Managing your money
With proper budgeting and careful planning, money doesn't have to be an issue when you are a student.
Get free and impartial financial advice from our Student Advice Team
Learning to manage your money is a skill we ideally all need to learn at some time in our lives. Whether we like it or not, money management is a crucial part of university life. Even if you have always worked and paid for things before coming to university, because due to the way students are paid and how this (and paid work) fits in with the academic year, organising your finances and making sure you have enough money is different at university.
To help you manage your money while at uni, we are delighted to be working
in partnership with blackbullion. Through this partnership, LJMU students can access a range of online financial planning tools and resources. You can log on and register today using your LJMU email address and start to take control of your finances.
To get advice, guidance, or to book your Wealth Check, contact the team using the contact details below.
Email: firstname.lastname@example.org | Telephone: 0151 231 3153/3154
Listen to our students’ tips
Our students have shared their top 10 budgeting tips:
Plan your day-to-day costs
Work out a budget and try to stick to it during your first year. Having a good understanding of what you can and can’t afford will help you to keep your bank balance healthy.
The Money Advice Service and UCAS both have useful student budgeting tips. The Money Advice Service also have a budget planner tool.
To help you budget, you can also follow our top 10 tips:
Set your budget and stick to it
Work out your potential income and draw up a budget plan. Take the time to sit down and work out exactly what you have to pay for every week – that includes rent, food, utility bills, travel and your mobile phone. It also needs to include less regular things such as birthdays, Christmas, haircuts and holidays, as these things are often forgotten about but can cost a considerable amount of money.
Manage your student funding
Student funding is paid in three HUGE instalments which makes budgeting even more important. You may be tempted to blow it all at once, but don’t. By managing your money properly you’ll be able to enjoy student life without worrying about your finances. Some students find it easier to have two bank accounts and transfer a weekly allowance over each week; others just set a weekly limit and stick to it.
Remember to try to maximise your income as well as check your expenditure. Have you looked for part-time work and applied for any scholarships, bursaries or charities you may be eligible for?
Avoid all other loans or credit cards
Never, ever borrow to get yourself out of debt. It’s an easy trap to fall into but hard to escape from. Never take out a store card or pay day loan, no matter how tempting the offer, as they are one of the most expensive ways of borrowing money. If you get into debt then talk to us about it as we may be able to help you.
Always ask for student discount
Make sure you use your Liverpool John Moores University student ID to get cut price tickets to cinemas, exhibits, restaurants and much more.
You can also get a raft of extra benefits and discounts by buying an NUS Extra Card. Benefits include discounts on travel, food, electrical goods, fashion, music and other student essentials. Buy yours online from the NUS website.
Leave your debit cards at home when you are going out
If you are going on a night out, check your budget and take what you plan to spend in cash. Leave your cards at home.
Get a wealth check
Contact our Student Advice team and check you are getting all the financial support you are entitled to. Our team can give you the most up-to-date advice on tuition fees and maintenance loans, bursaries and scholarships, your benefit entitlement and much more. If you have a disability, children or other dependants you could be entitled to additional funding.
Eat in with friends instead of dining out on your credit cards
Learning to cook could save you a fortune and you can save even more money by buying supermarket own brands; they taste the same and cost a fraction of the big brand names.
Buy second-hand books or borrow them for free from Liverpool John Moores University libraries.
Choose charity shops instead of designer clothes.
Get in the habit of checking your bank balance
Get in the habit of checking your bank balance and statements regularly so that you can keep track of your spending. This will help you see if there are things you could cut down on or swap for a cheaper alternative to make your money stretch a bit further. Keep a spending diary so you can monitor your spending more closely.