Hi, I’m Ana and I’m a 5th year medical student from Liverpool.
For many people, going to university is their first taste of independence. With this comes some new responsibilities, including managing your finances. This can be a big concern and may even be a barrier to going to university. However, there are structures in place to support you, and some basic tips can help manage your finances successfully.
I will share some of the things that have helped me over the last four years here in Edinburgh. As I’m sure you know, there is no one-size fits all, but over your time at university you will find a way that works for you!
Managing your maintenance loan and weekly budget
Firstly, if you are a British student, you are entitled to a maintenance loan. This is means-tested, meaning people coming from lower-income houses will get a bigger loan. My biggest tip is to make a note of how much money you expect to receive, take out expenses such as rent and bills, and divide by the number of weeks you are at uni. This is your weekly budget. Unfortunately, for many people this is not enough to live off.
Boosting your budget with part-time work
Many people supplement this weekly budget by working. It is important to stress, however, that medicine is a demanding course, and the university states medical students are not to work over 15 hours a week. Many students get summer jobs and prefer not to work during term time.
Personally, I work eight hours a week in a pub on a Friday or Saturday night. I find that this £80 per week is enough to cover my food shop and any social activities for the week. Working in a chain allows me to transfer to different branches so I can work both during term time and during the summer.
Smart budgeting: apps to manage your money and save
There are many apps that can help you stay on top of your budgeting, my personal favourite is the banking app Monzo. I transfer my weekly budget into my Monzo account each week from my main account which allows me to keep better track of how much I am spending in a more digestable chunk.
Monzo also has a feature called “pots” which is a tool to help you save up. For example, anything from my weekly budget that I don’t spend in a week goes into a pot called “fun things” which I can dip into for anything from a nice dinner to a whole weekend away. I find this an easier way to save up.
Save time and money with meal planning and batch cooking
Life is busy, especially as a student doing a difficult degree. This can make it difficult to stay on top of your budget. Planning what you can plan is incredibly useful for this. For example, planning three or four of your evening meals at the beginning of the week and making multiple portions of meals can save you time and money.
I am a big advocate of the freezer: you would be surprised at how many things can be frozen! This can help you avoid having to have the same thing for breakfast, lunch, and dinner. Freeze things in individual portions to avoid having to hack away at frozen bolognaise enough to feed ten people.
However, meal prep isn’t for everyone and if you feel you can’t live without your Nile Valley wrap, that’s fine- just plan that expense into your budget! It can also be nice to have some of your weekly budget set aside for spontaneous activities. The key thing is just staying on top of things!
Get help if you need it
Finances at uni can be overwhelming. The key, in my humble opinion, is to break it down into manageable chunks. Keep track of how much you have in your bank account so you don’t get the nasty shock of your card being declined in Aldi.
Having said this, there are times that good budgeting isn’t enough and you may feel you need some more support. The Medical School can help with this. Be sure to get in touch with your Student Adviser if you feel you are becoming anxious or stressed.
