my-cumbria-logo, my-cumbria-logo Toggle navigation

Financial Wellbeing

money man, The rise in the cost of living has been in the news a lot recently, along with the pandemic, many students may be feeling anxious about how this will affect them whilst studying.  For example, higher bill payments, increased food costs and travel costs.  We can help you to take charge of your spending. We have focussed on some key areas, as well as providing other useful information to help you make your money go further.

What is Financial Wellbeing?

Financial wellbeing is about feeling secure and in control of your finances, both now and in the future. It’s knowing that you can pay the bills today, can deal with the unexpected, and are on track for a healthy financial future.

People who experience financial wellbeing are less stressed about money. This, in turn, has positive effects on their overall mental and physical health, and on their relationships.

It’s more important now than ever to help your colleagues and community to build financial wellbeing. Financial wellbeing isn’t about how much money you have!

Mental Health and Wellbeing team

The University have a Mental Health and Wellbeing team that are available to support you.  

Finance mental health,

 

  • Create a student budget

    Creating a student budget, using an online budgeting tool or app will help you to keep track of your income and outgoings.  Work out how much you spend and create a list of wants and needs.  This will help you to prioritise your essential costs and look at ways to reduce your spending on non-essential items such as memberships or subscriptions.  Changing habits can be challenging but the savings can be rewarding, the Money Saving Expert ‘Demotivator’ is a fun tool to help you cut back and save.   

    If you are not sure where to begin, have a look at the online budget tools from the Money Saving Expert website or Save the Student which includes a thorough budget planner and guide. 

  • Cut the cost of your household bills

    The Energy Saving Trust has lots of ideas on how to lower your gas and electricity bills, some small changes could have a big impact on your bills.

    If you are struggling with utility costs, there are independent charitable trusts set up to help support people with their energy bills no matter which energy company you are with.  Have a look at the British Gas Energy Trust or Charis to find out more.

    There is more information about the financial support available if you are struggling with energy bills. Read the guide What to do if you're struggling to pay your energy bills (moneysavingexpert.com)

    Check your Broadband and mobile phone costs, using an online comparison tool, this could save you hundreds each year. Save the Student have produced a student-focused broadband guide to help you find the best deals.

  • Cut the cost of your food shopping

    It may not be obvious, but your food expenditure is a key area where it’s really easy to spend more than you realise. As we all have to eat it may seem an impossible task to try and take better control of that outgoing cost, however there are loads of ways in which you can not only spend smarter when it comes to food but also eat better. 

    Reduce spending on your weekly food by checking the Save the Student or Money Saving Expert shopping guides.  According to Love Food Hate Waste, the average home can save £60 per month by reducing food waste.  Find leftover food recipes here. 

  • Cut the cost of transport

    You need to include travel costs in your budget for travel to Uni or traveling back home for the holidays.  There are various student travel cards and deals to reduce costs, check with the transport company and book in advance for additional savings.  You may be able to obtain a free student railcard with your student bank account. 

    Examples include: 

Edit page