Wednesday 28-09-2022 - 14:45

Once you get to university and you’re financially supporting yourself it can come as a shock the cost of your weekly shop of essentials, energy bills and on top of this the cost of leisure activities! It’s never easy to manage money at uni, and with the added pressure of the cost of living crisis this year students across the UK are facing an even bigger struggle. 

According to save the students National Student Money Survey 2022, students are now spending an average of £924 each month - up 14% compared with the previous year. NUS have also conducted a survey which has found that 96% of students are cutting back on spending, a large portion of students are also struggling to afford course materials, and accommodation costs. 

Your elected student officers along with the staff at Liverpool Hope Students’ Union understand the detrimental effect this is having on student’s university experience and student welfare and we are working hard to tackle the crisis head on. 

So far we have.. 

• Been in active conversations with the university in regards to freezing the cost of rent and food prices and if possible reducing this.
• We have worked to ensure that the university make the hardship fund easy to find and access for all students at Liverpool Hope University
• We have had active conversations with other Students’ Unions both regionally and nationally along with city councillors, local MPS, and the Mayor and Deputy Mayor to discuss provisions that can be put in place to offer support to students across Liverpool. 
• Your Student President with the support of your vice presidents have collectively worked with over 50 Students’ Unions across the UK to write a letter to the newly elected Secretary of State for education to demand immediate action on the cost of living crisis.  

 

In this tough time Liverpool Hope Students’ Union want to be a pillar of support and offer our advice where possible. We have listed some our top tips that may help you manage your spending:

 

 

Make a budget (and stick to it) 

 

Our top tip is to make a budget! You need to work out what’s coming in, including your total loan, any wages from a part-time job or if applicable any financial help you are receiving from your family. You then need to set realistic limits on your outgoings from bills, food, books and nights out. 

Below you can see a rough estimate of the cost of living in Liverpool however these will vary depending on what accommodation you opt for and the amount you spend on other things. 

A useful tool to use when making a budget is the UCAS budget calculator access budget calculator

 

Expense	Price Range
Accommodation (ranges from private accommodation to halls of residence)	£250-£900
Travel (bus/trains/taxis)	£0- £80
Food	£120-£400
Mobile phone	£5- £40
Leisure/entertainment	£40-£200
Study costs (books etc.)	£17-£20
Laundry	£0- £30
Household bills	£0- £50
Gym membership	£15-£30
Total	£447-£1750

 

Choose the best student bank account

Finding the best student bank account should be a priority ideally you want to find an account with a generous 0% overdraft that lasts the length of your course. An important thing to remember is an overdraft is not free money! Use overdrafts carefully, try to use it sparingly and keep track of how much you’re spending.

 

Some of the best student accounts according to ‘save the Student’ have been listed in the table below:

Santander	Overdraft: Up to £2000 Incentive: 4 year railcard Student Score 87.8%
Natwest	Overdraft: Up to £2000 Incentive: £80 cash an 4 year Tastecard Student Score: 86.4%
HSBC	Overdraft: Up to £3000 Incentive: £100 cash Student score: 86%
Nationwide	Overdraft: Up to £3000 Incentive: £100 cash Student Score:85.4%

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Find Student Discounts 

A student discount is a great way to get deals on brands and companies that you love! Make sure you always ask if a shop or restaurant offer a student discount as this is not always well advertised. 

We have listed some great apps to download:

• Totum Get a Totum Card
• Unidays
• Student beans

 

If you are struggling and need additional support please get in touch with us our advice and support leads email address is suadvice@hope.ac.uk.