Money events

We need you! (Plus your chance to win money and prizes!)

From the 11-22 November, our university will compete against other campuses nationwide to become Money Smartest 2024. The Unibattle is a competition run by our partners, Blackbullion, who love it when students know all about the way money works. They’ve challenged us to prove that our students are the best!

Prepare yourself for the battle. Focus your mind on money matters and start exercising those fingers so they are at full fitness for our most significant challenge, the right for the University of Essex to be crowned Money Smartest 2024!

Where to find us

11 Nov 11 am-2 pm Ground floor of Silberrad Student Centre

12 Nov 11 am-2 pm Ground floor of Albert Sloman Library 

14 Nov 11 am- 2 pm  Colchester Campus Square 4

The funding team and Blackbullion have a yummy treat just for you! Swing by the Colchester campus on Thursday, November 14, and grab a free Krispy Kreme doughnut!  All you need to do is sign up for the Blackbullion Money Manager App and show us that you’re an active user.

Loughton and Southend campus friends! If you’re feeling a bit left out, don’t worry at all! You still have a chance to win some awesome prizes through Blackbullion.

What you need to know

• You could win prizes such as air pods, laptops and cold hard cash every day you participate
• Register with Blackbullion to ensure you are ready to earn points from Day 1

How do I get involved? 

1. Login to Blackbullion - you can download the app (App Store) (Google Play Store) 
2. Complete video lessons - the more lessons you complete the more points you earn, and the more chances you have of winning prizes! 

If you have not already, register with Blackbullion and create your account. As a University of Essex student you have free access to the Blackbullion online financial learning platform, where you'll find lessons and budgeting tools to help you improve your financial wellbeing. 

Already have a Blackbullion account but know someone who doesn't? Share your referral code link from your Blackbullion account and earn extra points when they sign up! 

Daily prize draws

Monday 11 November -  Apple airpods (2nd gen)

Tuesday 12 November -  £100 Netflix or Spotify gift cards

Wednesday 13 November -  £50 emergency cash boost

Thursday 14 November -  Stanley cup

Friday 15 November -  Air fryer

Monday 18 November -  £50 COOK voucher

Tuesday 19 November  - ASUS chromebook

Wednesday 20 November -  Stanley cup

Thursday 21 November -  'Who gives a crap' bulk toilet roll

Friday 22 November -  £50 savings boost

Join us at the University of Essex for Talk Money Week—a nationwide campaign focused on breaking the taboo around money discussions, empowering students, and fostering financial well-being. This year, we’re hosting pop-up events across campus to create a welcoming space for all financial questions.

Event Details

Meet us at Colchester:

• Essex Sports Centre Reception Monday 4th November 11am and 1pm
• Silberrad Student Centre Friday 8th November 11am and 1pm
  

This year's theme, "Do One Thing," encourages small steps such as checking in on financial goals, setting a budget, or using a free online calculator to significantly enhance financial well-being.

Returning students 2024-25

Student finance applications

Before diving into the excitement of summer, it's essential to ensure your finances are in order for the new academic year ahead.

By taking the time to complete your SFE application during the summer break, you'll set yourself up for financial stability and peace of mind as you embark on your university journey.

Re-applying for finance is quick and easy - log into your online government account using your existing signing in details, click on undergraduate student finance applications, and click re-apply. Make sure your details are still correct before you submit your application.

The recommended deadline for continuing students is June 2024 which will make sure you receive your loan in time for the new academic year. If you apply after this date, your money may be late.

Applications normally take around 6-8 weeks to process but please check your online account regularly for any updates or in case you need to provide additional evidence.

Have your circumstances changed?

If your circumstances have changed such as your household income, course or course length then you can update your situation when you reapply. Please contact the funding team if you need any assistance with this.

Student Finance England – ‘How to’ guide

This guide will provide you with answers to the most common questions that undergraduate students are currently asking us.

Repeating an academic year

For further guidance regarding repeat years funding visit our Student Finance England page which contains lots of information regarding repeating academic years and how it affects your student loan application and more.  

Please visit Student Finance England Funding on our pages for more information.

Summer job

Summer break isn't just a time for relaxation; it's also an excellent opportunity to gain valuable work experience, develop new skills, and earn some extra cash. Whether you're looking for part-time positions, seasonal work, internships, or volunteer opportunities, there's something out there for everyone.

Benefits of summer jobs

• Work experience: Summer jobs provide an opportunity to gain practical work experience and develop transferable skills such as communication, teamwork, and time management.
• Financial independence: Earning money during the summer break can help cover expenses such as textbooks, and living costs during the academic year.
• Networking opportunities: Summer jobs allow you to meet new people and expand your professional network, which can be beneficial for future career opportunities. Personal growth: Summer employment challenges you to step out of your comfort zone, take on new responsibilities, and develop confidence and independence.

Making the most of your summer job

• Set goals: Determine what you want to achieve from your summer job, whether it's gaining specific skills, earning a certain amount of money, or making new connections.
• Take initiative: Show enthusiasm and initiative in your role by taking on additional responsibilities, volunteering for new tasks, and seeking opportunities for growth.
• Build relationships: Take the time to build relationships with your colleagues and supervisors. Networking can open doors to future opportunities and mentorship.
• Reflect and learn: Reflect on your summer job experience and identify what you've learned and accomplished. Use these insights to inform your future career decisions and aspirations.

Balancing work and leisure

While summer jobs offer numerous benefits, it's essential to strike a balance between work and leisure to avoid burnout. Schedule time for relaxation, socialising, and pursuing hobbies and interests outside of work. Remember that summer break is also a time for self-care and rejuvenation.

By seeking out diverse summer job opportunities and approaching them with enthusiasm and a positive attitude, you'll not only make the most of your summer break but also gain valuable experiences that will serve you well in your future endeavours. So seize the opportunity, explore different roles, and embark on a summer job adventure that's both fulfilling and rewarding.

Savings

Managing your finances effectively is crucial for a smooth transition to university life and beyond. Use the summer break to establish healthy saving habits that will serve you well throughout your academic journey and beyond.

Remember that saving money is a long-term commitment, and small steps taken now can lead to significant financial rewards in the future. So take control of your finances, set clear goals, and watch your savings grow over time.

Setting financial goals

Before you start saving, it's essential to set clear financial goals. Consider what you're saving for, whether it's covering tuition fees, accommodation costs, travel expenses, or building an emergency fund. Setting specific, measurable, and achievable goals will help you stay motivated and focused on your saving efforts.

Automating your savings

Consider setting up automatic transfers from your current account to a savings account each month. This way, you can pay yourself first and ensure that a portion of your income goes towards savings before you have a chance to spend it. Treat your savings like any other essential expense, and make it a priority in your budget.

Exploring investment options

Once you've built up your savings, consider exploring investment options to make your money work harder for you. Look into savings accounts with competitive interest rates, individual savings accounts (ISAs).

New budget

By carefully planning your income and expenses, you can ensure that you have enough funds to cover essential costs while still enjoying your university life to the fullest. At its core, a budget is a financial roadmap that helps you manage your money effectively. It involves balancing your income with your expenses, ensuring that you live within your means and work towards your financial goals.

Importance of creating a budget for University life

University life brings its own set of financial challenges, from tuition fees and accommodation costs to textbooks and social activities. A budget helps you navigate these expenses and make informed financial decisions, setting you up for success both academically and financially.

Compare with previous year's spending

By comparing your previous year's spending with your budget, you'll gain valuable insights into your financial habits and behaviours. Use this information to create a more accurate and realistic budget for the upcoming year, allowing you to take control of your finances and achieve your financial goals.

Tools for budgeting success

Fortunately, there are numerous tools and resources available to help University of Essex students create and maintain a budget. Two such resources are Blackbullion and Save the Student.

Blackbullion app

The ultimate solution for University of Essex students to take control of their finances with confidence. With all your accounts in one place, the app provides a comprehensive view of your spending, allowing you to manage your money effectively and efficiently. Plus, with secure open banking connections, you can connect all your accounts effortlessly, giving you total visibility and peace of mind over your financial well-being. And the best part? The app is completely ad-free, with no in-app purchases, and offers great rewards for your financial diligence. With custom categories and personalization options, managing your money has never been easier. Say hello to financial freedom with the Money Manager app.

Save the Student

Save the Student is a website dedicated to helping students make the most of their money. The Student Budget article provides great alternative and tips on creating a successful budget which include spreadsheets to alternative apps.
Creating a budget may seem daunting at first, but the rewards far outweigh the effort. By taking control of your finances and making informed decisions about your money, you can achieve greater financial stability, reduce stress, and work towards your long-term goals. With resources like Blackbullion and Save the Student at your fingertips, there's no better time to start budgeting than now. Your future self will thank you for it.

New job once at University

Part-time employment during university can be a valuable experience, providing opportunities to develop new skills and earn extra income.

Seeking support

Get the most from your Essex experience by tapping into our professional careers service and support. The Careers team provides help and advice to help you develop your skills, find opportunities and gain experiences throughout your time at university and beyond.
Essex Careers Services is not part of any combined careers services and has a wealth of expertise to meet the needs of an Essex student.

Essex CareerHub

Essex CareerHub includes our free vacancy board advertising a range of opportunities, including part-time jobs, internships, placements, and graduate roles. Log in using the first part of your Essex email (you don’t need the @essex.ac.uk bit!).

Preparing to finish university – what to do next

As you approach the end of your university journey, a mix of excitement and uncertainty might fill your thoughts. What should you do after graduation? How do you navigate the transition from campus life to the professional world? Here’s a guide to help you prepare for life after university:

1. Start Your Job Search Early: Don’t wait until after graduation to kickstart your job search. Begin applying for jobs several months in advance. Attend career fairs, utilize your university’s career services, and network with professionals in your field of interest.

2. Tailor Your CV and Cover Letters: Customize your CV and cover letters for each job application. Highlight your relevant skills, experiences, and achievements that align with the job requirements to stand out to potential employers.

3. Build Your Professional Network: Networking is crucial for career success. Attend industry events, join professional organizations, and connect with alumni from your university. Building a strong network can open doors to job opportunities and provide valuable career advice.

4. Consider Further Education or Training: If you’re unsure about your career path or need additional qualifications, explore options for postgraduate degrees, certifications, or vocational training programs.

5. Manage Your Finances: Create a budget and plan for living expenses, loan repayments, and potential relocation costs. Seek advice from financial advisors to ensure you’re making informed decisions about your finances.

6. Embrace Flexibility: Be open to entry-level positions, internships, or temporary roles to gain experience and build your professional profile, even if they’re not your dream job initially.

7. Seek Out Mentors: Identify professionals in your desired field who can provide guidance, advice, and support as you transition into the workforce.

8. Practice Interview Skills: Prepare for interviews by researching common questions, practicing your responses, and seeking feedback from career advisors or mentors.

9. Be Patient and Persistent: Finding the right job takes time, so stay motivated and persistent in your job search. Learn from rejections and continue improving your application materials and interviewing skills.

10. Consider Entrepreneurship: If you have a business idea or entrepreneurial ambitions, explore resources and support available for starting your own venture.

Leaving university is a significant milestone, but it’s also the beginning of an exciting new chapter. Embrace the challenges and opportunities ahead with confidence and determination.

Your student bank account – what to do next

As you prepare to leave university, it’s essential to consider the next steps for your student bank account:

1. Switch to a Regular Current Account: Most student bank accounts have an age limit or require you to be enrolled as a student. After graduation, you’ll likely need to switch to a regular current account.

2. Check Your Overdraft Facility: If you have an overdraft facility with your student account, understand the terms and conditions. The overdraft limit may be reduced or removed when you’re no longer a student.

3. Understand Interest Rates: Many student accounts offer an interest-free overdraft period, which may end after graduation. Be aware of the new overdraft charges and interest rates that will apply to your account.

4. Provide Proof of Address: When switching to a regular current account, you may need to provide proof of your new address. Student accommodation may no longer be accepted as a valid address.

5. Explore Graduate Accounts: Some banks offer special graduate accounts with benefits for a limited time after graduation. Research and compare different accounts to find the best option for your needs.

6. Be Aware of Fees: Regular current accounts may have different fees or requirements compared to student accounts. Understand any monthly fees, minimum balance requirements, or other charges.

It’s essential to notify your bank well in advance of your graduation date to facilitate a smooth transition to a new account.

Student loan repayment

If you financed your course with a government-backed student loan, here’s what you need to know about repayment:

• Repayment typically begins in April four years after the start of your course or the April after you leave your course, whichever comes first.
• You’ll start making repayments if your income is above the repayment threshold, which is £21,000 for postgraduate loans and £27,295 for undergraduate loans.
• Your monthly repayments will be based on your income, not the amount you borrowed.
• Student loan repayments are automatically deducted from your salary by your employer, similar to taxes.
• Notify the Student Loans Company of any changes in your circumstances, such as a drop in income.
• Remember, student loan repayments are designed to be manageable based on your income, and the loans are written off after a certain period.

For more information on student loan repayment, visit the Save the Student website.

As you prepare to finish university and embark on your next chapter, remember that this is just the beginning of an exciting journey. Stay proactive, seek support when needed, and embrace the opportunities that come your way. Your future is full of potential—make the most of it!

From Monday 22 April to Friday 26 April 2024 our partners Blackbullion are running Money Week. They will be offering lots of practical tips, guidance and online resources designed to help you manage your money more effectively, including limited edition Blackbullion playing cards.

No matter how good or bad you are at managing your money – there's something for everyone. Find out everything you need to know about Blackbullion Money Week 2024.

National Student Money Week is an annual campaign created by the National Association of Student Money Advisers to raise awareness about the money advice and support available to students at University and beyond.

This year’s National Student Money Week focuses on Less Risk More Reward. 

The reward of creating a budget

Managing your finances can often feel like navigating a maze with no clear exit. The costs of tuition, accommodation, and daily living expenses can quickly add up, leaving many students feeling financially stressed. However, there's a simple yet powerful tool that can help you take control of your money and alleviate some of that stress: creating a budget.

Why budgeting matters

Budgeting is not just about restricting your spending; it's about making informed decisions about where your money goes. By creating a budget, you gain visibility into your income and expenses, allowing you to prioritize your spending according to your needs and goals. Whether you're saving up for new shoes, aiming to pay off accommodation, or simply trying to make ends meet, a budget is your roadmap to financial success.

Register and dive into the Blackbullion Budgeting 101 video and pathway. This resource is designed to equip you with essential financial management skills that will serve you well throughout your life.

The benefits of budgeting

1. Financial Freedom: When you know exactly how much money you have and where it's going, you feel more in control of your finances. This sense of control can lead to greater financial freedom and peace of mind.
2. Debt Reduction: For many students, student loans and credit card debt can feel overwhelming. By creating a budget and allocating funds towards debt repayment, you can gradually reduce your debt burden and work towards a debt-free future.
3. Savings Goals: Whether it's an emergency fund, or a travel fund, budgeting allows you to set aside money for your savings goals. Even small contributions can add up over time, putting you closer to achieving your dreams. 1p Saving Challenge.
4. Reduced Stress: Financial stress can take a toll on your mental and emotional well-being. By creating a budget and sticking to it, you can reduce anxiety about money and focus your energy on other aspects of your life, such as your studies and personal relationships.

Tools for budgeting success

Fortunately, there are numerous tools and resources available to help University of Essex students create and maintain a budget. Two such resources are Blackbullion and Save the Student.

1. Blackbullion App: the ultimate solution for University of Essex students to take control of their finances with confidence. With all your accounts in one place, the app provides a comprehensive view of your spending, allowing you to manage your money effectively and efficiently. Plus, with secure open banking connections, you can connect all your accounts effortlessly, giving you total visibility and peace of mind over your financial well-being. And the best part? The app is completely ad-free, with no in-app purchases, and offers great rewards for your financial diligence. With custom categories and personalization options, managing your money has never been easier. Say hello to financial freedom with the Money Manager app.
2. Save the Student: Save the Student is a website dedicated to helping students make the most of their money. The Student Budget article provides great alterative and tips on creating a successful budget which include spreadsheets to alterative apps.

Creating a budget may seem daunting at first, but the rewards far outweigh the effort. By taking control of your finances and making informed decisions about your money, you can achieve greater financial stability, reduce stress, and work towards your long-term goals. With resources like Blackbullion and Save the Student at your fingertips, there's no better time to start budgeting than now. Your future self will thank you for it.

Gambling on your future

Gambling is the act of wagering money or valuables on the outcome of a game, contest, or other event with an uncertain result – is a common recreational activity enjoyed responsibly by many people. However, for some, gambling leads to significant problems that can negatively impact major areas of life. As a student, it is important to understand the line between responsible and problematic gambling, recognise signs of unhealthy gambling behaviours, and know how to get help if gambling becomes unmanageable.

Gambling does not need to be a full-blown addiction to cause disruption and harm. Problem gambling refers to any pattern of gambling behaviour that causes damage to one’s life or the lives of loved ones. Even occasionally borrowing money to gamble, lying about time and money spent gambling, neglecting other responsibilities to gamble, or gambling when feeling distressed can indicate a gambling problem. Other red flags include trying to win back losses by gambling more (chasing losses), getting irritable when attempting to cut back on gambling, and having obsessive thoughts about gambling.

Why gamble?

Several interconnected factors influence gambling problems, including biological, psychological, and environmental causes. Biologically, gambling activates the brain’s reward system and releases dopamine, creating pleasurable effects that can become addictive to vulnerable individuals. Psychologically, mental health conditions like depression, anxiety, impulsiveness, and substance abuse problems increase the risk for compulsive gambling. The environment also plays a key role, as easy access to gambling opportunities and the normalisation of gambling by peers or family make problematic behaviours more likely to develop.

Left unchecked, unhealthy gambling takes a severe toll on the gambler and loved ones. Financial devastation through accumulated debt and bankruptcy is unfortunately common. Isolation, trust issues, and breakups frequently damage relationships. Legal problems, lost jobs, and dropping out of school can derail careers and education. Underlying mental health conditions like depression and anxiety also worsen. Tragically, problem gambling has one of the highest suicide rates among addictions.

The video features Nick, a former student who bravely shares his story of battling problem gambling. Nick reveals his struggles during the peak of his addiction, where he lost around £50,000.

How to get help

If you recognise signs of problem gambling in yourself or a loved one, know that help is available through many pathways:

• talking to a counsellor, advisor, or therapist such as via the Counselling Directory
• joining a peer support group like Gamblers Anonymous
• using self-exclusion programmes to ban yourself from gambling locations
• exploring medication options that treat underlying mental health factors, such as discussing your situation with the NHS
• cognitive behavioural therapy to change unhealthy thought patterns around gambling.
• developing healthier coping strategies and lifestyle changes

Problematic gambling often starts out innocently before spiralling out of control. As a student, be vigilant for warning signs, stay aware of campus gambling risks, and don’t hesitate to seek help if gambling becomes unhealthy. Resources exist to overcome gambling problems – there is hope for regaining control and getting your life back on track.

Advice sources

There are organisations throughout the country that have been offering support to people affected by gambling for many years and have a wealth of information they want to share. We have pooled together a small selection of articles most relevant to our student body. Please follow the links below to find some helpful information.

• Responsible gambling for young adults
• Tackling problem gambling and debt
• My partner has a gambling addiction – what should I do?
• Why gambling isn’t the answer to the cost of living crisis

Supporting your health and wellbeing

We understand university life can be demanding and stressful, particularly when you may have financial worries, and we want to ensure you receive the appropriate emotional and mental wellbeing support. Our Student Wellbeing and Inclusivity Service (SWIS) provides free, confidential help and guidance for any concerns that you might have during your time at Essex. They can advise and signpost you to the support available for mental and emotional health, disability support, academic concerns, financial worries, and accommodation issues.

The risk of buy now, pay later

Klarna and Clearpay etc. are what are known as "Buy Now, Pay Later" (BNPL) programmes, which you might have already heard of or used. It allows you to spread the cost of a purchase over a few instalments when you might not be able to afford the total cost straightaway. However, it doesn’t mean that you get to pay any less for the items you are buying, just that you have longer to pay for them in full.

BNPL services often entice users with promises of instant gratification and flexibility. With just a few clicks, you can acquire the latest gadgets, fashion items, or even pay for services without parting with your cash up front. However, this convenience can quickly spiral into a cycle of debt if not managed responsibly.

Failure to make timely payments on BNPL platforms can negatively impact your credit score if not paid. This can affect your ability to secure loans, mortgages, or even future employment opportunities. In addition, some BNPL providers may impose hidden fees or high-interest rates for missed payments or late fees and add to your financial burdens.

Why not “buy now, pay later”?

The one thing you should always remember is that any financial service like a BNPL scheme, can be used with success if you are careful and know for sure that you can afford to make the repayments asked of you, without putting yourself into financial difficulty.

Always consider if you would have bought the item through BNPL had it not been for the lack of a payment choice.

If the response is negative, you might perhaps pause and wait to make the purchase.

When is buy now pay later a bad option?

There are key warning signs to watch out for and avoid:

• You regularly use a credit card or overdraft to cover daily costs like groceries or petrol
• You're late paying bills or making repayments
• You're worried about money
• You're juggling multiple debts on a low-income
• You hide or avoid looking at bank statements, receipts and bills
• You've had warnings from a lender, bailiff or a legal organisation.

When is buy now pay later a good option?

You have a budget plan, you’re aware of your income and expenses, and you can stick to your plan.

You rarely make compulsive spending.

Before making a purchase, especially for non-essential items, you take some time to consider whether it’s a want or a need. Delaying gratification can save you money in the long run.

Your loan or debt is under your control.

Advice sources

For further understanding of buy now pay later services, Blackbullion offers clear explanations, while Save the Student focuses on safety concerns with Klarna. The Conversation delves into Klarna's marketing strategies. To manage impulse spending, BetheBudget provides practical tips. These diverse sources equip individuals with essential insights for navigating BNPL services wisely.

The Big Questions podcast delved deep into the complexities of university finances, providing practical tips, expert insights, and real-life experiences to empower students in navigating their financial journey at the University of Essex.