How to Manage Finances While Studying Postgraduate in the UK
Obtaining a postgraduate degree in the United Kingdom is no cheap feat. Over the course of the program, students will be faced with multiple costs and expenses, and financial stability is essential to a successful academic career. Here are a few tips on how to manage finances while studying postgraduate in the UK.
1.Get acquainted with financing options
Before you start your postgraduate studies in the UK it is important to understand the various financing options available to you. Some possible funding sources include:
-
- Grants
-
- Loans from banks or other lenders
-
- Scholarships or bursaries
-
- Work experience / part-time jobs
-
- Savings
The UK government has a range of financial aid programs designed to help postgraduate students with their studies, so it is important to research these options.
2. Create a budget
Once you know what financing options are available to you it is useful to create a budget that outlines your anticipated costs and income. This will help you to plan your finances and will enable you to be aware of where your money is going.
A budget should include your tuition fees, living expenses, any part-time work income, loan payments, and various other miscellaneous costs.
Having a budget will also help you to monitor and control your spending.
3. Look for ways to reduce spending
When studying postgraduate in the UK, there may be a number of small ways to cut back on your cost of living.
For example, some students may opt to take on part-time jobs that offer discounted meals, such as working in a cafe, while others may only use public transportation when absolutely necessary.
You should also research student discounts on essential items such as course books and stationery.
4. Make a savings plan
It is important to remember to save for the future, even when studying postgraduate in the UK. A savings plan should be included in your budget and should incorporate a range of investment vehicles, such as stocks, funds, bonds and ISAs.
By putting away a small amount each month, it can add up to a significant sum over time, enabling you to build a substantial nest egg that you can rely on when graduating from postgraduate studies.
5. Create an emergency fund
An emergency fund should be a priority when managing finances while studying postgraduate in the UK. Having a financial cushion can help to protect you against unexpected costs and expenses.
Your emergency fund should be easily accessible and your aim should to build it up to cover a minimum of three to six months of living expenses.
6. Save on tuition costs
Tuition fees form a significant part of postgraduate studies in the UK, but there are a few ways to save on these costs.
For example, you could look into applying for scholarships or bursaries, or apply for an interest free loan from the UK government. You could even apply for part-time work to help pay for your tuition.
7. Research student discounts
Being a student in the UK comes with a range of financial benefits, such as discounted rates on many products and services.
It is worth researching the various discounts that are available for students in the UK, as this can help you to save on various expenses and make your money stretch further.
8. Make use of student services
Many universities in the UK offer services specifically tailored towards students, such as financial advice, student loan assistance and scholarship opportunities.
Making use of these services can help you to manage your finances while studying postgraduate in the UK and can provide invaluable assistance when it comes to deciding on the best financing options for your studies.
9. Take advantage of online tools
Today, managing finances as a student has become much easier with the introduction of online budgeting and savings tools.
Using these tools can help you to track your spending, set financial goals, and even receive financial advice tailored to your needs.
10. Make use of student banking products
Banks in the UK are now offering specialised banking products for students, such as student-specific current accounts and credit cards.
These types of products often come with various attractive features and benefits specifically designed for postgraduate studies, such as overdrafts, repayment plans and interest-free periods.
Conclusion
Managing your finances while studying postgraduate in the UK can be a daunting task, but with careful planning and by taking advantage of the various financial aid options available to students, it is possible.
By understanding the various financing options, creating a budget, looking for ways to reduce spending, setting up an emergency fund and a savings plan, taking advantage of online tools and student services, and making use of student banking products, postgraduate students in the UK can ensure that their finances are in order and that their studies go as smoothly as possible.
FAQs
Q. What are some financing options for postgraduate studies in the UK?
A. Some possible funding sources include grants, loans from banks or other lenders, scholarships or bursaries, work experience / part-time jobs, and savings.
Q. How can I reduce my costs while studying postgraduate in the UK?
A. Some possible ways to cut back on your cost of living include taking on part-time jobs that offer discounted meals, only using public transportation when absolutely necessary, and researching student discounts on essential items such as course books and stationery.
Q. How can I save on tuition fees while studying postgraduate in the UK?
A. Ways to save on tuition fees include applying for scholarships or bursaries, applying for an interest free loan from the UK government, or applying for part-time work to help pay for your tuition.
