Money education

Check out the Blackbullion 2022 recession survival guide

Find out what financial support is available at BU and how we can help if you're struggling.

University life should feel exciting, but at some point in the academic year you will have to face challenges. If you’re dealing with financial independence for the first time, it is imperative that you speak up about any money worries before they escalate; 50% of students say financial issues are affecting their mental health, and 53% worry about having to manage the increasing cost of bills and utilities while at university, so let’s talk about money!

At BU our Money Advice team and SUBU can give information and guidance around financial support, plus there's also external funding available for students. Learning how to manage your finances is all part of student life, read the advice below and check out the 2022 recession survival guide from Blackbullion for more top tips. You can also take a free Academy of Money course by the Open University and Money Saving Expert to give you the skills and knowledge to master your finances.

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Financial support

If you’re struggling about money, reach for help – don’t ignore the problem! The most important thing to remember is that support is out there, with independent organisations like Citizen's Advice providing help and resources.

BU and SUBU are here to help, if you have question about money or find yourself in financial difficulties. More information can be found on the SUBU website and the BU financial support web pages, or you can contact them direct:

AskBU: [email protected] | 01202 969696
SUBU [email protected] | 01202 965765

Outside of the university, Save the Student is an excellent resource where you can find recommended apps or websites for any of your financial needs.

We know that not all students have experience of financial management before arriving at university. Establish a dialogue with your family; learning to ask for help when you need it is an important lesson.

Lending money

Credit, emergency funds and additional help

A key thing to remember is that student loans will not affect your credit rating, but other forms of borrowing will – such as ‘buy now, pay later’ schemes. Arranged overdrafts will minimally affect your credit rating (if at all), which is why it is always advisable to opt for that over credit (especially for higher sums of money). If you do end up choosing to apply for credit, do try to make as many repayments as possible on time, but don’t let concerns about rating get in the way of seeking help. The best way to feel prepared is to understand these areas, especially the ones that might be particularly confusing.

In short, a credit score is a type of grading system used by banks and lenders to work out how much money you should be given when you ask to borrow money. If you are a budding entrepreneur or want to buy a house after university, it is very important you get started on improving it nice and early. Good credit score will most likely affect your suitability for: mobile phone contracts, bank accounts, overdrafts, credit cards, insurance where you pay monthly rather than upfront, mortgages and loans (including peer to peer loans).

You can find a comprehensive guide on this page, which covers the importance of credit scores, how they are calculated, how to check your score for free and how to improve it.

If you’re struggling about money, reach for help – don’t ignore the problem! The BU Student Money Advice team is here to help you deal with debt, access emergency funds and other resources for your benefit. Outside of the university, Save the Student is an excellent resource where you can find recommended apps or websites for any of your financial needs. Find out if you’re eligible for any extra support from the gov.uk Help for Households website and what support is available in the BCP area.

Money can have a big impact on mental health, the Mind website also has lots of resources to help manage your money and organise your finances, along with mental health support. The Student Assistance Programme is a free 24-hour confidential helpline and digital resource to support BU students with personal or student-related problems. The problems could be affecting your home life, education, finances, health, or general wellbeing. Whatever issues you face – the helpline is available 24/7, 365 days of the year to help you.