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Students Money Week: risks of not money planning

Written by: SU Advice https://www.upsu.com/advice/

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National Student Money Week is an annual campaign created by the National Association of Student Money Advisers to raise awareness about the money advice and support available to students at University and beyond.

Over the course of this week, we will be sharing information, advice and support available which focuses on the 2024 theme: Less Risk, More Reward: Maintaining your Financial Wellbeing at University.

 


 

Risks of not financially planning/risky debts:

 

We know words like budgeting and planning seem boring and are probably some of the last things students want to hear when moving away for the first time. But there is no getting away from the fact that making your money last is becoming more difficult with the cost of living being where it is. But if you take some time to do a bit of planning, there is a less of a risk of making poor financial choices and a higher chance that you will have some money left over to reward yourself from time to time.

Budgeting can be a great way to ensure your money lasts as long as possible. We appreciate this isn’t the easiest thing to do when you first start your university journey but working out a broad outline of what you will likely spend on food, bills and other commitments will help you see how much you will have leftover to spend on yourself. 

You can get access to a budgeting worksheet as well as links to a whole host of useful budgeting apps that you can download on your phone, alongside lots of other budgeting information here on the UPSU website here.

We can all be guilty of spending little bits here and there but those little bits really can add up. For example, are you buying a coffee every morning to get you through those 9am lecture? Imagine adding that up per week and then per month. What about per year? The Money Saving Expert Demotivator can assist you to do that but be warned, it can be quite the eye-watering experience. Have a go here, if you feel brave enough.

Remember, you can access free financial advice at the SU at anytime.

As a University of Plymouth student, you have access to the SU Advice team who are highly experienced and can offer free, impartial, and confidential financial advice to any student who needs it. This includes advice on budgeting, discounts, travel, healthcare, welfare benefits and childcare costs to help make sure you are getting the best value for money. 

SU Advice can also help you to navigate and understand Student Finance England (SFE), including your tuition fee loans, maintenance loans, and if you qualify for any bursaries or additional grants. 

Our SU Advice team are here to support all University of Plymouth students, whether they are a new student, returning student, postgraduate or international student: we are here to offer information and guidance to ensure you understand your outgoing fees and available financial support.

 


 

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