Student Finance Parents' Guide - Part 2: Earning and Extra Tips

Welcome to part two of our guide to student finance for parents and guardians. Whilst University is synonymous with student debt, at Magenta we believe that you can make money whilst you study. Reflecting upon our own university experiences, we’ve put together a guide to all things financial.

Below are some handy financial hints and tips you can bestow upon your child before they leave for university or further study. Read on to find out how you help them save some cash and make some money whilst buying your peace of mind in the process – there are lots of useful links included so make sure you hover over the text!

Cashback!

If your child is off to university, cash-back sites are a great way to earn money on their purchases.

Cash-back can be earned on a wide range of items such as clothing, electronics, utility bills, mobile phones and insurance packages as well as the staple of all student dining- takeaways! Below are some of the best, with each offering different retailers and various perks.

The most common sites are Top Cashback and Quidco. There are also newer apps such as JamDoughnut, Airtime Rewards and Too Good To Go which can help students save or earn money on food and shopping.

Student Discounts

Encourage your child to register with UNiDAYS, Student Beans and Totum, the NUS discount card. They all provide additional discounts specifically for students.

Textbooks

Although it can be tempting to encourage your child to buy the entire recommended reading list, it’s often an unnecessary financial outlay. Get them to check their university library for copies. For essential books it’s always worth checking Amazon Market Place or eBay – just make sure they’re buying the recommended edition. The notice boards in their academic schools are often a useful place for picking up textbooks being sold by ex-students. Don’t forget, they can also sell their books on again using online sites such as Amazon Marketplace and eBay.

Working While Studying

With increasing living costs and decreasing maintenance grants, it’s hardly surprising that 8 out of 10 students undertake part-time jobs whilst studying. Finding the harmony between work and study is an important balance to strike. If your child is seeking employment, spend some time before they leave putting together their CV. Having a CV ready to take with them will be an enormous load off their mind as they try to balance starting their new course, settling in, and socialising. It’s always worth having a look for local employment opportunities before they arrive.

Registering their CV with sites such CV Library and Student Job will ensure that they are first in the (long!) queue for student-friendly jobs. Their university may also run a job shop providing ad-hoc employment for events and open days.

Whilst most students avoid being taxed, it’s always useful to remind your child to keep an eye out for emergency tax codes. Point them in the direction of the HMRC website for guidance.

If they do find themselves being taxed, they may be eligible for a tax rebate. If they had a job before going to university and feel they may have been overcharged, send them in the direction of tax payback.

Rotten Rentals

Not strictly financial, but useful to know about, is the Student Accommodation Code of Practice 

Providers of student accommodation can sign up for this voluntary code. In doing so, they demonstrate their commitment to providing high-quality accommodation alongside transparently laying out the processes and procedures should they wish to make a complaint. Use the link above to find out if your child’s student accommodation is on the list. Read the code in full here.

That’s a wrap!

We hope this guide has made the student finance journey a little clearer and a lot less scary.

If you found this useful, please share with others. Here’s to a financially healthy university life!