Plan your budget

Hello. My name is Rona, and I'm a case worker at the Advice Place. 

The Advice Place is part of the Students' Association, and we offer information and guidance on a wide range of issues, including accommodation, university policies and processes, and most relevant for this presentation, money. 

Today, we'll discuss budgeting for your studies. This will include information on preparing a budget, guidance on tracking your spending and dealing with unexpected outlays, tips on reducing costs, and finally, information on accessing support. Edinburgh can be an expensive city to live in, and so it is really important that all students have a clear and viable plan on how they will cover both their tuition fees and their living costs for the duration of their studies. We would encourage all students to make sure that they have a clear view on what they will be charged in tuition fees and crucially the payment deadlines for these fees before they start their programme. 

The university estimates that a single student needs at least £1023 a month to cover their essential living costs in Edinburgh, but many students will spend much more than this. You will need to ensure that your budget takes into account of the costs of essentials, such as accommodation, food, travel, and energy, but it's also important to budget for things like hobbies, entertainment, clothes, and occasional costs such as birthdays and travel home. 

We would always recommend that a student's budget incorporates a little bit of contingency to take account of unexpected costs. The link on this slide provides more detailed information on the cost of living in Edinburgh. Once you have an expected budget, it will be worth tracking your spending to see if you are managing to keep to the budget. There are many ways of doing this. Some students find physically noting down each purchase they make using a notebook and pen very useful, but many others make use of the wide variety of electronic tools and apps available. As a student, you will have access to a money management platform called "Blackbullion", which will help you put together a budget and track your spending. If you're not keeping to your expected budget, do not give yourself a hard time. Instead, look to see if any overspends in one area can be covered by underspends in another and reallocate accordingly. If there is a net shortfall, it's worth looking at ways of increasing your income. 

The university has an excellent career service that can support students in finding and securing paid work, including part-time and vacation work. And it is, of course, also worth considering ways of reducing your costs, more on this now. The university estimates that a single student in self-catered accommodation will need to spend 260 pounds a month to cover their food costs. Many students will spend more than this, some spend less. 

The Students Association has "Heat and Eat" stations in our buildings at Potterrow and Kings Buildings House. These provide students with free access to microwave and hot water facilities and can really help students cut back their spending on things like takeout coffee. There are a number of food share programmes and community fridges dotted around the city. These initiatives received excess food that would otherwise be chucked out by supermarkets and other outlets and make it available to the general public. This can be an excellent way of saving money while reducing food waste. Shopping at budget supermarkets, such as Lidl and Aldi can also help reduce spending. And we know that some students are able to further reduce their costs by clubbing together with flatmates to bulk buy essentials, such as rice, pasta, and toilet paper. Finally, looking for budget recipes online can significantly reduce your food costs. Jack Monroe Blog "Cooking on a Bootstrap", and the BBC's Food recipe search tool are very useful in this regard. 

Saving on travel. Residents of  Scotland who are under the age of 22 are able to access free bus travel with the Young Scot Card. The link on this slide provides more information. The University provides a free shuttle bus between Kings Buildings and Bristo Square, also, and this is available to all students on production of their student card. The web page here provides some excellent tips for reducing the cost of train travel, including details of when to book, how to book, and discount cards to use in order to make substantial savings. The link at the bottom of the slide provides some very helpful guidance on reducing cost of flights, including the use of specialist search engines and use of student travel agencies. The websites on this slide provide information on ways of reducing the cost of energy, books, mobile Wi Fi, and recreation, amongst other things, and are worth looking up. 

Finally, if you have any questions about your financing, your studies, or if you encounter any financial difficulties during your studies, do get in touch with our service. Our caseworkers are able to offer tailored guidance and support on reviewing your budget, on accessing your full funding, and benefit entitlement, and on searching for additional financial support. We are also able to provide guidance on applying for support from the university's funding where this is needed. We offer zero interest emergency loans to students whose funding has been delayed and to students who are experiencing a financial crisis and unable to afford food or other essentials. We are here to help, so do not hesitate to get in touch. Thank you for listening. Welcome to Edinburgh, and please do get in touch if you have any further questions.