Money

Step 1

Opening a Student Bank Account

Various banks will offer a ‘student bank account’ with extra benefits such as interest free overdrafts specifically for students in higher education. MoneySavingExpert provide more detailed information on the best student accounts for 2019/20 on their website:

Step 2

Maximise your Income & Benefits

Make sure you are receiving all of the income such as student finance and funding that you are entitled to. Financial help may be available to students in certain circumstances such as if you are a care home leaver or have a disability that affects your ability to study. Aston University also has a number of bursaries, funds and trusts available to students in certain situations. The University’s Student Hub can provide advice on Student Finance available and the financial assistance available from the University.

Many students increase their income by working part-time. Visit the University’s Job Shop for help finding a job.

Most full-time students won’t be eligible for payment of welfare benefits. There may be exceptions such as if you have children, a partner who isn’t in full-time education, a disability or long-term health condition or are over pensionable age. Our advice service can provide basic advice on benefits for students. Additional benefits advice for students can be found on Turn2us or the Citizens Advice Bureau (Birmingham) who specialise in benefits advice.

Creating a budget plan can help you to avoid financial difficulties which can have a negative impact on your wellbeing and cause stress.

You can do this by creating a spreadsheet or writing a list with your income and spending. Work out your income by adding up all of the sources of income you’ll receive over the year. Then do the same for your spending making sure to include any tuition fees, rent and to budget food/drink, electric/gas/water/phone bills, books, travel costs etc. You must make sure your income is either more than or equal to your spending. You can then convert your income and spending for the year into monthly (divide by 12) or weekly amounts (divide by 52) to help you manage and balance your budget. While budgets are flexible and can be changes, you must put money for essentials aside (rent, tuition fees, bills etc.) before spending on other items.

We can provide help you create a budget plan and provide advice on your budget. MoneySavingExpert also has a very helpful webpage on student budgeting and saving tips. Other websites such as UCAS, Money Advice Service and National Debtline have examples of budget sheets, calculators and planners with guidance on costs you should remember to include.

Step 4

Saving Money

A Few Tips:

Step 5

Money Problems – If things go wrong

Please contact us for advice as soon as possible if you are having money problems or find that your spending is more than your income. We can help you to review your budget and try to find ways of increasing your income. Please don’t wait until you are in debt or unable to afford your essential bills such as rent, tuition and household bills like electric/gas/water/phone. If we are unable to provide the level of help you require we can provide information about other specialist advice organisations who may be able to help.

Step 6

Additional Specialist Support

Student Hub - Aston University (Main Building)

Provides advice on tuition fees, student finance and funding:

National Debtline

Charity providing free confidential debt advice:

Money Advice Service

Free and impartial money advice set up by the government:

Gingerbread

Charity providing free confidential telephone advice on 0808 802 0925 for single parent families on a variety of issues including money matters such as benefits entitlement.

Disability Rights UK

Charity with information for disabled students in further and higher education:

UKCISA

Charity for international students that provides extensive information on funding, as well as support for UK students intending to study overseas. :