Advice

Worried about money? Get your financial health checked up. The Money Doctors initiative is here to help with all your money related issues, such as Student funding, banking, finance, credit, budgeting and benefits.

Why don’t you check our News and Events page for some of the most recent changes that may affect students.

What is Money Doctors?

The Money Doctors Project aims to engage in proactive activity to help students not only become more aware of a range of money issues but also better managers of their finances.

Through events, activities and products as well as searching for new innovative ways of communicating useful information (e.g. watch out for the Money Hunt), the Project attempts to reach as many students as possible in order to increase and improve their knowledge of the key issues of student funding, banking options and credit, budgeting skills as well as other relevant student money issues.

In similar vein to the philosophy of preventative medicine, the Money Doctors’ Project seeks to enable students to avoid crisis situations, encouraging them to take control of their money, plan ahead and make informed decisions and choices on financial products, so that they can enjoy their time at university without the stress and pressures of financial struggles and debt.

What we do

Many students experience difficulties with money management skills. This limited understanding of financial services, products and skills in handling money in reponsible, sensible, effective and efficient ways, may lead to debt problems that affect their student experience.

Checking out the News and Events section on this site will keep students informed about what is taking place both nationally and within the University in relation to student money issues and the specific Money Doctors’ scheme.

The Money Doctors initiative addresses the money problems that students may face by trying to improve student’s knowledge and understanding of money in the 3 key areas of funding, banking and budgeting.

Student Funding

The Advice Centre produces accessible and useful information, providing students with a basic understanding of the funding system. Such knowledge ensures that students can check that they are receiving all the funding to which they are entitled. Additionally, they will be equipped with the know-how to challenge incorrect awards.

Furthermore, students will be able to access full details of how student loans are repaid so that they can plan for the future.

Check out this useful factsheet: Student Loans Factsheet

Student Banking Finance & Credit

Students will develop a better understanding of their rights and responsibilities in the often complex area of banking and finance. This builds their confidence as consumers of financial products and services. Useful banking websites/telephone numbers here: Useful Banking Websites and Telephone Numbers

What is a Student Bank Account?

Essentially a student account is very similar to a regular bank account but with some extra bonuses and freebies designed to help you (or lure you) with a few things regarding student life.

Most student accounts will give you an interest free overdraft, which increases incrementally, over the period of your course, usually maxing out at about £2,000.

Other accounts may offer you free phone insurance, a free student rail card or better rates on credit cards etc

The reason the banks offer student accounts is they expect graduates to earn more money on average than people who haven’t been to university and therefore they try and hook them in to a relationship early on.

Banks also know that students, more often than not, end up leaving university having maxed out their overdraft, allowing the banks to then start charging interest and making a tidy profit and also making it more difficult for graduates to change banks.

The banks are basically playing the gamble that most people don’t change bank accounts once they have start using one properly. Try to resist the temptation of taking out a credit card as part of the package that the bank offers you. It is an easy way to get into a lot of debt:

This useful booklet has easy to understand information about bank accounts, loans, credit and the jargon that banks use: NUS_CreditBook_English1

When can I open a student bank account?

You will need to open your account as soon as possible, preferably before you start your course and before you start receiving student loan payments. Check this website out to compare student accounts: www.studentbanker.co.uk

You can actually open an account once you have a letter off UCAS or your university confirming that you have been fully accepted on to a course.

However, some banks will even let you open an account once you have a conditional offer, if you provide proof.

Student Budgeting

The pracical skills of budgeting: i.e. a full knowledge of income and outgoings, planning and managing money, making it last, and allowing for possible emergencies and saving, will be emphasised as essential and highly beneficial.

We will do this by putting on workshops, talks to students, one to one sessions, information on stalls and interactive media, which will all provide useful tips on effective budgeting.

Useful Links

Wallplanner - This link takes you to a useful wall chart planner to aid your budgeting skills:

Budgeting Sheet- This link provides you with a useful budgeting sheet for you to keep accurate records of your income and outgoings. Also, useful tips to prepare for the forthcoming year are available here at the following link: Money Preparation for the academic year

Also, the Advice Centre provides a Money Make Over service. This helps students with money management and budgeting, providing information and useful tips about Click on the following link to go to the Money Make Over student resources that contain information and budget sheets: Money Make Over; Money Makeover Daily Spending Diary.docxaaa; MONEY MAKEOVER.docxEXAMPLE BUDGE; Money Makeover.docxmonth; Money Makeover.docxweek; Student Budgeting.docxTTT

Universities.net.com - For further useful information on funding, banking and budgeting, check out this website.

Household Bills - For some useful info. on household bills.

Additionally, you can access this useful housing guide that provides general information about all student housing matters (including utility bills, repairs etc.): housing-guide-09.

In addition, this checklist provides a step by step account of what students should do in preparation for paying utility bills, when they move into a property: Paying the Bill1.docxAA

Money Advice Service – A very useful site that provides you with lots of advice and information.

Another very useful online calculator to work out if you have claimed all that you are entitled to and to improve budgeting skills is at this web address: www.studentcalculator.org.uk

Additional topics:

Student Debt: The different types of debt will be explained along with the help and possible solutions available in dealing with the consequences.

Students with Dependants: Outlining the supplementary money available for students who have extra responsibilities.

Students and Housing (Money related topics/information)

For students looking for accommodation in Sheffield, te good news is that there is plenty of good quality private accommodation in the city. So, if you are in the position of looking for a student house/bedsit etc., you’ll be fixed up very quickly and there’s no need to panic. The University’s Accommodation Services can be contacted on 0114 225 5555.

Moving into a student house can be both exciting and daunting. Check this brief article for essential information that students need to know about contracts, deposits, rents, utility bills: Student Housing.docxSEPT. 11

Social Policy: Exploring common financial problems that affect students and the general political, social and economic contexts from which they arise.

Volunteers: A student led group, supported and facilitated by the Advice Centre staff to work on projects and activities, providing information from a student eye-level, relating to financial issues that they believe are important to students.

In addition, have a go at our regular SMQs (Student Money Quizzes)Student Money Quiz

Guide to finance and budgeting.

Check out the site below for lots of useful information about student money issues including funding, accommodation, getting part-time work and lots of other things:

www.savethestudent.org