How to manage your money

Learning to manage your money is an essential skill to have both whilst at a conservatoire and in the future. The costs of higher education extend further than just tuition fees and accommodation. Other factors have to be considered, such as food (if you're not living in catered halls), travel costs, insurance (including instrument insurance), course requirements (books, music, instruments, equipment etc), bills and leisure activities. Make sure you know what you will need, how much it will be, and how you will pay for it.mixing desk

Step 1: Income

The first thing you need to do is add up your income:

  • student loan
  • any grant or bursary you are entitled to
  • sponsorship, if eligible
  • scholarship, if eligible
  • parental/guardian contributions
  • income from a job
  • savings.

Step 2: Outgoings

Add up all the essential costs:

  • tuition fees
  • rent
  • travel
  • contents insurance
  • instrument insurance
  • car bills
  • credit card payments
  • utility bills, for example, water, gas, electricity, if applicable
  • phone bills
  • TV licence
  • food and drinks.

Step 3: Other costs

By subtracting your essential costs from your income, you can see how much you have left over for other costs, such as:

  • course books, music and equipment
  • household goods
  • clothes and shoes
  • toiletries
  • music and films
  • social activities.

Of course, these lists are not exhaustive; there will be other costs that will depend on your circumstances. Certain costs in step 3 are more important than others, so take this into account when you are deciding what to buy.

Try our budget calculator to plan your finances. This link will open in a new window and take you to the UCAS website.

Look out for....

Student discounts: certain shops offer discounts to students. If you show your National Union of Students (NUS) card, you may get a discount. The booklet that accompanies the NUS card will give you more information, and you can apply for the card through your conservatoire.

Internal jobs: there are many opportunities for part-time work at the conservatoire where you study - every higher education institution has a students' union, which employs both undergraduates and postgraduates, so you could earn money whilst becoming involved in the current issues that affect student life. You may also wish to be a note-taker for students with disabilities. (Just be careful that a part-time job does not interfere with your studying.)

Be aware of...

Cash machines: some cash machines will charge you £1.50 for the privilege of withdrawing your own money from your bank account, so you could be losing valuable cash for no reason. There may be a no-charge cash machine just around the corner, so it is wise to find out which ones charge and which don't.

Burglaries: students run a high risk of burglary, so insuring your property (and particularly your instrument) is a must. You can choose what you wish to cover, such as clothes, TV and iPod, for example, and the cost depends on where you are living and what you insure. You can also ask for cover outside your room, for example, if you take your laptop out with you. Your parents may be able to extend their contents insurance to cover you whilst you are away, but this will normally only protect you during term-time, so you would have to bring your valuable possessions home during the holidays. If you will be living in halls of residence, speak to your conservatoire about their insurance policy. Musical insurance cover is normally arranged separately to general contents insurance.