Before you start University 

If you’re moving away from home to study for the first time, you may want to prepare for the financial aspect of university. This page has advice on managing your finances before you start your course.  

Funding your studies

• Apply for your student finance early.  

• Apply for your loans, bursaries or grants before the end of June to ensure your finance is ready for the start of your course.  

Make sure you send all the required information as early as possible to avoid delayed payments.  

To help you plan your budget, find out: 

• How much funding you’ve been awarded before your course begins. 

• Exactly when this will be paid.

Check in advance to see if any scholarships are available as many scholarships require you to apply well before the start of your course. You can find details of scholarships at Durham University. 

A part-time job can be a great way to earn extra money and get valuable work experience too. We have a dedicated Student Employment Service which can help with this, including a database of part-time vacancies.

Your budget  

• Consider the outgoings you will have as a student.  

Most first year students at Durham live in college accommodation. You can find details on undergraduate accommodation fees.

You should aim to pay your college accommodation fees as soon as possible, or set aside enough money to pay later. Accommodation will be your largest outgoing, so ensuring it’s covered will help you to see how much money you have for the rest of term. You can then divide the remainder of your maintenance loan (plus other income, such as money from parents) over the number of weeks in the term. This will give you an idea of how much you can spend each week. 

In self-catered accommodation  

Consider how much you’ll spend on food. This can vary widely, and costs will be much lower if you can make your own meals rather than buying ready meals and takeaways:  

• Try learning some recipes before moving out of home. 

• Bring cooking utensils with you.  

• Storage containers can be useful so you can refrigerate or freeze leftovers. 

Initial costs 

Be prepared for some initial costs at the start of your first term. As well items for your room, you may need to buy books and a laptop, and join some societies. Some colleges also require you to purchase a University gown for formal dinners.  

You can limit costs by looking for the cheapest laptop to suit your course - consider second-hand rather than brand new. Also research the societies you would like to join beforehand, so you don’t pay  for too many. 

Consider any spending you have now which could be removed or reduced once you start your course.  

• Do you have a car and pay for car insurance? You might not need a car in Durham, so consider if you can cancel your insurance or not renew your policy.  

• Do you need your gym membership at home? Consider cancelling or pausing it until you return home for the holidays. 

Bank accounts 

Banks often offer incentives to open a student account. This could include money or a railcard. Consider what option works best for you – a railcard can give substantial savings but only if you make frequent or long train journeys. 

If you open a student bank account with interest-free overdraft, the bank is unlikely to increase this during your first year. Try not to treat your overdraft as available income – this could leave you without funds to use in an emergency for the rest of the year.  

It’s better to use your overdraft as a safety net. We’d advise you to plan youe spending based on your maintenance loan and other income, and only use the overdraft for emergencies, or if your budgeting does not go to plan. 

Think long-term when choosing a bank account and overdraft – banks usually remove the interest-free overdraft gradually after graduation. It may be a good idea to look around to see which banks give you the most time to repay the overdraft. 

Once you start university 

Be careful not to spend too much at the start of term!  

It’s understandable that you may be spending money on socialising as you meet new people and make the most of this new experience. But you don’t want to run out of money towards the end of term. 

Also be wary of anyone contacting you asking you to transfer money or give personal details. Unfortunately, students can be a target for frauds and scams, and the start of term (when you have just received your maintenance loan) can be a time when students are targeted.  

Please take time to check the validity of anyone asking you for money or information, even if they hold information on you already. They may have gained details about you from social media or an internet search.  

Further help 

If you have any financial difficulties while at the University or need more advice on managing your money as a student, please email: studentmoneyadviser@durham.ac.uk

Useful resources 

• Student Minds offers a comprehensive guide to transitioning into University, including a section on money.  

• Money Saving Expert includes details on managing your money as a student.