The basics of money management revolve around balancing your income against your expenditure and not spending more than you have coming in. This is a skill that comes easier to some than to others and, like anything, takes practice.

Managing your money is affected by behaviours and factors that impact on your money. It comes down to a combination of:

• your ability (skills, knowledge, and past experience of managing money)
• your mindset (attitudes and motivations around money) and;
• accessibility to products and information.

These factors will all affect how you manage your money day-to-day, how you plan for future life events and how you deal with financial difficulties.

Whether you are a student or not, having money or debt issues can increase your levels of stress and anxiety; likewise if you have existing problems with your mental health this can also make managing your finances more difficult.

As well as struggling with money, you might identify other issues such as struggling with your motivation, missing lectures or seminars. Your attendance could also suffer on a work placement or in your part time work. Consequently, your overall experience of university can be affected, as well as your money. 

For some students, it may be that they haven’t budgeted well and struggle to cope financially with anything unexpected. For others it may be that they need to make significant changes to their study, which in turn will have financial implications you need to understand before making any final decisions.

Either way, finances can be difficult to deal with, but the good news is that there is a lot of information, advice and support available from the University to help you in times of difficulty or financial worry, ensuring that you’re not alone.  Speak to the Student Financial Guidance team if you have any concerns about your finances. The team also work closely with our Disability and Wellbeing support services, working together to create a package of support to help you with any other health concerns you may have. You can find their contact details at the end of this webpage.

Some of the most common issues that can affect any student struggling with money are:

• Feeling out of control, powerless or overwhelmed
• Anxiety of debt
• Isolation
• Afraid to ask for help

Some of the ways that students experiencing emotional and mental health difficulties may be affected:

• Can affect ability to undertake paid part time work
• Struggle to make informed financial decisions
• Don’t keep track of spending
• Don’t pay important bills, or open important letters
• May incur additional expense paying for treatment, e.g. Counselling
• Impact on relationships

It is important to understand that many of the above issues are quite common. On this webpage we will look at the support available to students who are struggling with any of the above issues, either directly one-to-one with an adviser or counsellor, or via specific online self-help tools.

Your money needs to cover your essential living costs; a home, heat, water and food. But money can also provide you with choices for the future. Being clear on your basic financial commitments and your goals can help you keep your finances on track.

If you are struggling with your money, for whatever reason, there are practical steps that you can take to begin to take control of your situation and help yourself.

It may seem obvious to some, but working out where you are financially can help you work out how to get to where you need to be:

• Work out what money you have coming in and when this is going to be paid to you. Also, is there a way to increase your income?
• Work out where your money is going; are there costs you could cut?
• Work out if you owe any money; to whom, and what for.
• Create a workable budget (or spending planner) to move forward.

All of this can be done by yourself using online tools, pen and paper, or with the help of our Student Financial Guidance team; whichever you feel most comfortable with. We have useful information on our website here.

As mentioned above, your finances are often neglected if you are struggling in other areas of your life. However, not managing your money could impact on you whilst at University and beyond. For example, if you don’t pay your bills you could end up in debt and this will affect your future spending. Or if you are worrying about money this can get in the way of concentrating on your course; the main reason for being at University.

If this is the case then the sooner you speak to someone who can help, the nearer you are to a solution.

If you feel that you are struggling or unhappy then speak to someone.

The subjects of ‘Money’ and ‘Mental Health’ are ones that people can view as being private and personal to them. Therefore, they are not subjects that people openly talk about a lot. Many find it difficult to admit they are struggling. It can also be easy to blame something else and miss the warning signs that there might be a problem.

However, there are confidential services within the University who specialise in helping students with exactly these types of issues.

The University of Sunderland has a Student Support suite on 1st Floor Edinburgh Building, which contains numerous support services that are free and confidential for its students. Among those services are Student Financial Guidance, Wellbeing (including Mental Health Advisers and Counsellors), and Disability Support. These services will offer lots of information, advice and guidance on student issues, including managing your money, managing your mental health, supporting you if you need help, and giving you the tools to continue to help yourself.

Why not reach out today and access the free support available to you from the university support services. Their support might make that vital difference to your current situation and help you feel and live better. Their contact details are at the end of this webpage.

Some students may wish to access support independently online, rather than face-to-face or one-to-one.

SilverCloud - 

SilverCloud is a self-help tool, that can be accessed 24/7. It is free and confidential. Programmes include space from stress, anxiety, depression, and money worries.  SilverCloud Coaching is also available 1-to-1, if you would like to work through the programmes with someone.

MoneySavingExpert -

Martin Lewis worked with mental health charities such as MIND to create a guide to dealing with finance and debts while managing mental health.

MIND –

One of the main mental health charities in the UK. A great source of information, including managing finances and student life

Find out more about our services at the Student Support Suite, 1^st Floor Edinburgh Building, on City Campus, as well as our other student support teams: https://sj.sunderland.ac.uk/

Student Financial Guidance
T: 0191 515 2284
E: studentfinancialguidance@sunderland.ac.uk

Wellbeing
T: 0191 515 2933
E: wellbeing@sunderland.ac.uk  

Disability Support
T: 0191 515 2952
E: disability.support@sunderland.ac.uk