Financial Advice for Students Embarking Their Postgraduate Studies

clendar February 15, 2024

clendar 9 minutes

1269 Viewers

Taking the leap into postgraduate study is an exciting step in your academic journey. However, along with this comes the increased responsibility of managing more complex finances.

Whether you’re budgeting for everyday living expenses, worrying about tuition fees, or considering investing, there’s a lot to think about. By arming yourself with the right knowledge and strategies to navigate these challenges, you can focus on what really matters: your studies!

What if You Plan on Studying Overseas?

While our guide assumes you’re staying in the UK to study, this section will look at some extra tips for students who plan on studying abroad. Keep in mind that the advice in our later sections still applies to you, but you’ll need to do a lot more research and save even more money.

Let’s say you plan on studying in America. You’ll have to budget for the SEVIS fee, air travel, health insurance, tuition and living expenses, room and board, and unexpected expenses. You’ll also need a way to get to and from school, as the US isn’t as walk-friendly as the UK. If you live in Dallas, for example, you can save money here if you buy used cars in Grand Prairie.

A UK citizen will pay £4,000 to £22,000 to earn a master’s degree in the UK, but they would pay £10,000 to £110,000 to get a master’s in the US. For this reason, you need to save as soon as you’re able, max out your scholarships and awards, or borrow money from a bank.

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10 Financial Tips for Postgraduate Students in the UK

Embarking on postgraduate studies can be both exciting and challenging. Here are ten financial tips designed to help you navigate this academic journey without breaking the bank.

1. Budgeting is the Key to Success

Having a budgeting plan allows you to keep track of your spending habits and helps you manage financial stress during your academic journey. First, evaluate all income sources and record expected expenses like tuition fees, living costs, food, travel, and social commitments.

Then, examine these estimations against what you actually spend, and do this on a regular basis to ensure you stay within budget. It’s okay to have fun once in a while (and it’s good for the soul), but staying on top of your spending is the best way to afford your time in school.

2. Search for Scholarship Opportunities

Scholarship opportunities are a fantastic way to alleviate the financial strain of postgraduate education. In the UK, numerous universities, independent organizations, and businesses offer scholarships catered to postgraduate students or those studying in relevant fields.

If you’re new to scholarships, start by looking through sites like The Scholarship Hub and UCAS and try to apply for as many as you can. Be sure to go for those smaller scholarships, too, as you’ll face less competition. If you’re diligent, you might get an extra £1,000 for school.

3. Apply for Student Loan Early

Applying for a student loan can be a crucial part of financing your postgraduate studies in the UK. It’s important to get this process underway as soon as possible. Each application takes time to process, and there may be further delays if any issues arise during review.

According to GOV.UK, they recommend that you apply for loans 6 to 9 months before your program start date. This will give you the best chance of getting the money you need before starting your master’s. Not only that, but applying early can provide you with peace of mind.

4. Save and Invest Wisely

Even as a postgraduate student, the importance of saving and investing shouldn’t be undervalued. While focusing on academics, it’s crucial not to lose sight of future financial health. Even setting aside a small amount monthly can create a financial cushion for the unexpected.

If you do have money to spare, speak to a financial advisor about placing your funds into stocks, shares, bonds, or mutual funds. If that feels too risky at the moment, place what you have in a pension or a high-welding savings account that won’t penalize you for a premature withdrawal.

In addition to traditional financial advice, exploring digital financial tools can greatly benefit postgraduate students. A fintech software company offers innovative solutions that can simplify budgeting, saving, and investing. These tools provide real-time tracking of expenses, automated savings plans, and personalized financial advice, making it easier for students to manage their finances efficiently.

5. Make Use of Student Discounts

As a postgraduate student, student discounts are more than just perks. They’re a practical way of extending your budget while still enjoying life’s luxuries. Numerous businesses offer price cuts to students on everything from clothing and tech goods to cinema tickets and restaurants.

Sign up for free online services that provide these discounts, such as UNiDAYS. Each discount you use allows you to keep more money in your pocket. With that said, try to buy only the things you need. Even discounted, too many non-necessities can really stretch your budget.

6. Get Part-Time Work If Necessary

Securing part-time work during your postgraduate studies could offer a financial lifeline, even if working isn’t ideal. With that said, working part-time can enrich your CV with practical experience and broaden your professional skill set, so it isn’t just for the money.

After all, your experience will be beneficial when job hunting after graduation, showing potential employers that you can balance study commitments with work responsibilities. Just make sure your work doesn’t interfere with your studies and that you maintain a good work-life balance.

7. Use Credit Cards Wisely

Taking on debt is understandingly scary, but we need to do it to improve our credit scores. A good credit score gives you access to better interest rates and financial products, and that can help your finances. Credit cards can even get you cash back on things like groceries and gas.

With that said, you need to use credit cards responsibly. As a rule, you should only charge something to your credit card if you can pay it off within the month. This means you won’t take on more money in interest. Paying only the minimum amount will keep you in a debt cycle.

8. Plan Out Your Meals

As a busy student, you might think there’s little time for anything beyond studying! However, meal prepping is a powerful tool that can help you save money and maintain a healthy diet. By planning meals in advance, you won’t be tempted to splurge on costly last-minute takeaways.

Plus, it’s an excellent way to ensure nutritional balance amid the busyness of academic life. Begin by making simple, nutritionally dense, and inexpensive meals. If it makes things easier, you can cook your meals in a batch, freeze them, and thaw them throughout the week.

9. Use Public Transport

While having a personal vehicle may seem convenient, the costs associated with having one might quickly outweigh the benefits for postgraduate students in the UK. Fortunately, many cities in the UK have affordable public transport systems that are efficient and reliable.

Swapping your car for buses or trains can reduce travel costs and free up money for more pressing expenses like tuition fees or textbooks. Plus, it’s greener, and you also get to avoid extra costs like insurance, maintenance, parking fees, road taxes, and much more.

10. Graduate Bank Accounts

After completing your studies, it’s worth switching to a Graduate Bank Account. These accounts are designed by banks with the financial needs of recent graduates in mind. They often offer better interest rates on savings, significantly lower fees, and favorable overdraft terms.

You’ll be able to take advantage of these terms for up to three years after graduating. Making this switch can be a significant step toward managing your finances efficiently and developing long-term saving habits, setting you on the path to robust financial health beyond your studies.

In Conclusion…

Navigating postgraduate studies and personal finances at the same time can seem overwhelming, but it doesn’t have to be. Armed with these ten financial tips, you’re well on your way to making informed decisions about your future. Remember, the key is being proactive by planning ahead, utilizing resources smartly, and seeking advice when necessary.

Your financial stability is just as crucial as your academic achievements during this journey. So take action now. Your future self will thank you for taking these proactive steps today.

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