Student Finance Tips: How To Manage Your Finances Effectively

October 24, 2023
5 min read
Cress Warnell

Are you a student struggling to keep up with your expenses and financial planning, or planning to go to university and wanting to know how to save and spend effectively?

In this article, we will provide you with essential student finance tips and money advice to help you effectively manage your finances.

Managing your finances throughout your education - particularly university - is of paramount importance, as it sets the foundation for your future financial stability. As a student you may often find yourself dealing with a limited income, mounting tuition fees, textbooks, accommodation costs, and social activities - these expenses can quickly become overwhelming if not managed efficiently, and cause money worries on top of your other stresses and responsibilities.

Financial planning can present its own set of challenges, especially if you are new to budgeting.

It can be challenging to determine how much money to allocate to education costs, living expenses, and savings, while still ensuring you have enough for personal enjoyment and occasional indulgences.

However, with the right guidance and effective strategies, you can take control of your student finances and pave the way for a brighter financial future: Our student finance tips will provide you with helpful insights, budgeting techniques, and resources to successfully navigate the financial challenges faced by students.

Don't let financial stress hinder your educational experience and post-graduation prospects. Check out our comprehensive student finance tips to enhance your financial well-being, and make the most out of your student days!


The first of our money saving tips is creating a student budget based on your income and own money from savings or elsewhere, the average student loan, and essential costs such as energy bills and food shopping costs (taking into account student discounts or reductions) will help you stay on top of your finances, with good knowledge of how much you can afford to spend on spontaneous purchases. 

Some students like to break this down into monthly budgets; or even into a daily or weekly budget that will ensure you know exactly how much you should/ can be spending - without going into the dreaded overdraft!

Here are some things you should consider when thinking of budgeting as a student:

Tips for Creating a Budget

  • Tracking income and expenses: Keep track of your income and expenses to understand your spending habits and identify areas where you can cut back.
  • Tools and apps: Utilise budgeting software or mobile apps to easily manage and track your finances. Even something as simple as keeping your savings in a separate account could prevent you from being tempted to spend it on a whim.
  • Identifying necessary expenses and prioritising them: Differentiate between essential expenses and discretionary spending, and prioritise your necessary expenses first.
  • Allocating funds for savings and emergencies: Set aside a portion of your income for savings, emergencies and special occasions to build a financial safety net.

Managing Expenses

  • Strategies for reducing expenses: Look for opportunities to reduce your expenses, such as cutting back on non-essential subscriptions or finding cheaper alternatives - closing your existing accounts and reopening them as student accounts could also save you money and is something definitely worth looking into.
  • Textbooks, transportation, and daily essentials: Buy used textbooks, utilise public transportation, and shop wisely for everyday items to save money and help keep your bank balance healthy.
  • Social activities and entertainment: Plan your social activities and entertainment within your budget, considering free or low-cost alternatives.
  • Avoid unnecessary expenses and impulsive buying: Be mindful of your spending habits and avoid impulsive purchases that can derail your budget.

Saving Money

  • Importance of saving while in college: Start saving early to build a solid financial foundation and gain financial independence.
  • Different saving methods and accounts: You should explore various saving methods, such as automatic transfers to a savings account or utilising savings apps.
  • Emergency/ hardship funds: Set a savings goal for emergencies and consistently contribute to it, even if it's a small amount each month. Setting aside this money can really benefit you in the long run, especially for the emergency situations that cannot be predicted - you could even later use this to contribute to paying off your student debt!
  • Cut living costs: Look for cost-effective housing options, cook meals at home, and be mindful of your energy consumption to save money on living expenses.

Scholarships and Grants

When it comes to financing your education, scholarships and grants can be a game-changer. Not only do they provide financial assistance, but they also (unlike the regular maintenance loan) don't have to be repaid.

This section will provide you with an overview of various financial aid options, tips on finding and applying for scholarships, as well as information on government grants and financial aid programs.

Financial Aid Options

Scholarships, grants and financial aid opportunities can help cover a significant portion of your educational expenses, for example:

  • Scholarships are typically merit-based and awarded to students based on their academic achievements, talents, or specific criteria set by the scholarship provider. 
  • Grants are usually need-based and awarded to students who demonstrate financial need, as a way to allow them further education at university without them owing money.

To make the most of these opportunities, it's important to understand the eligibility criteria and application process, as different scholarships and grants have their own requirements - it's essential to carefully review them before submitting your application.


There are various types of scholarships available to students, some of which are offered by universities, while others are provided by organisations, foundations, or corporations. These scholarships can be specific to a particular field of study, minority group, or even based on your personal characteristics.

When searching for scholarships, it's crucial to cast a wide net. Check your college or university's financial aid office, explore websites dedicated to scholarship listings, and consider joining scholarship search platforms. These platforms can provide you with a comprehensive list of available scholarships and opportunities to apply.

When applying for a scholarship, pay attention to the application deadlines and requirements. Many scholarships require essays, recommendation letters, or proof of extracurricular involvement; you should tailor your application materials to highlight your strengths, achievements, and goals.

Grants and Financial Aid

In addition to scholarships, there are also government grants and financial aid programs designed to support students financially. These grants are often need-based and can significantly reduce the burden of educational costs.

To be eligible for a grant and financial aid, you will need to meet certain requirements such as income thresholds and enrollment status. The application process may involve submitting financial documents, completing the Free Application for Federal Student Aid (FAFSA), or other specific forms required by the granting institutions.

Maximising your eligibility for grants and financial aid involves careful planning - you will need to keep track of deadlines, gather all the necessary financial information, and complete applications accurately and thoroughly. Additionally, you should stay updated on any changes in government programs, or new opportunities that may arise.

By exploring scholarships, grants, and financial aid options, you can significantly decrease the financial burden of your education. Stay proactive in your search, understand the requirements, and put your best foot forward when applying. 

The next section will cover student loans, another option (that tends to be more common amongst university students) to consider when financing your education.

Student Maintenance Loans

When it comes to financing your education, student loans are a common option. Here's what you need to know:

  • Different types of student loans: There are federal student loans and private student loans. Federal loans are backed by the government and typically have lower interest rates and more flexible repayment terms. Private loans are offered by banks and financial institutions.
  • Interest rates, repayment terms, and loan fees: Each student loan comes with its own set of interest rates, repayment terms, and fees, and it's important to understand these details before making a decision.
  • Determining the borrowing amount: Before applying for a student loan, it's crucial to assess how much money you'll actually need. You will need to consider tuition fees, textbooks, living expenses, and any other costs associated with your education (you should also consider regular costs that are not directly connected to your studies, but that you will continue to have throughout you education. This could include anything from a gym membership to rail fares and public transport costs).

Applying for a Student Loan

Here's everything you need to know about the application process:

  • Loan application process overview: Start by researching different lenders and loan options. Once you've chosen a loan, you'll need to complete an application and provide necessary documents.
  • Completing the FAFSA and other forms: The Free Application for Federal Student Aid (FAFSA) is a crucial step to determine your eligibility for federal aid - some lenders may require additional forms to be completed.
  • Comparing and selecting the best fit: Take the time to compare different loan options, including interest rates, repayment plans, and benefits. It's important that you choose a loan that aligns with your financial needs and goals.

Managing Student Loans

Once you have student loans, effective management becomes essential:

  • Loan repayment strategies: Explore different repayment plans - such as standard, income-driven, or graduated plans - to find the one that works best for you.
  • Deferment, forbearance and loan forgiveness programs: Understand the options available for you if you face financial hardship, such as deferment or forbearance. You should also research loan forgiveness programs (meaning you will only have to pay back a percentage of - or none - of your loans) that may be applicable to your field of study.
  • Avoiding common mistakes and pitfalls: You will need to stay proactive in managing your loans by making regular payments and avoiding late fees. It's also important to be aware of common mistakes, such as missing deadlines or failing to update your contact information.

Part-time Jobs

Having a part time job can prove incredibly helpful in helping you gain a taste of working life while earning money that can go towards supporting your lifestyle.

Finding Part-time Job Opportunities

When it comes to finding part-time job opportunities, there are several strategies you can utilise to increase your chances of success:

  • Online platforms: Explore websites and job boards specifically designed for part-time job seekers, as these platforms are a great way to find job listings local to you - you can also narrow the search so you are able to find jobs that you have an interest in.
  • Campus resources: Your college or university may have a dedicated career services center or job board that posts part-time job opportunities on and off-campus, it's well worth trying to find out more information about this when trying to make some extra money.

Having a compelling resume and cover letter is crucial to standing out from other applicants:

  • Create a targeted resume: Tailor your resume to highlight relevant skills and experiences you have that make you a desirable candidate for the part-time job.
  • Write a compelling cover letter: Use your cover letter to explain your interest in the job and why you would be a good fit for the position.

Networking and leveraging personal connections can also lead to part-time job opportunities:

  • Attend networking events: Participate in career fairs and networking events where you can meet potential employers and make connections in your desired field.
  • Tap into personal connections: Reach out to friends, family members, and faculty members who may have connections to part-time job opportunities; there is no shame in asking for help or recommendations from those around you!

Securing a Part-time Job

Once you have found a part-time job opportunity, it's important to impress employers during the interview process:

  • Prepare for interviews: If you research the company beforehand and practice common interview questions to showcase your knowledge and enthusiasm you will create a great impression on potential employers, and is something we highly recommend doing.
  • Showcase your availability and commitment: Emphasise your flexibility and willingness to work around your class schedule to ensure interviewers know you are willing to prioritise working.

When balancing work and studies, it's crucial to find a healthy equilibrium:

  • Plan your schedule: You will need to create a detailed schedule that allows dedicated time for both work and studying, to ensure you stay on track and don't fall behind.
  • Manage your time effectively: Prioritise tasks, practice good time management, and avoid procrastination.

Lastly, it's important to maintain professionalism and consider potential career advancement opportunities:

  • Display professionalism: Be punctual, dress appropriately, and maintain a polite, positive attitude in the workplace.
  • Seek growth opportunities: Take on additional responsibilities, seek feedback, and look for ways to expand your skills and knowledge.

Financial Planning

Setting Financial Goals

Setting financial goals is crucial for effective financial planning. Whether they are short-term or long-term goals, having a clear vision of what you want to achieve financially will help you stay on track.

  • Importance of short-term and long-term financial planning: Short-term goals focus on immediate needs and expenses, while long-term goals consider future financial stability and success; understanding the importance of both will help you make informed decisions.
  • Tips for goal setting and prioritisation: Start by identifying your objectives and break them down into smaller, achievable goals, and then prioritise these goals based on their importance and feasibility.
  • Strategies for tracking progress towards financial goals: Use financial tracking tools, apps, or spreadsheets to monitor your progress. It's important to regularly review and adjust your plan as needed to ensure it is still beneficial for you.


Investing is a key aspect of financial planning. It allows you to grow your wealth over time and achieve your financial goals faster.

  • Investing basics and options: Familiarise yourself with various investment options such as stocks, bonds, mutual funds and real estate. You will need to understand the potential risks and returns associated with each, as your capital may be at risk. 
  • Balancing risk and return: Assess your risk tolerance and consider diversifying your investments to minimise potential losses, although we recommend you consult with a financial advisor for personalised professional guidance.
  • Tips for starting investment portfolios while in college: Start with small investments and gradually increase your contribution. Consider low-cost index funds or robo-advisors for hands-free portfolio management.


By implementing these student finance tips and strategies, you can take control of your finances and pave the way for a successful financial future while at university. Remember, managing your money responsibly during your student years will not only benefit you academically but also provide a solid foundation for your post-graduation life. Develop good financial habits now, and your financial success will follow you throughout your life.

If you have any questions relating to managing your finances while at university, or relating to the fields of education or university, don't hesitate to contact Summer Schools for expert advice and tips.

Cress Warnell

Cress is a skilled copywriter who transforms ideas into captivating content. With a passion for words and a keen eye for detail, she crafts compelling copy for Summer Schools, helping students explore their options in education.

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