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The Student Hub ➞ Money matters

Student Money Champions

Hello from the Student Money Champions!

We aim to enhance student financial well-being and promote the resources available from the Financial support Team at the University of Southampton.

Money is important, especially for university students. Our goal is to create a supportive and inclusive environment where students can openly discuss financial matters such as student finance, budgeting, and challenges.

This way, money won’t be a burden, allowing you to fully enjoy your university life as it is meant to be!

Apart from our roles as Student Money Champions, we are all students. We aim to be the bridge between students and the university’s financial support team, ensuring everyone is aware of the support and resources available to them. Additionally, we strive to gather student feedback and communicate their needs directly to the financial support team. We also want to share helpful financial tips from a student perspective!  

Our vision is to foster a financially empowered student community at the University of Southampton. We strive to ensure that every student has the knowledge, resources, and support needed to manage their finances effectively, enabling them to focus on their academic and personal growth without financial stress.  

Meet the Student Money Champions

 

Tips and advice from Student Money Champions:  

Don’t feel like you can confide in your friends about money struggles?

Thats what SMCs and the Financial support team is here for!

At university where everyone is from such a different economic background, it is easy to feel like the odd one out. If you are feeling unsure about what support you could get from the university and too nervous to reach out to professionals at first, connect with an SMC at events to have a supportive and confidential conversation.  

They can also signpost you to the Financial Support Team!

You realise this is your responsibility...this is your money.

Join Bridging the Gap podcast hosts Jessie and Grace as they dive into the struggles that UoS students experience when faced with budgeting for the first time.

Click here to listen to Episode 2.  

I wasn’t taught how to budget. Where do I start? 

A good place to start is to write down the money you receive and the money you spend—try putting it down on our budget sheet. Bonus: It does the calculations automatically.

If you’re just starting uni, check out The Money Charity's Student Money Manual. It’s an A-Z roadmap of student money, from budgeting and saving to taxes and repaying student loans.  

If you’re a mature student or postgraduate, take a look at the Money and Pensions Service (MAPS) Money Helper site. You’ll find a Budget Planner, Bill Prioritser, Savings Calculator and Baby Money Timeline along with other useful tools. 

You can also sign up for a 1:1 appointment with a budgeting advisor at SUSU’s Advice Centre. Their friendly advisors offer useful guidance on spending, saving and debt. They can be reached at 023 8059 2085 (Monday-Friday 9am-5pm) and at advice@susu.org. 

I tried to budget, but it’s hard when unexpected costs come up. 

It’s true, it can be hard to maintain good habits like budgeting when unexpected issues come up. 

Remember to be kind to yourself. Life happens. Plans change.  

Budgets are amendable. Take another look at yours—and the weeks or months ahead—to see where you can cut back on expenses or add extra income. If you have savings, you may need to dip into it.   

If you need help with updating your budget, a SUSU budgeting advisor can walk you through it. They can be reached at 023 8059 2085 (Monday-Friday 9am-5pm) and at advice@susu.org. 

Going forward: 

  • Ask yourself if your budget is realistic. Go back through your bank statements to see what you actually spend and revise your plan accordingly. 
  • Build some flexibility into your budget. To do this, make sure that your total weekly/monthly income is a bit more than your total weekly/monthly expenses.  
  • Think about starting a savings fund, even if it means setting aside 50p each week. Once you start a savings habit, you’ll find it easier to increase the savings amount over time. 

I don’t have enough money to save any.  And when I have savings, I don't want to touch it.

We know what you mean. Building a savings pot can seem so out of reach. 

But consider this. Saving money is about sacrificing something small today for a bigger gain later. If you can get comfortable with a savings mindset, eventually over time, you’ll be able to save more, and your gains will be bigger.    

Try Save the Student’s Tip #14: The 1p Savings Challenge. On day one, you save 1p. On day two, you save 2p. On day three, 3p (and so on). After 365 days have passed, you'll have saved over £650! Click here for all 83 of their money-saving tips. 

When you’ve decided how you’re going to save money, think about where you’re going to keep it. Access is key. As a student, you will likely need to access your savings at some point during your course. An easy access savings account could be a good choice for putting away money for housing deposits, laptop repairs or lost phones. Click here to see savings accounts explained.  

There is peace of mind that comes with having enough funds to deal with unexpected costs. It’s a huge benefit. So remember, even if you need to dip into those hard-earned savings, you’ve achieved something important in being financially prepared. Well done. 

Talking about money is hard. What should I say? 

Part of being financially independent is having the difficult conversations. But you don’t have to go it alone. The Money and Pensions Service (MAPS) has some great ideas for talking with friends or talking with your partner about money. The same advice can be used when talking with parents or family. 

Here are some of our tips:

  • Acknowledge that there’s never going to be a perfect time to bring up money. 
  • Give the other person a head’s up that you want to talk later in the day. 
  • Write down the points you want to discuss.  
  • Practice the conversation, so the words feel familiar. 
  • Have a copy of your budget to hand. It can be easier to discuss spending, saving or debt when you have the figures in front of you. 

 If you’re feeling anxious about your financial situation, or if you feel like someone is pressuring you with regard to your finances, you can chat to the Wellbeing Team, which is available 24/7. They can be reached via the Student Hub at 02380 599 599 / studenthub@soton.ac.uk / Building 37.  

I get tempted by gambling and other ways of making money fast.  

Get Rich Quick schemes have different faces: sports betting, payday loans, cryptocurrency, unregulated investments, and online gambling are just a few of them. They’re high-risk, often volatile, and usually not a good fit for students living on a limited budget. 

Students can be attracted to these schemes for lots of reasons, including having good intentions of making extra money. Temptation can be hard, so please talk to someone if you find yourself looking into these types of ventures.  

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