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► Money Matters
Finance
Whilst at University, money is going to be tight. If you are a new student, then the chances are that this is your first time living away from home and budgeting may not be something which you have experienced before. In order to make sure you have as little stress about money as possible whilst your here, we recommend that you do some basic budgeting planning and we can help you do that. Simply make an appointment to come and see the Depute President (Education & Welfare), or Welfare advisor or the Campus Presidents. Below are some of the most important things that you should budget for.
Rent
Paying your rent should be one of the most important things that you do every month. If you are in a private let, forgetting to pay can cause extra charges and may even lead to eviction from the property. If you are staying in University halls or the University flats you get the option on how you would like to pay your rent. We recommend that you pay your rent as often as possible and get into the habit of doing so. Failure to pay your rent to the University can prevent you from progressing or even graduating as well as eviction! If you get in trouble with paying your rent, the first rule is don’t panic. Speak to either the Students' Association or the University finance department and we can help find a solution. Do not, however simply ignore the problem - it will only make it worse.
Groceries
You should always budget money for food, £20-30 per week is reasonable. If you are sharing a flat with someone with similar tastes in food it might be beneficial to work together and buy in bulk in order to keep costs down. Remember to buy food sensibly and plan what you are going to eat otherwise you'll end up just eating takeaways and ultimately end up at the doctors!
Power & Gas
Often forgotten, these utility costs may come as a surprise to the new student. Gas and electric prices have rocketed in the last few years. If you are in a private let get your landlords permission to change energy suppliers if it will save you money. If you know that you will have trouble remembering to pay utility charges it’s probably best to go on a pay-as-you-go meter, but remember these are slightly more expensive than billed meters. Power and Gas usage varies from person to person. At the start keep a close eye on what you use and work this into the budget. We would expect that for every one person you should budget £20 for both power and gas every week.
Council Tax
If you are a full time student then you will be exempt from council tax. However, if you live with someone who is not a student the household will only receive a 25% discount on the tax. This is something to consider if you are living with friends who are not students. As soon as you enrol, you should go to the local council offices and ask for a student council tax exemption form. You then fill out your part and hand the form into the Student Administration offices for the "official" part to be completed. It can take up to five working days to complete this form - so do not leave it until the last minute!
Socialising
As well as everything else, you need time to make friends and to relax. University can be a stressful place but it is also a fun place. You should budget some money every month so that you can relax and be de-stressed. The recommended socialising venue is the Students’ Association.
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