It\u2019s common for students to seek employment to support themselves financially whilst at university. The kind of role you take on and the number of hours you work will usually depend on the demands of your course, as well as the amount of money you receive from student finance or other benefits.<\/p>\n
With so much to pay for \u2013 like your tuition fees, rent and everyday essentials \u2013 managing income from different sources can get complicated. To help, we\u2019ve created an easy-to-follow guide to managing your money as a working student.<\/p>\n
Through considering each of your expenses, you should be able to see if there are any areas you won\u2019t be able to cover \u2013 you\u2019ll then need to readjust your budget as necessary, or consider taking on more hours at work. It\u2019s best to always overestimate your total costs in your budget to avoid falling short at the end of the month.<\/p>\n Working students are in a great position to take out credit, because they\u2019re likely to have the funds to repay their balance in full at the end of each month. It\u2019s important to ensure you\u2019re never spending more on your credit card than you can afford, as this can lead to high repayment fees, a damaged credit history, and potentially large debts.<\/p>\n
\nCreate a budget<\/strong><\/span>
\nHaving a budget will help you to identify exactly how much money you\u2019ve got coming in each month, so you can allocate an appropriate amount towards each of your expenses. You\u2019ll want to consider any big outgoings you have, like university fees, rent, utilities and car insurance<\/a>, and ensure you have enough money in your budget to cover each one. You\u2019ll also need to think about how much your daily essentials cost, as well as any money you\u2019ll need for entertainment each month.<\/p>\n
\nLook into credit options<\/strong><\/span>
\nHaving a credit card is great for building your credit history and score<\/a>, to prepare you for life once you graduate \u2013 so long as you use it responsibly. A positive credit history will help you to fund larger purchases in the future, such as when you look to take out a mortgage.<\/p>\n