Student Support Guide
As the cost of living continues to soar, students are being hit like never before. Saving money right now might not seem like a top priority, especially when you’re juggling your current finances, exam stress and extracurricular activities. But saving money, no matter how little, can have so many long-term benefits! We’ll be guiding you through all the benefits of savings, and our top tips to help you get started – whether you’re a fresher or a post-graduate!
What are the benefits of saving?
● Financial Security – you can build a financial cushion for unexpected expenses and emergencies helping to reduce your stress and provide peace of mind.
● Prep for the short-term future – making those maintenance loans last the entire term can be difficult, but saving little bits regularly can help pay for those short-term expenses such as rent, transport or textbooks.
● Building Good Habits – saving money is a habit that can have a positive impact on your finances throughout your life. Getting used to it early on can set you up for the future!
● Long Term Goals – whether you’re looking to start a business, continue your education further or even purchase a home, saving can help give you the freedom to invest in your future goals and aspirations!
How to start saving:
Start by creating a budget!
1. Add up all the money that you’ve got coming in, from loans to grants to part-time jobs and even any parental support.
2. Make a list of all your regular expenses such as rent, transport, bills and food expenses.
3. Subtract your expenses from all the money you’ve got coming in, you’ll know how much you’ll have left over.
4. Choose how much you want to save or spend! The great thing about saving is, you don’t have to start with a lot – even £1 or two a week can make a real difference!
Saving Made Fun:
Saving for the future can be tough. But it doesn’t have to be. You can make saving fun by taking part in a savings challenge – whether it’s with your friends or by yourself, here are some challenges that’ll help you build a healthy pot for the future!
Take the 1p Challenge – it’s probably one of the easier ones around!
All it takes is saving a few pennies! Start with 1p on the first day, 2p on the second day, 3p on the third day and so on. If you manage to keep it up for the whole year, you’ll only need to put in £3.65 on the final day with a whopping £667.95 saved in total!
Not a fan of saving daily? Think you might forget? Try the 52-week saving challenge instead!
Start by saving £1 on week one, £2 on week two, £3 on week three, and so on. As you reach the 52nd week, you’ll need to save £52 but you’ll end with your yearly savings totalling £1,378!
If you’re not a fan of either of these, there are lots of other fun innovative challenge ideas from Inspired Budget! She might be from across the pond, but the challenges are still relevant!
Support with finances:
If you’re struggling with your finances, finding it hard to save, and need a little extra support, check out our external support links below. We’ve included everything from student blogs to university support to help you get on the right track.
Save the Student – The student money website for everything student finance. From savings tips to student discounts and jobs, they’ve got all the blogs you’ll need!
Money Saving Expert – Check out their guides made just for students!
@savingmoneybish – Personal Finance Blogger sharing tips on budgeting and saving money
UCAS – Support ranging from mental health to financial concerns
NUS – Cost of Living Campaign
Citizens Advice – Detailed advice on everything from student housing to loans and support.
University of Liverpool Student Services – Guides and links to direct support from your university.
Liverpool John Moors Student Service – Guides and links to direct support from your university.
Liverpool Hope University Student Service – Guides and links to direct support from your university.
Who are we?
Enterprise Credit Union is a financial cooperative that exists for the benefit of its members. We’re committed to providing quality inclusive savings, loans & relevant products to our members throughout their lives. We’re member-owned and not-for-profit which means any surplus generated is returned to members as a dividend or used to improve or provide additional services required by the members.
Benefits of joining us:
● Access to ethical affordable loans
● Annual dividends on savings
● No hidden costs or charges
● Personalised & professional service from local people in your community
● 24/7 access to your finances through our Mobile App
● Savings protected by the FSCS
● Life cover at no extra cost
Interested in becoming a member?
Complete our application to join and save with us!