. This could save you £40-£60 per month.
Students on placement and studying abroad can still apply for financial hardship support should they meet the eligibility criteria. Not all students will qualify for an award, such as those receiving a salary on placement.
REMEMBER! It’s your responsibility to manage your money. Review your budget regularly to ensure you are living within your means.
AVOID excessive spending – controlling your spending is the most important factor when trying to mind your money better. Excessive spending can also affect your eligibility if applying for financial support.
ASK for help or advice before things spiral out of control – you can visit our Student Money Advice team on campus, contact them by email or arrange a telephone appointment.
CHECK if you are eligible for a Tax refund once your placement has ended.