Whether you are building on your existing work experience with a postgraduate degree or you are progressing straight on to a course from your Bachelors degree, studying a Masters degree can give you the skills you need to get ahead in your career.
While you are studying full-time, however, you might appreciate a few helpful tips on how to make your money go further. Here are some good ways to be sensible with money while studying your Masters degree.
1. Live with other students if possible
It is easier to save money when you’re surrounded by fellow money-conscious students than it is when surrounded by young professionals enjoying their monthly salaries. Living with other postgraduates instead of those in full-time work will contribute to a culture of study and savings.
2. You can get an NUS card
Postgraduates are eligible for NUS cards just like undergraduates. This means that you can enjoy 42,000 discounts in 130 countries around the world! Just make sure you make the most of all the benefits it has to offer.
3. Don’t get a credit card
It can be tempting to apply for a credit card when you know that you might need some extra money during any given month in the near future. But as far as you can, try to avoid getting into personal debt while studying. As an alternative, try and negotiate a good overdraft from your bank.
4. Make sure your student account is in order
Did you know, you can get a graduate current account? This means that you can have an interest-free overdraft in case you run out of money. Overdrafts can be as much as £3,000. It’s important to make sure you know what your limit is and to shop around for the best account for you. Use a comparison site like Which?. Also, make sure you have a strict plan in place to pay off your overdraft in the future.
5. Learn from previous money mistakes
You may have made some mistakes with money when you were younger. Just make sure you don’t make the same mistakes now you’re studying a postgraduate degree. Things like making sure you find accommodation in the right price-range and thinking twice about that gym membership will help you keep costs down.
We want our postgraduate students to have the best possible time while studying our courses. That’s why we offer a range of student support services.
6. Postgraduate Loans for UK and EU students
UK and EU students starting courses from August 2017 onwards are now able to apply for a £10,280 postgraduate loan through the UK government website. The loan can be used to help cover your tuition fees and help with living expenses. You can find out more about the criteria and check your eligibility on the UK Government website.