Student budgeting ´more important than ever´

[31.05.2012]

Higher tuition fees and rising living costs are set to make budgeting a more important aspect of university life for students due to start their courses in September.

Managing finances properly is going to be crucial "in a way that it never has been before", claims Dr Tessa Stone, Chief Executive of education charity Brightside.

"It is quite easy to find out what grants they will get and what loans they will be entitled to," she explained. "But no one asks them to build a budget and say how much do you think you will pay for accommodation and what does a gas bill cost?"

According to student union NUS, prospective students tend to underestimate weekly costs by around £20.

The poll, carried out in 2008 in collaboration with lender HSBC, also revealed that three in four students work while they study to boost their income.

Around a third do this during term-time, while half take the opportunity to earn extra cash during the holidays.

Posted by Jennifer Smith