Money Matters: How Some Students Manage Their Finances

Worried about how you’ll manage your money during your Masters? Whether you’re covering the costs of your studies on your own, have help in the form of funding or are working while you study, some planning and budgeting can go a long way in keeping you on track.

We spoke to some students about how they managed their finances during their UK Masters to show how it can be done.

Rowan – Working while studying a Masters makes such a huge difference

Course: MA Creative Writing (2024)

Status: Home student

Funding: Masters loan and working full-time while studying

“Working while studying a Masters makes such a huge difference! I used my loan to exclusively pay for my course fees. After tuition fees, I only had about £1,200 left over to get me through four months, which was just not happening. By working full-time, I was able to easily cover my living expenses, and I could even afford to treat myself a little bit! I decided to put any leftover loan money into my savings."

Working while studying is a great way of taking some of the pressure off financially and helping you cover your living costs. You could be working full-time (like Rowan) or part-time. The amount of time you work will depend hugely on your course workload. We have a few tips on how to juggle work and study to help you make effective use of your time.

If you’re applying for a UK Masters loan, the amount you’ll receive, how you’ll receive it, and what you can use it on will depend on which scheme you’re eligible for. Each country within the UK has their own rules.

Taru – Keep an emergency fund to get home

Course: MA Global Journalism (2021)

Status: International student

Funding: Self-funded

“Even though I would have liked to work, I was studying in the middle of a global pandemic which meant opportunities were few and far between. This didn’t mean covering costs was impossible but only that I was on a tighter budget. Full disclosure, I had the support of my family as well, but I pooled in the money I had saved with some family savings to give me a monthly budget. As an international student, my tuition fee and student accommodation costs were paid upfront before I travelled to the UK. When I was finally here there wasn’t really much to do between multiple lockdowns but my monthly groceries would come up to about £200 and I would give myself another £100 for little treats like takeout coffees and meals and the occasional online shopping spree. I also made sure I always had an emergency fund with just enough money for a flight home.”

We understand that self-funding a Masters is a huge commitment and not possible for everyone. Don’t worry, there are international scholarships, grants and funding available for you. International students can also work while they study (capped at 20 hours a week).

However you choose to fund your Masters, we hope these stories have given you some insight into how other people did it and we’ve got some more budgeting tips for you as well!