In order to stop things going wrong with our finances we need, from time to time, to adopt preventative strategies. These are pro-active methods of ensuring that we plan our finances as effectively as possible.

Try our Financial Health Check and see whether it tells you a bit more about how good you have been at planning your finances.

Blackbullion

Get smart with money. Join Blackbullion for free as an RVC student.

• Learn about all things money with online courses on 80+ financial topics
• Find funds, scholarships and bursaries
• Manage your money and achieve your goals

The Budgeting Tool

The most important tool for successfully managing your money is a Budgeting Tool. A budget tool is designed to help you plan your finance for the year ahead and get the most out of your money. Whilst we realise that you might not be able to predict every last pound of income and expenditure for the year ahead, creating a budget based on what you currently know and can reasonably predict will help you to make a useful and informative forecast. 

• Blackbullion Budgeting App - designed for students with the ability to split student loans across 3 payments for more accurate budgeting
• Money Advice Service's Budget Planner

Employment

For some students part-time employment might be a realistic means of ensuring that income is sufficient to meet expenditure. Whilst studying be sure to maintain a healthy balance between study, work, leisure and relaxation.

For information and advice about applying for part-time work opportunities please visit:

• RVC Careers Service

Tax and National Insurance

Make sure you haven’t paid too much, if you have - claim it back! Students who only work for part of a year, or who work part time and earn less than their personal allowance, might qualify for a refund of any tax they have paid.

For further information please refer to:

• Tax and NI
• HMRC
• Student and Tax

Benefits

Although most students cannot claim state benefits - some can. Students with children and/ or disability should check their entitlements at Gov.uk

Reducing Expenditure - see remedial strategies below

You’ve done your budget - but things don’t look too good. Take a look at the Money Advice Service's Cut-back Calculator, it's a useful tool for determining whether making modest daily or weekly savings might improve your outlook.

Beware of Scams!

All students should be aware of the potential scams they could fall foul of while studying.  Some scams specifically target students such as phishing emails from criminals pretending to be the Student Loans Company/Student Finance while others all members of the public can find themselves victims of. 

The Blackbullion Scams module only takes a few minutes and will give you a great overview of the types of scams and what to look out for.

Read through through the Metropolitan Police's online fraud and cyber crime information and always keep your personal information safe.

When things go wrong...

From time to time, even the best laid plans go awry. There are a number of options available to help you get back on track.

RVC Funds and Scholarships

There are a number of funds from within the College that can be used to help you if you have met with unforeseen difficulties that have impacted on your finances and budgeting, or simply to help with high course related costs. Take a look at our other funding sources for further information.

Grant Making and Charitable Organisations

You might be surprised at the number of charities and organisations there are that have a remit to provide grants to assist students who are in financial hardship or who are simply looking for help towards books, equipment and course costs. Take a look at our funding options for further information.

Reset the Budget

If the previous budget has gone out the window, you can always start again! Try using the Money Advice Service's Money Stretcher and the Cutback Calculator to take some of the pressure off.

Help with Debt

If you are having problems with debt then help might be at hand. There are a number of ways of dealing with debt depending on your particular circumstances. As a starting point take a look at the Money Advice Service website or the Citizens Advice Bureau. You can also make an appointment at your local CAB to discuss serious debt concerns.

Reduce your Energy Bills

Any one renting in the private sector should make sure they review their energy provider to make sure they are getting the best deal they can.  Ofgem have a specific page to help students make sure they are on the right tariff and tips on how to shop around for the best prices: www.goenergyshopping.co.uk/switching-suppliers/students-rights

See the Doctor!

If you’ve tried everything else and still can't see how you are going to cope - come and see a member of the Money Matters Team. Together we can discuss what options you have and identify strategies to help you get through a difficult period.

Whilst it is the case that most full-time students cannot claim benefits, there are two main exceptions:

• Students with disability
• Students with children

If you are in one of these groups you MAY be entitled to claim a state benefit whilst studying. In the first instance please refer to Gov.UK for further information. This can be a complex area – if you are unsure please contact the Student Money Adviser on moneymatters@rvc.ac.uk for further assistance

As a final year student, you are probably already thinking about your life after the RVC and beginning your career. The fact sheet below and this interactive tool: Exit Counselling: Life after RVC has been written by the RVC Advice Centre & RVC Careers Consultant specifically for RVC graduates.

It gives helpful information to encourage you to begin thinking about employment contracts, repaying student loans, graduate accounts and more.

Money & Employment in the UK after Graduation