Financial health check

Step 1: Check your income

The first step to managing your money successfully is understanding what level of income you have. 

By the time you are a student with us, you will likely have done your research and applied for all the support that you are eligible for. The funding available to you will depend on your course, fee status and level of study. This support might include student loans, scholarships or bursaries from the University, support from the NHS, or research council funding.

Our web pages on funding for current students (student login required) are a good place to check whether you’ve applied for everything that you are eligible for.

Step 2: Work out what you’re spending

Once you know how much money you currently have coming in, the next step is to capture where it’s going. Carefully tracking your expenses can help you work out where you are spending your money.

Begin by listing your fixed and essential expenses, such as your regular monthly bills for utilities or your rent payments.

After this, list your variable expenses, eg your expenses that may change from month to month, such as travel or entertainment. It’s important to be as realistic as possible with your figures. Try keeping track by using a notes app on your phone for a week whenever you make a purchase and/or refer to your bank statements to check that you haven’t missed anything. 

Step 3: Compare your income and outgoings

Now you know how much money you have coming in and going out, you can use this information to do an assessment of your current budget and work out whether your income and outgoings balance.

Your bank may have a tool that you can use and there are various platforms online but you can use our money planner to help you with this.

Once you have this information, you can start to alter and prioritise what you do with your money.

Step 4: Maximise your income

Now consider if there are any ways in which you could increase your income. 

Is there any funding available that you haven’t applied for? Our pages on additional funding for undergraduates, postgraduates and international students signpost to a range of charities and trusts that may be helpful.

Are there any clothes or items that you don’t use? There are a range of sites online where you can advertise and sell items that you no longer want or need. Money Saving Expert provide some tips on second-hand selling.

Do you have time to do some part-time work either during term-time or over the vacation period? As well as boosting your finances, working whilst studying has a range of benefits, such as improving your employability skills. The University recommends that students on full-time courses work no more than 16 hours per week during term time.

The University Careers and Employability Service runs various Employability and Placements Hubs on campus, which advertise a range of employment opportunities on Career Connect, the University’s job board.

There is also an Equal Opportunities Fund for current students (student login required), where, if you meet the Equal Opportunities eligibility criteria, you can apply for up to £300 per academic year to reimburse expenses incurred when taking part in an opportunity that develops your employability.

In addition, current students who have worries about affording formal clothing for upcoming job interviews, assessment centres, or a new job can get a free referral to The Suit Works, a Sheffield not-for-profit organisation that offers free outfits from their huge range of pre-loved formal wear, with clothes for all shapes, sizes, and tastes. Just drop into the Employability and Placements Hub in the Students’ Union, where staff will help you with the referral.

Step 5: Minimise your expenses

Next, think about the ways in which you could cut down on your spending. We have lots of money-saving tips with advice about how to save money across a range of areas, including food, energy and shopping.

There is also a lot of great support online that provides plenty of advice about cutting various costs and helping your money to go further.

• Money Saving Expert
• Save the Student
• Blackbullion (you will need to register to access articles on this site)
• Which?

Step 6: Revisit your budget

Now take some time to look at your budget again, taking into account the changes you have planned for your income and expenses. Hopefully, your budget will now be starting to look a little healthier.

Money tools

Whatever you do with your money, it’s important to review your budget regularly. Your income, expenditure or savings goals may change throughout the year so get into the habit of regularly checking and revising your budget to ensure that you stay on track.

It’s also important to plan ahead if you can and factor one-off spends into your budgeting when applicable. For example, when are you next travelling or are you more likely to spend more on energy during the winter months? If there are additional costs, consider reviewing your budget again to include these costs so that you can allocate money for savings or directly towards these bigger one-off expenditures.

Step 7: Speak to someone if you need help 

If you have tried all the above steps and are still worried about your financial situation, it may be time to seek out some help. 

We would encourage you to speak with one of the Students' Union Money Advisers in the Student Advice Centre.

In addition, if your financial situation is starting to affect your wellbeing or mental health, support is available.

Mental health support