Managing your money

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.

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?

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.

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.

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. 

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. 

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 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.