5 Great Money Tips for Postgraduate Students

When it comes to paying for postgraduate studies, there are tons of tactics to call on. Here are five of the best ways to find funding and manage costs if you want to go back to university.

Costs are as crucial to course success as your tutor’s credentials and the university’s reputation. If you can’t make the money work, the next few years will be tough!

How much it costs to get by can vary a lot between universities, so the full financial picture should be part of your criteria when choosing a course:

• Living costs, including rent, bills and food. Don’t write off shared housing or university halls without investigation – they may be cheaper in the long run
• Transport costs to/from the university, your place of work and if you move back home for the holidays
• Extra course costs, such as placements, materials or equipment
• Opportunities for income: teaching positions, paid departmental work, or any funding attached to specific courses or universities

It’s also important to check how these costs fit with commitments you already have, such as childcare or keeping up with mortgage or rent payments. Don’t be blindsided by tuition fees alone!

There are more ways to make money than you may think – and many are perfect for fitting around studies.

Offering private tuition in your subject, language or hobbies is easy to do locally or online and, unlike working in a school, you won’t need a teaching qualification to do it (though a DBS check is essential if you tutor under-18s).

Leading walking or sightseeing tours can be seasonal work, but you don’t need qualifications to be a local guide. Again, it’s very flexible and you can set your own fees.

It’s easier to get into freelance writing, marketing, web design or similar employment, if you already have professional contacts (let them know you’re available for work!). If not, find ways to tap into clients and build a reputation: start with Fiverr or Upwork – or try your hand at guest-blogging.

Jobs like uploading digital photos to stock libraries or answering surveys may not make big bucks, but you can do them anywhere and any time – and even small change soon adds up.

Loans are an obvious way to cover study costs, but they’re not the only way! Looking beyond borrowed money now also means you’ll know what’s available (and how to apply for it) if you face financial tough spots later on:

• Incentives or discounts from the university, especially for returning students
• Corporate sponsorship, awards or prizes
• If you’re working and can show your studies benefit the company, your employer may contribute towards fees, but you’ll need to ask!
• Crowdfunding
• Studying abroad, or don’t have ‘home’ student status? Look online for scholarships for your nationality or location of study
• Funding by circumstance – such as grants for disabled students, those with children or travel bursaries, either from the university, Student Finance or charities
• Funding by subject or level of study, such as from the British Academy or Royal Society, or for supported careers, such as teaching. Your university will be able to tell you which organisations are relevant to you.

Once you know how much postgrad life is going to cost, check your savings, wages or funding are up to the job. While it’s pretty tempting to rush into a Masters straight after university, you may get more from the experience by waiting or working until you’ve got enough in the bank.

Double-checking the sums – and waiting until you’re financially ready – is especially important if you don’t have family cash to fall back on, have other costs to cover at the same time, or are studying overseas (where you may not have access to the funds or jobs that local students do).

You may be a postgraduate, but you’re still entitled to student discounts and special offers – and there are tons of ways to get them.

• Always ask if there’s a student discount, whether you’re buying online or in person.
• If you study in the UK for more than 15 hours a week, you’re eligible for cheaper rail fares with the 16-25 railcard. Don’t be put off by names or ages – always ask if there’s a student option.
• Remember how paying as little as possible, or getting freebies, was actually fun when you were an undergrad? You’re never too old to save money!
• If you pay to subscribe to newspapers, streaming services or for Amazon Prime, check if you can move over to the student package (and whether you can get a refund on what you’ve already paid).
• Switch down to no-frills or supermarket-own brands.
• Split your income (from wages, savings or funding) into monthly amounts that account for all your essential costs. The big challenge of undergrad life – making money last all term – is just as tricky for postgrads, so stick to your spending limits!

The road to postgraduate success is much smoother with a plan! Aim to over-budget and under-spend wherever you can, and funnel the savings into a back-up pot. Not only should that cover you for most financial situations, but you’ll have more focus and time for your studies as a result.

Ruth Bushi is an editor at Save the Student, offering advice on university finance and money saving tips for students in the UK.

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