Going back to university in later life is a good way to improve your job prospects and shift into a new career. However, the financial side of things can be difficult. When you’re 18 and you go to university, budgeting is tough but you don’t have to worry about things like mortgages or kids. If you’re a mature student and you already have other financial obligations, it’s a lot harder to manage your money. But don’t worry, you can manage it with these budgeting tips.
Be Sure About Your Decision
Before you start making decisions about budgeting, consider whether this is the right option for you. In some cases, a university degree will help you get a better job and increase your earnings. But it is not always necessary and you could be taking on a lot of debt for no reason, so make sure you consider your decision carefully.
Check Your Options For Loans and Grants
There are plenty of loans and grants available for mature students in the UK. The first step is to check what you’re eligible for. There are loans specifically for mature students, and they work differently from standard student loans. Grants can also help with things like living expenses and travel costs. Make sure that you check what you are entitled to and consider how much to borrow. Bear in mind that borrowing the full amount isn’t always the best option. If you have some money saved up, paying costs on your own is a better option than borrowing.
Living at Home vs Moving For University
If you’re considering going to university as a mature student, one of the things you’ll need to think about is where you’re going to live. One option is to move away from home and live in student accommodation. This can be expensive, but it’s worth considering if you want the full university experience. If you have family commitments or other financial obligations, you might want to stay at home and commute to university instead. This can save a lot of money, but it’s not always practical.
You need to consider what course you want to study and where the best places for it are. In some cases, moving closer to your university is the most cost-effective option once you consider the cost of commuting.
Working While Studying
One great way to manage the cost of university is to work while you study. This can be tough, but it’s worth considering if you need the extra money. However, bear in mind that working a part-time job on top of your studies puts a lot of pressure on you. You need to make sure that you’re not overdoing it and that you’re still able to focus on your studies.
Reducing Your Monthly Costs
There are plenty of ways to save money each month, even when you’re a student. The first thing to do is look at your energy bills and do a comparison to see if you can get a better deal. Consider things like batch cooking to save money on your food too. If you can find simple ways to cut expenses, it soon adds up and your budget is much easier to manage.
As long as you consider these aspects, you can make a budget that works for you.