So, having drawn up a budget plan you now want to find out how to Increase Your Income right?
Sound financial capability is all about fostering a positive relationship with your finances, and there's no point in sticking to a careful budget if you're not maximising the funds available to you.
A recent survey conducted revealed 4 in 5 students constantly worry about money. The stress brought on by money worries has been found to have disastrously negative effects on studies and general health and wellbeing. Don't let money worries get you down. Have a look at our top tips on how best to increase your income.
Money Gaining Tips
Part Time Job
Get yourself a part time job to cash up. You'll also be gaining valuable CV work experience for when you leave uni. For info and advice click here to visit Swansea university's student jobs pages via the Careers & Employability service on My Uni. Top Tip Alert! Earned under £10,600 in the last tax year*? You could claim a tax rebate if you've paid tax on your earnings. It easy to do, simply call 0300 200 3300 or see here for more info on understanding your first pay check, including your tax code. (*the tax year runs from April 6th - the following April) Student Discount Cards
With so many discounts available for students with valid NUS &/ or student ID cards you'd be mad not to reap the rewards. You can save £££'s with NUS at hundreds of national retail units - click here for more. And with a valid student ID card did you know you can access discounts in the swimming pool, the gym, the cinema, and many local grocery stores and restaurants? Remember: If you don't see a discount available in a shop don't be afraid to ASK! Top Tip Alert! Discounted computer software can be accessed through your university & you can also use your student status to gain massive discounts with companies like Apple when placing an order online - see here for Apple's education store. TV Licences
Have you paid for a TV license for the year & won't be living in your student digs over summer? Did you know you can claim back your money for the months you won't be using it? It's common for many student to pay the annual fee, although most of you will only end up occupying your student digs for 9-10 months of the year. So why not claim back the rest - remember every penny counts when it comes to budgeting. Click here to complete an online application for a refund, and see here for advice on completing the form. Re-Invest Your Savings
If you are cash savvy and manage to have some lasting funds at the end of every month, remember to re-invest your left-overs! There are many ways to invest your money, including popping it into a high interest savings account or even keeping it in a jar beside your bed. You'd be surprised how much you can save like this - often enough for a nice meal out, some new threads, or even a festival ticket. Top Tip Alert! Try an "I can't get in" Money Tin - these special money boxes are designed to withstand the whims of fickle savers who can't be trusted to leave their savings alone! The safest way to save at home, these tins can only be opened with a tin opener. You can pick one up on Amazon for less than a few quid. |
Get What You're Entitled To
Ensure you're receiving all the loans and grants you are entitled to - don't struggle financially if you could be claiming more from student finance! Check out our Fees & Funding pages here to see what student finance you should be entitled to. And remember - if your total household income drops by over 15% during the academic year you can ask for a re-assessment from student finance. Top Tip Alert! You may also be eligible to receive some scholarships and bursaries from the university, depending on your circumstances. Click here for more info and if you think your eligible contact Money Doctors via email. Friends with Benefits
You've got access to a huge network of students. Why not organise a swapsies event to get great stuff for free, such as clothes, kitchen utensils, books and dvd's? And if it proves successful think about setting up a regular student swap shop event, or set up a Facebook group/ event to sell your goodies. Top Tip Alert! As soon as you know which university you're going to find the Fresher's group on Facebook and start making friends. This is a great way to network before arriving at uni. You may even manage to find your fellow flatmates, in which case you can decide between you who needs to bring what with them (there's no point in having 6 kettles now is there?!) Student Overdrafts
Are you accessing your student account's interest free overdraft? As it is interest free you should use this pot before going elsewhere for money. But remember - although you won't pay any interest on your overdraft until you graduate from/ leave your course, if you exceed your overdraft limit you are liable to pay some heavy fees (so don't max it out!) Become A Dell Boy
Use your salesman smarts and cash in by selling unwanted books, threads, electricals, DVD's, CD's & video games. Remember the old saying: One man's trash is another's treasure! Try a local car boot sale, or even ebay. Gain free stuff by making use of Freecycle. Bag yourself furniture, electricals, books and much, much more. Top Tip Alert! You don't always need to buy new - try buy 2nd hand texts for your course or make use of the university's library facilities - even if a text is not available you may be able to persuade the library to order it in for a small fee. |
There's More!
Buy a young persons rail card & single journey tickets when travelling by train: click here for more.
If you frequently travel by bus think about buying a bus pass. This can save you £££'s in the long run, especially if you rely on the bus to get to and from campus each day. Did you know that passes can be purchased per term or annually? See here for more.
Claim free £££'s when shopping online by using sites like Quidco and Topcashback. Visit Money Saving Expert for information and advice.
Get a Nectar Card, a Boots Advantage Card, and a Tesco Clubcard and start earning points on your shopping. You can sign up for free, and remember: Points mean Pounds in your pocket to spend at a later date!
Buy a young persons rail card & single journey tickets when travelling by train: click here for more.
If you frequently travel by bus think about buying a bus pass. This can save you £££'s in the long run, especially if you rely on the bus to get to and from campus each day. Did you know that passes can be purchased per term or annually? See here for more.
Claim free £££'s when shopping online by using sites like Quidco and Topcashback. Visit Money Saving Expert for information and advice.
Get a Nectar Card, a Boots Advantage Card, and a Tesco Clubcard and start earning points on your shopping. You can sign up for free, and remember: Points mean Pounds in your pocket to spend at a later date!
Now check out our 9 favourite websites of Successful Savers for some more top tips.
Simply click on each image and the website will open in a new window. And why not bookmark your favourites so that you remember to use them when online:
So by now you should be a budgeting whizz kid right?! Click Next to test your budgeting smarts on the next page:
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