The top tip is to make a budget and stick to it.
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Do not spend all the money you have for living costs at the beginning of the term. Remember you will still want to go out and socialise at the end of the term. Make sure you split your money week by week. If you spend more money one week, you will have less to spend the following week. Keep a clear record of your incoming and outgoing finances to ensure you make the most of your money and remain debt free. If you find yourself short of money each week, try and find yourself a job to cover the shortfall to allow you the lifestyle you want. Search for part-time work with UniWorkForce, Careers and Employability Service and SUSU.
Housing
- When renting a property in the private sector you will be required to pay a deposit upon signing a tenancy agreement, normally equal to 1-2 months rent. It is important that you budget and save for this amount from the beginning of the academic year. For example, if you need to pay a £500 deposit in March you will need to save £84 per month from September. You will receive this deposit back at the end of your tenancy, provided you have abided by the tenancy agreement.
- Many agencies will charge fees to cover administration, referencing and credit checks. These are non-refundable. Often renting from a private landlord can help avoid these fees. For example use the Southampton Accreditation Scheme for Student Housing (SASSH).
- Landlords/Agencies will normally require a "guarantor" when you sign your tenancy agreement. A guarantor is someone who guarantees the rent on your behalf and is responsible for paying any and all rent if you as the tenant fail to pay. This is normally a parent or guardian. Some landlord/agencies require a UK based guarantor. If no UK based guarantor can be provided often 6+ months rent will then be required in advance. This is a significant outlay and can often cause cash flow issues so it is important you plan and budget for this if necessary.
- Every property has an EPC or Energy Performance Certificate. This shows the energy efficiency of the property and gives an indication of how expensive it will be to heat. A lower rated property will be more expensive to heat. The national average is 46, Band E. Request to see this from the landlord/agency before renting a property.
Funding
- To ensure you receive the highest possible student finance, check with Student Finance that you have been means-tested and that you/your parents/guardians have submitted their household income information.
- The University of Southampton offers a generous bursary for students who have a low household income. To be considered for this bursary you must meet the required criteria and ensure that you have given Student Finance "consent to share" your household income information with the university. For more information visit our Student Funding pages. Please be aware, students funded by the NHS are not eligible for this bursary.
- In general, the amount of student finance that you get depends on your parents' income; the higher the income, the lower the loan you receive. If you do not receive the full loan, there is an expectation by the government that your parents will, where possible contribute to your everyday living costs. It is therefore worth having a conversation with your parents to see if they are willing and able to contribute. Your parents are not legally required to give you money but it could make a big difference while you're studying. You could even show them this tip to start the conversation.
Leisure
- Save money by finding the cheapest place to enjoy your leisure time:
- Jubilee Sports Centre is much cheaper than other gyms. Sign up at the beginning of each year to make the most of annual membership. Please check the webpage for details of other sites offering sport facilities.
- Hall bars are much cheaper than local pubs and are great places to watch live TV and sports with other students.
- If you enjoy watching films why not take out a yearly pass at the Student Union Cinema. New films are shown only a few weeks after first released.
- Wherever you go ask if student discount is offered before you buy. Decide before you go out how much money you can spend and take it in cash so that you cannot overspend on your debit card.
Banking and finance
- Open a student bank account to take advantage of the special offers. Check what different banks are offering before you decide where to open an account. Student bank accounts do offer overdraft facilities but it is better to budget properly and check where you can save money before you get into difficulty.
- If you find that you have a large excess in your account, see if you can put this into a Savings account or an ISA to earn some tax free interest
- Avoid pay day loans which charge very high interest. You could end up owing a lot more then you initially take out.
Bills and living
- If you are moving into a private house, see if you can save money on bills. Do not just simply keep the same provider. Some landlords include one or more utilities in the rent but most students will need to pay for their own gas and electricity and water. Make sure you take meter readings on the day you move in and let the utility companies know the readings when you moved in so that you are not charged from bills from previous tenants.
- Remember students do not have to pay Council Tax. If you are asked to pay by the Council do not just ignore the bill because the Council will need proof that you are a full time registered student. Please see our Council Tax Information page for further information about how to let the council know you are a student.
- If you keep going over your mobile phone contract, consider switching or adding extras onto your bill, a higher monthly bill may actually be more cost effective that the large charges you will get for going over your contract.
- Try supermarket own brands as there is a huge price difference and share cooking and shopping with friends. Plan meals carefully to avoid wasting food. Buy household items together.
- Save course costs by buying your course books second hand or borrow them from the library.
- You may be eligible to receive help towards medical costs e.g. prescriptions. If you are 19 or under you are exempt from many charges. If you are over 19 you can apply for exemption using the HC1 form. You can order online for an HC1 form to be posted to you or most GP surgeries will also have copies.