Money Matters

Budgeting

If you are receiving a student loan, this will be paid into your bank account in 3 instalments. With most people using their card or a payment app to just 'tap and go' it is easy to lose track of how much you are spending, and it's important to remember that money needs to last you for the whole term. If you are funding your studies by working it will be the same scenario, with your wages needing to last you the whole week or month, depending on how frequently you are paid.

Setting yourself a budget is something you should think about before term even begins. Note how much income you will have, and when, then create a list of your expected outgoings. Remember to be realistic and honest, and don't forget to include things like drinking and eating out, hobbies, and subscriptions. You may also want to include one-off costs like holidays, birthdays/Christmas, or course supplies, and save for them on a monthly basis. Also make sure to keep some money to one side for unexpected costs like car repairs or emergency travel.

• The MoneySavingExpert website provides more in-depth guidance on how to set up a student budget planner.
• Save the Student have a whole host of tips and lots of useful guidance on budgeting and banking.
• The BBC website has a page dedicated to budget recipes and advice, including ideas perfect for students.
• Want to make your student loan go further? Take a look at this checklist for 50+ tips to help save you money.
• Starting to think about Christmas? Which? have advice on how to save money on food, gifts, and travel this year.

Extra support

Unfortunately, there may be times when you find yourself struggling financially through no fault of your own and there is additional support available to help you in those circumstances.

• If you have no or inadequate IT equipment or internet connectivity, to help you study, you may be eligibile to apply to the Digital Support fund. This can provide equipment on a loan basis, which must be returned at the end of the academic year.
• If you are struggling to afford food and other essentials, we've pulled together details of local Foodbanks for each of our academic partner campuses and learning centres. There is also an app, Too Good To Go, which encourages people to rescue delicious, unsold food from local businesses to save it going to waste. You can buy and collect this food for a great, significantly reduced price.
• Throughout the academic year there are many internal and external scholarships, bursaries, and awards which you may be eligible for. Check our webpage for more details; you can filter your search by level of study, subject area, and campus, or you can click on an A-Z list.
• If you are finding it difficult to meet the day-to-day cost of living, you may be eligible for our Discretionary Fund. You must have applied for your full entitlement of funding from SAAS and - due to the residency conditions they impose - this fund is NOT available to International students.
• If you're concerned about managing your finances over the summer period, Student Information Scotland have a specific section on Summer Support which includes information on benefits entitlement and housing costs if you are care experienced.
• CPAG (Child Poverty Action Group) have created an annual Benefits for Students in Scotland handbook, which you can download.

Useful links and resources

Local contacts

If you require help or have any questions regarding what specific support is available locally, you can speak to the Funding Team at the campus you are enrolled at. 

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