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Many people experience difficulties with their financial situation. However, proactively managing your finances will give you more awareness of your own situation and help you to manage your spending within your means.

Covid-19 support

We recognise the possible financial difficulties students may face during this unprecedented and challenging time. The government have announced a number of support packages for businesses, employees as well as support for mortgage holders and those renting, information is available here. If you have recently lost your job or had your hours reduced, please contact your employer in the first instance to find out what support is in place. If you are struggling to pay your rent please contact your landlord, the Students’ Union or housing charities such as Shelter for advice. We want to remind students that the Financial Assistance Fund or the International Financial Assistance Fund is still available for those in hardship, in order to be eligible you would need to show current financial hardship and explain why national measures being taken by the government are not applicable to you.

What are the most common reasons for getting into debt?
  • Not keeping an accurate record of your spending
  • Poor or no budgeting
  • Spending too much on non-essentials
  • Burying your head in the sand!
What can people do to avoid getting into debt?
  • Remember that each student loan instalment has to last the whole term, so break this down into weeks to see how much you’ve realistically got.
  • Keep a record of what you spend using one of the smartphone apps
  • Create a budget, split it into what you ‘have’ to pay and what you have left for luxuries.
  • Withdraw a weekly amount of cash and keep to your budget.
  • Don’t take your debit card with you when you are out socializing.
  • Only spend money on essential items if you know funds are getting tight, and shop around.
  • Plan your weekly shop to avoid overspending and impulse spending.
  • Get a part-time job, (we recommend no more than 16 hours a week), to give you a little extra cash each month – try to bank this in a savings account to pay for rent/bills when they come through
What help is available within the university?
  • Advice available from the Student Wellbeing and Mental Health Team
  • Financial Assistance Fund for students who are eligible
  • Information about external sources of funding such as grants and charities, and how to apply for them
  • Help with more effective budgeting and information on debt management
  • Help with debt management
Managing Spending and Costs

A key skill required by all students is learning how to juggle your finances so that you can meet all of your essential costs and have enough left over to get involved in the activities and opportunities that you enjoy.

With this in mind we strongly advise that you use a budget planner so that you are able to make informed decisions about your spending from the outset.

If you would like some information and help with budgeting, please contact Students’ Union csuadvice@chester.ac.uk for an appointment with an Advisor.

Alternatively, the University has partnered with Blackbullion to help you gain and perfect your money skills. Register for free at www.moneyreadyforuni.com

Blackbullion is a learning platform created to help you get to grips with all things money-related. It's filled with videos, graphics and quizzes covering financial subjects designed to empower you to make more informed financial decisions.

Blackbullion has lots of short videos designed to empower you to make smarter financial decisions. Modules are available in: 21 day Money bootcamp, International students, Starting University, Savings, and Budgeting to help you before you get here and throughout our student journey.

Sign up today at www.moneyreadyforuni.com

Debts

If you have debts which are causing you concern, you are advised to contact the National Debtline or your local Citizens Advice. The Financial Assistance Fund may also be able to provide financial help if you have priority debts - these include rent / mortgage, tax, and utility bills.