Welcome to National Student Money Week!
National Student Money Week (NSMW) is a national campaign designed to help students manage their money better. It is a week-long initiative that takes place every year, offering a range of resources to students.
The aim of NSMW is to encourage students to become more financially aware and to provide them with the tools they need to manage their money effectively. This year, the campaign is focused on maintaining your financial wellbeing at university including:
- How to budget
- Gambling and gaming
- Housing
- How to avoid being scammed
- Ways of lessening financial risk
We understand that university life can be expensive, and we want to help students save money where they can. The campaign offers practical advice and guidance on how to budget effectively and make informed financial decisions.
Brought to you in partnership with The University of Law Money and Housing Team
Join the Competition
We know that being a student can be tough, especially when it comes to money, so we're giving you the chance to win a £50 Amazon gift card to help ease the burden!
All you have to do to be in with a chance of winning is share one thing you wish you had known about money or housing before you started uni. Maybe you know a great way to save money on energy bills, or you have some top budgeting tips that have worked for you - whatever it is, we want to hear it!
Entering the competition couldn't be simpler - Email your answer to moneyandhousingadvice@law.ac.uk from your ULaw email account – entitle your email NSMW24 prize draw.
Deadline for entries is 23:59, 17 March 2024.
Winners will be selected randomly and contacted by Friday 23 March 2024.
So what are you waiting for? Share your money-saving wisdom with us and you could be our lucky winner!
How to budget
The best thing you can do to gain control of your money situation is to draw up a budget – basically a list of your income (money you have coming in) and your expenditure (money you have going out).
Crucially, it needs to be a realistic budget – and then, once you have a good idea of your real income and expenditure, you can look at ways of trying to ensure you don’t have more money going out than coming in.
There’s great information out there to help you with this – a really good place to start is: www.moneysavingexpert.com/students/student-budgeting-planner/
This site, as well as explaining the basics of how to draw up a budget, also gives links to a number of free student budgeting apps and spreadsheets, and budgeting top tips - some of our favourites are:
The money mantras
Before spending anything, ask yourself: Do I need it? Can I afford it? If the answer to either of these questions is ‘no’ don’t buy it!
https://www.moneysavingexpert.com/shopping/money-mantras/
The Demotivator tool
Enter items like takeaways, daily coffees/snacks etc and it’ll tell you how much you spend per year. Then print out the results and stick it to your wall or fridge as a constant demotivating reminder:
https://www.moneysavingexpert.com/shopping/demotivator/?spenddesc=&x=101&y=26
The Boost your income guide
Contains some ingenious ways of increasing your income:
https://www.moneysavingexpert.com/family/boost-your-income/
Check out more tips on increasing your income and decreasing your expenditure on the University website:
https://www.law.ac.uk/students/cost-of-living/
Contact us if you’re having money problems: The Money & Housing Advice Team, moneyandhousingadvice@law.ac.uk
Gambling and risky behaviour
Sometimes what may seem like a harmless habit can start to turn into something more serious and can start to spiral out of control. Gambling and gaming are easily accessible; research shows that 79% of students have gamed, whilst 47% have gambled in the last year.
It can be easy to be drawn into trying to win money or using gambling and gaming as an escape from the pressures of studies and life, but if you are worried about whether or not you might need to make changes to your approach to these, or if you would like advice, you can contact YGAM for Students, an organisation with in-depth information especially for students.
The University’s Money & Housing Advice Team have arranged for YGam to give 2 talks to ULaw students as follows:
Wed 6 March 10am – 11am Room SGR2 on the Manchester campus – book your place here
Thurs 7 March 2.30pm – 3.30pm online – register here
There is also lots of information on Gaming and Gambling at responsiblegambling.org which is aimed at lots of different levels of participation and has both self-help materials and a cost calculator to help students understand the real cost of a habit.
Cryptocurrency
Many students are becoming increasingly interested in the world of cryptocurrency and there are many resources which provide information and education on this and what the potential dangers are.
The Financial Conduct Authority (FCA) give an understanding into the basics and risks, and Save The Student have 2 useful “what’s it all about” articles;
- https://www.fca.org.uk/investsmart/crypto-basics
- https://www.savethestudent.org/make-money/how-to-buy-bitcoin.html
- https://www.savethestudent.org/money/nft-explained.html
Adult work
Some students choose to undertake adult or sex work as a way of making an additional income, and whilst this may be a positive experience for some, it can also impact negatively on mental health and studies. If you are affected by this, you can always talk to your campus Wellbeing Team or Mental Health Advisor who can provide a confidential and safe space for you to seek appropriate support and advice.
Housing
Housing Risks and How to Avoid Them
1. Deposits
You might feel tempted to send a deposit to reserve or secure a property before viewing, especially if it looks great online. But it’s safer to view the property and make sure it lives up to these expectations before sending any money.
There are now limits on what landlords and letting agents can charge for holding deposits, the max you should pay is 1 week’s rent.
We’d say avoid sending a full deposit before you’ve received a tenancy agreement and are serious about taking on the property. Remember for most fixed term tenancies, once you’ve signed, this is legally binding and it can be very difficult to get out of this contract, so it’s best to feel comfortable it’s the right move for you. Again, there are limits on how much deposit you pay, this should only be equal to 5 or 6 weeks of rent.
2. End of Tenancy
When you’re coming to the end of your tenancy, make sure to take videos and pictures of the property before you leave. This might be useful if you need to challenge your landlord on deductions they’ve made from your deposit.
Its also a good idea to take lots of pictures when you first move in and ask your landlord for an up-to-date inventory. This will help you evidence the standard of the property when you first moved in.
Its also key to check your deposit has been protected correctly, for most private renting tenancy agreements, your deposit needs to be protected in a government approved scheme. This helps keep your money safe if you don’t agree with some deposit deductions at the end of your tenancy.
3. Scams
Unfortunately, housing scams do exist so it’s really important to look out for signs to avoid them.
A key sign might be ‘too good to be true’ rent prices. If you’ve been looking for a while and suddenly spot a property with much lower rent than the average price in that area, it’s worth being cautious before sending any money.
We’ve already flagged not sending money before a viewing, if a landlord is pressuring you to do so alarm bells should be ringing. Likewise, if your landlord says they don’t need to complete any checks like right to rent or credit checks, or that you don’t need a guarantor, this might suggest the property is not legitimate.
If you’ve found the property on Gumtree or Facebook, we’d suggest taking extra precautions. Searching on Rightmove, ULaw Student Pad or letting agents’ websites are best for finding genuine rental listings.
If you have any housing related questions or want more info on tenant rights, please contact the Money and Housing Advice Team at moneyandhousingadvice@law.ac.uk
How to avoid being scammed
In the UK, fraud makes up 41% of all crime and around 80% of fraud offences are enabled through computer technology.
More than one in ten 18-24 year olds have been the victim of a phishing attack, double that of those aged 55+.
What scams do fraudsters use?
- ‘Phishing’, ‘smishing’ and ‘vishing’ are the three main types of scams criminals will use to try to gain access to your personal details. They can then use these details to sign in to your online account, steal information and potentially take your money.
- ‘Phishing’ is any activity designed to trick you into giving out your personal details such as usernames, passwords and bank details - this is normally done by email.
- ‘Smishing’ is any activity designed to trick you into giving out your personal details such as usernames, passwords and bank details - this is normally done by text message.
- ‘Vishing’ is done over the phone when criminals impersonate a person or business and try to get you to provide your personal details.
How to spot a scam
Phishing emails are often sent in bulk and are unlikely to contain both your first and last name.
Check the quality of the communication - misspelling, poor punctuation and bad grammar are common signs of bogus emails or text messages.
Fraudsters will try to create a sense of urgency as a way of pressuring you in to giving your personal details. For example, they’ll say things like ‘failure to respond in 24 hours will result in your account being closed’.
A scam which we see increasingly being used against students involves a fake job offer. There’s a good guide to identifying these scams here.
How to avoid these scams
Keep an eye out for any emails, phone calls or SMS messages you think are suspicious.
Always ensure that you’re using a secure website when submitting sensitive information online and don’t post personal info on social media pages.
If you receive a phone call/email/text that you’re suspicious about, don’t feel pressured in to giving the requested details.
Remember, if something sounds too good to be true it probably is!
What to do if you've been scammed
If you've already responded to a scam, end all further communication immediately.
Call your bank as soon as possible, explain the situation and cancel any payments that haven't yet been made. For speed and ease, you can call the 159 hotline instead – this will connect you directly with your bank.
- Report cybercrime and fraud in the UK to Action Fraud
- Online - www.actionfraud.police.uk
- By telephone - 0300 123 2040.
- If you are deaf or hard of hearing you can use textphone 0300 123 2050
There’s also really good information on the Money Saving Expert website.
Ways of lessening financial risks and debt
One of the best ways of reducing the risk of financial hardship is to not be tempted by Buy Now, Pay Later offers and short term borrowing, which could have an impact on credit scores and increase the risk of slipping into debt. Save The Student has an interesting article which explains the risk of schemes such as Klarna, Clearpay and Paypal Credit, and the potential impact it could have on your finances:
https://www.savethestudent.org/shopping/klarna-buy-now-pay-later-review.html
Buy Now Pay Later lacks some vital consumer safeguards which you should be aware of.
This guide from Money Saving Expert tells you what to look out for:
https://www.moneysavingexpert.com/loans/buy-now-pay-later/
PayDay loans and credit
Short term or ‘PayDay’ Loans often have greatly inflated interest rates and repayments which can be difficult to keep up with, but it is very important to keep making debt repayments, even if the temptation is to bury your head in the sand during challenging times. An alternative to this type of loan could be a loan from a Credit Union, which is generally thought to be more of an ethical alternative to the for-profit sector, and are also able to help with savings schemes services, such as for Christmas or holidays. Use the link below to find a Credit Union near you:
https://www.findyourcreditunion.co.uk/
If you are struggling with debt there are several free, independent debt advice charities which can help:
- Stepchange – www.stepchange.org
- National Debtline – www.nationaldebtline.org
Insurance
It is important to have insurance! There are many companies which will provide insurance for students, but do compare what each one offers before taking out a policy - for example, find out what excess (if any) there is on a claim, and what discounts might they offer for students.
Save the Student has a good guide on what to look out for:
https://www.savethestudent.org/accommodation/student-contents-insurance.html
The Money & Housing Advice Team
