It’s common for students to seek employment to support themselves financially whilst at university. The kind of role you take on and the number of hours you work will usually depend on the demands of your course, as well as the amount of money you receive from student finance or other benefits.

With so much to pay for – like your tuition fees, rent and everyday essentials – managing income from different sources can get complicated. To help, we’ve created an easy-to-follow guide to managing your money as a working student.

Create a budget
Having a budget will help you to identify exactly how much money you’ve got coming in each month, so you can allocate an appropriate amount towards each of your expenses. You’ll want to consider any big outgoings you have, like university fees, rent, utilities and car insurance, and ensure you have enough money in your budget to cover each one. You’ll also need to think about how much your daily essentials cost, as well as any money you’ll need for entertainment each month.

Through considering each of your expenses, you should be able to see if there are any areas you won’t be able to cover – you’ll then need to readjust your budget as necessary, or consider taking on more hours at work. It’s best to always overestimate your total costs in your budget to avoid falling short at the end of the month.

Look into credit options
Having a credit card is great for building your credit history and score, to prepare you for life once you graduate – so long as you use it responsibly. A positive credit history will help you to fund larger purchases in the future, such as when you look to take out a mortgage.

Working students are in a great position to take out credit, because they’re likely to have the funds to repay their balance in full at the end of each month. It’s important to ensure you’re never spending more on your credit card than you can afford, as this can lead to high repayment fees, a damaged credit history, and potentially large debts.

Consider a savings account
By putting a portion of your earnings in a savings account with a good interest rate, you can benefit from seeing how far your money has grown at the end of each term. For students with long-term financial goals, this can be particularly useful – it’ll help to set you up with a little extra cash in the bank once you graduate from university.

Most people have a few different savings accounts. You may want to use one to save towards your goals, and another to keep as an emergency fund – just be careful not to open too many new accounts at once, as this could negatively impact your credit score.

Seek advice when needed
If you’re struggling to effectively manage your money, it may be worth seeking advice from a professional in financial management. You’ll also likely find there’s advice and resources available through your university.

Most working students will manage their finances with no trouble – having a part-time job is only likely to make it easier to stay on top of your regular payments. However, if you find yourself not having enough, it’s always best to reach out to the appropriate person ahead of time – your university will usually be able to make alternative arrangements if you’re struggling to pay your fees on time, so long as you give them plenty of notice.