1. Get help if you’re in trouble

The first piece of advice is to seek guidance as soon as possible if you are encountering any financial difficulties, as things are usually easier to fix the earlier they’re dealt with. We have a comprehensive list of sources of help here.

If you feel generally that you just need help in developing money management skills, many universities run a scheme called Money Doctors which does just that, supported by the Consumer Finance Education Body. See if your university is one.

In colleges, similar programmes are often run – check with your student services department.

2. Set a budget

The most basic advice is perhaps also the most boring – set a budget.  Once you are able to determine what your expected income will be, versus your expected expenditure, you can see what’s left – or seek help if there is going to be a shortfall.

Remember to include costs like buying birthday or Christmas presents as well as day-to-day costs like rent, food and bills.  The charity BrightsideUniaid offers an online budgeting tool, including a special calculator for international students.

NUS also produces average costs of study and living for students which might help give you a guide as to certain costs.

3. Manage termly payments

For many higher education students, it can be difficult to budget as loan and grant payments are made termly, whereas bills are often monthly or weekly.  This can often result in money running out towards the end of each term.  If you are worried about this, one way of helping manage your grants and loan support is to transfer the payments into a savings account, then make monthly or weekly payments into your current account.  This helps ensure you’re keeping aside money for later in the term, and you may even make a very modest amount of interest.

4. Check you are receiving everything you are entitled to

The student support system is very complex and it’s important to ensure you are receiving all that you are entitled to. We have some information in the entitlements section of this site but if you are in any doubt see an adviser in your students’ union, university or college.

It can be even more complicated if you need to figure out what social security benefits you are entitled to receive.  Most full-time students in further and higher education can only qualify for means-tested benefits like housing benefit if they are parents or disabled.  Part-time students are not usually treated under special rules but there are exceptions, particularly around Jobseeker’s Allowance.  Again, we have some initial information, but if you think you might be entitled to benefits, speak to an adviser for advice.

5. Check to see if there are other ways to increase your income

As well as funds to which you have an entitlement, there may be other ways of generating income.  They can include:

Charities and trusts

There are hundreds of charities and trusts which offer grants to individuals in education.  See our article on alternative sources of funding for more details [LINK].

Student overdrafts

Most students in full-time higher education will be able to open a student account at one of the major high street banks.  Most such accounts offer an interest-free overdraft facility and this can be an inexpensive means of getting extra money.  Bear in mind, however, that this is not free money, and it will eventually have to be paid back.

Part-time employment

The majority of students in further and higher education work part-time during term to support their studies.  Many universities will have a jobshop or employment service that caters specifically for students and can help you find relevant opportunities, or check your students' union to see if they have any work going in their shops or bars.

You might also be able to generate cash if you have a skill you can share – perhaps you can tutor younger students or school pupils, or you have design skills you can offer.  Websites exist  to help you market your skills.

Discretionary hardship funds

If you are facing financial shortfalls or difficulties then every college and university will run a discretionary hardship fund.  These are called different things depending on where you study – Access to Learning Funds in English higher education, Learner Support Funds in English further education, Financial Contingency Funds in Wales and hardship funds in Scotland. 

Whatever the name, they might be able to help you with grants or short-term loans.  You will have to apply – ask your advice centre for help if need be – and no funding is guaranteed, but most will be as sympathetic as possible.

6. Check to see if you can reduce any outgoings

Of course, the flipside to increasing your income is to decrease expenditure where possible. 

Council tax exemption

Full-time students in further and higher education are generally exempt from council tax liability so make sure you're not paying unnecessarily.   See our article here [LINK] for more details of the rules.

Don't overpay tax

It's a common misconception that students don't pay income tax: they do, it's just that usually their total income doesn't take them over their personal allowance – the amount you can earn in the year without tax being taken.  In 2010/11 this is £6,475 in the year.  If you have paid any income tax but haven't earned over this limit, make sure you claim tax back – see our article on students and tax here for more details.

Health benefits

Students aged over 19 aren't automatically exempt from all charges for health costs.  In certain parts of the UK some charges are free for longer (eg in Wales, prescriptions are free for all), but other costs for dental treatment or eye care can be charged.

However, if you're on a low income you can get exemption from such charges.  See our article on health benefits here for more details.

Travel discounts

One of the biggest costs to any student can be travel.  However, many travel companies offer discounts to students or young people.  Make sure you take advantage of these (some will require you to buy a card or pass upfront, like the 16-25 railcard).

NUS Extra Card Students are also eligible for discounts at many retailers.  Many of these are only available if you hold an NUS Extra Card, which you can