Budgeting

It is difficult to estimate starting salaries for graduates, as every source reports a different figure. There are a large number of highly paid graduate jobs available; however, there is also an increasing number of well qualified graduates competing for them.

Students must therefore remember that the spending decisions they make at university will have an impact on their finances for a number of years after graduation. Included in this section you will find some tips on student budgeting and a basic breakdown of the costs your son or daughter will most likely incur whilst at university.

Budgeting tips 

• ­When completing a budget plan, it's a good idea to include unexpected costs such as extra travel home, birthdays and end-of-term parties.
• ­Where possible, a part-­time job can help provide much ­needed cash and new friends. The graduate job market is becoming increasingly competitive and most employers look more favourably on students with work experience, even if it is not related to their career, as they give students transferable skills.
• ­For those who travel regularly by train, a 16-25 Railcard saves a third off most rail fares.
• ­To reduce the day­-to­-day costs of bus travel, it may be worth buying a Unirider, giving unlimited travel during term ­time on Stagecoach and Magic Bus. These can be purchased online from the Stagecoach website or from the Students' Union ticket office.
• ­It's not necessary to rush out and buy all the books on the reading list in the first week. Waiting will allow students to see which ones will be needed regularly and provide the opportunity to try to buy them second hand. Students from the year above often sell old course books, as do the second­-hand sections of many bookshops, including Blackwells on the University campus. Bargains may also be found on websites such as Amazon Marketplace.

Budget plan

Once your son or daughter’s budget plan is complete, don’t worry if their income turns out to be less than their expenditure - they are not alone! Look at the plan and see if it will be possible to increase income (eg by working part time or during the holidays). The alternative is to reduce expenditure. Ask your son or daughter if they could reduce their mobile phone bills, or go out less for a couple of weeks until their income can catch up with their outgoings.

Those who are fortunate enough to have more income than expenditure should try to be sensible with this extra money. Remember, the less money that is borrowed now, the sooner the debt will be cleared after graduating. This being the case, it might not be a bad idea to use some of this surplus to pay some of the fees up front, or to put it in a savings account.

• Cost of living expenses in Manchester
• Student finance

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