The Money Advice Service (previously the Consumer Financial Education Body (CFEB) initially developed a HE Financial Capability programme as part of the National Strategy for Financial Capability.
It developed the Money Doctors project to help empower students to take control of their finances before they get into difficulty, and provide information and support if things don't go to plan.
The Student Funding Office take part in this programme, providing impartial and confidential advice on financial matters tailored to individual student’s needs and money management guidance.
Cash, beer tokens, dosh, wonga, bread, spondoolies...whatever you call it, you’ve got to make it last. The Money Doctors are trained professionals who can help you keep your finances super healthy.
Money Doctors' events
National Student Money Week 2013 will run from Monday 11 to Friday 15 February.
Our exciting series of events for National Student Money Week will be published here shortly.
What advice can the Money Doctors provide?
Making sure your funds last the course
Effective budgeting and money management
Bank charges and how to avoid them: How to get the best from your bank account
Understanding your bank statement and various other bank processes and procedures
The Money Doctors' budgeting tool
Have you just received your first instalment of your student loan/grant? Are you worried how to make it last until you receive your next instalment? If so, The Money Doctors budgeting tool is for you – it’s free to download
Students who are in receipt of payments from the Student Loans Company are expected to make their financial support last until the start of the following term. This can appear to be a daunting task as the time between each student loan payment can be up to 15 weeks (and sometimes more depending on your programme of study).
This easy to use spreadsheet has been designed specifically to enable you keep a close eye on your budgeting.
By following four easy steps you will be able to accurately track your spending until your next student loan instalment is due.
The budgeting tool will advise you of your weekly available funds and will forewarn you if you are getting close to spending beyond your funds.
By spending within your weekly available funds you should still have money in the bank by the time your next loan/grant instalment arrives.
The budgeting tool
Your computer will require Microsoft Excel to run the Money Doctors' budgeting tool.
When you download the budgeting tool you should be prompted to open or to save the file. Please choose the 'save file' option.
Feedback on the budgeting tool is very welcome; if you would like to comment please complete the feedback form; or if you have queries, then please email andy.stafford@bristol.ac.uk or telephone +44 (0)117 331 7842.
National Student Money Week - money saving tips
Finances
Never withdraw cash from a cash machine that charges
Always open your post, don’t let bank statements and bills pile up and go unchecked
Get online banking – this will help you check your spending regularly
Set yourself a budget and stick to it
If you miss a regular direct debit payment, this can affect your credit rating – if you do miss a payment, contact your bank or the relevant company immediately
A good credit rating will stand you in good stead after you finish your studies. A poor credit rating will affect your chances of future credit. Ask SFO for further information
Plan ahead for events such as xmas and house deposits
Household
Customise clothes and accessories and mend your clothes, rather than buying a new outfit see Start Sewing website
Check sites such as The Cleaning Expert website for natural and environmentally friendly products
Make sure your washing machine is full every load so you save on energy bills or the cost of a wash at the launderette
Don’t obstruct radiators with curtains or furniture
Use soap instead of shower gel
Always turn off lights when you leave a room
A standard shower uses 40% of the water required for a bath
Don’t leave laptops and mobiles on charge, switch the charger off, it still uses energy
Investigate energy saving lightbulbs, they’re often free from suppliers
Shopping
Take your NUS card wherever you go and ask if there’s a discount
Use loyalty cards for those invisible savings and gifts
Buy own brands wherever possible
Buy second hand books or go to the library rather than buying new
Supermarket shop after 7pm and on Sunday afternoons to get bargains
Buy in bulk with others to save costs
Drop one brand level in the supermarket and see if you notice the difference
Shop at charity shops – you never know what you might find!
Food
Make your own lunch at home rather than eating out
Get into home baking and cooking – challenge yourself to make something new each week
Never go shopping when you’re hungry
Make a shopping list and stick to it
Drop one brand level in the supermarket and see if you notice the difference
Check online for the latest supermarket offers
Collect free recipe cards from supermarkets
Don’t get tempted by supermarket offers – ask yourself ‘do I need it’?
Take a flask of tea or coffee out with you for the day
Chop ingredients up smaller to make cooking time quicker
Plan weekly meals to prevent food wastage
If you live near University, nip home for lunch
Boil water for pasta, rice etc in a kettle, then put it in the saucepan already boiling. Use lids to keep heat in
Only boil as much water as you need in a kettle
Lifestyle
Challenge yourself to spend-free days
Get your hair cut by a trainee or at the local college
The links below take you to websites which may provide you with additional useful information. The Student Funding Office is not responsible for the content provided by external websites.