Going away to medical school or university can be the first time that students have had to manage and be responsible for their own finances. Getting the student loan into the bank account for the first time can seem as though they have a lot of money, but it is common for a large amount of it to be spent on accommodation, either in halls which will include bills, or in private rented houses or flats where they don’t. Student loans are made in the expectation that parents will contribute to their child’s university course in some way, but not all parents can afford to give a big contribution.
We have found some of the best websites giving advice to students about managing their money and where they can go to for more help.
The consumer group, Which, offer a comprehensive guide to student finance no matter where you live in the UK. Whether you are looking for advice on parent contribution, budgeting or student loans, you will find advice here.
One of the most useful articles for students offers things that they may need to remember when budgeting, including strange and one-off expenses that they may forget to include.
Most helpful tip: A medical course may include some strange costs for students that other courses may not need. You may need to make sure you have enough money to buy your own stethoscope and dissection kit. It is also worth making sure that you have at least one good textbook on each subject of histology, anatomy and physiology, but wait and see which books your university recommends. You may also need to buy scrubs for work.
The article also includes a downloadable Complete Student Finance Guide at the bottom of the article. They ask you to sign up for a newsletter, which will give you uni advice, but you can choose to just download the guide if you wish.
Save the Student
Save the Student offers 83 ways to save money when you’re on a student loan. It offers moneysaving advice on a variety of things, including travel, buying food and shopping around for broadband deals. It also offers articles on making money.
Most strange tip: grow your own food. Most uni halls don’t offer places to garden, but you can grow things on your windowsill if you wanted. The best things to grow would be basil, chives or coriander. They smell nice, too.
Martin Lewis is well-known for his television and radio appearances and his ability to explain complex financial matters simply. He offers a financial student checklist to help students make the most of their money. He offers advice on student bank accounts, shows where to look for hidden student discounts and offers advice on being in debt. He also offers a weekly email newsletter, which would be worth signing up to, as it contains fresh offers every week and sound financial advice. There is also a student forum where you can ask questions.
He also offers a page on Getting Financially Prepared for Uni for students who are thinking about getting ready to go. He has a landing page for students and their parents about the financial aspects they should be thinking about.
The best thing offered on this website is the information offered on the Student Budgeting Planner, which offers tools and tips to set a budget.
Check out our other post for medical students: