When you come to us as a new student at Liverpool Hope you may have never had any experience of money management. Remember you have a limited income and may have to live on your student finance income for the full year if you can’t find work or don't have savings or other money from benefits to rely on.
Single students who get the maximum amount of finance will qualify for £4,047 Maintenance Loan and £3,387 Maintenance Grant -a total income of £7,434 which is £142.96 weekly. Some students who started before 2011 are also entitled to a University bursary of £500 - other students receive a scholarship to boost their income.
You may go home to your parents between June and September and would not need as much to live on during this period. A good guide is to leave £800-£1000 aside for the summer. This leaves £6,434 for term-time living costs (36 weeks) which is £178.72 per week approx.
How much you need is a personal matter depending on your individual circumstances. If your parents live far away it will cost you more to travel home.
Go to Student Funds for more budgeting advice or look in Liverpool Hope’s funding guide for undergraduates, ‘Funding at Hope’.
Leading UK debt charity the Consumer Credit Counselling Service have put together a Student Debt Help Guide. The guide is a great source of information on avoiding financial difficulty while studying and contains handy budgeting tips and comprehensive money management advice, as well as student finance information.
Richard Hughes (Advice Worker) for the Students Union can also provide help with debt advice. Contact him at email@example.com
You can also visit the following Budgeting websites;