Getting a summer job is always a great idea – it will give structure to those long, hot days, you’ll gain useful work experience, and best of all, you’ll earn money to spend now (although we would recommend that you save some for next year too). If you are receiving wages, we have some information about tax below which you might find useful. But whether you are working or not, it’s still a good time to investigate ways to increase your income and reduce your spending so you’re ready for the start of term.
Working full-time or part-time?
Did you know that being a student does not exempt you from being charged Income tax and/ or National insurance? However, providing you don’t earn over the personal tax threshold of £11,850 per year, you can claim the tax back. Find out more about income tax and how to reclaim it in these recent articles by the Guardian and Save the Student.
If you’re looking for a job, contact Unitemps to check for local opportunities.
Other ways to make money
Although having a job is the best way of making money, it is not the only means of ensuring that your bank balance is as healthy as it can be ready for the start of term. For ideas on how to do this, see our How to increase your income post.
How to save money
To get the most out of your income, it always recommended that you look at ways to cut down on your spending in order to stretch your money as far as it will go. See our posts on Minimising expenditure, Make small changes to save money, Mend your spending habits, Cooking vs Takeaways, and Five spending situations to avoid for inspiration.
Don’t forget to reapply for your student funding
If you are returning to study next year, it is vital that you reapply for your student funding for 2018/19. If you haven’t done so already, go to Student Finance to reapply as soon as possible to ensure that your funding is ready for next year.
Don’t forget to confirm that you agree to the terms and conditions (you will be asked to re-enter your password) otherwise your funding may be delayed.
If you would like further guidance about budgeting and money management, contact the Financial Guidance team.
Do you have any tips on good money management? Get in touch and we’ll share them on our blog.