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► Expenditure

 Expenditure

Renting Private Accommodation
Leases with private landlords are likely to be for either the academic session or twelve months, with either full rent or half-rent liability for the summer vacation. You can obtain lists of reputable private landlords from the Students’ Union service.

The following are useful tips which you should bear in mind:

• check your lease for unreasonable clauses.
• be aware of what is and is not covered by your rent (e.g. water and sewerage).
• be prepared to pay a deposit against damage upon signing - normally this is one months rent.

Before starting your tenancy 

• make sure all meters have been read and that you are starting payment from the date of entry
• check whether all those sharing the accommodation are students who are exempt from paying Council Tax. If there is a part time student or person in full-time employment renting the same accommodation you will all have to pay a contribution towards the Council Tax.An exemption certificate can be obtained from the Finance Office when you have registered at the College.
• Sharers should agree from the outset how they are going to budget and pay for shared facilities (telephone, television & licence, video, washing machine) and shared utilities (electricity, gas, water).

Remember to cancel all agreements when you vacate the property. Ensure all the meters are read and you receive a settlement account.

A detected non-payment of a TV licence will result in a £1000 fine plus the purchase of the licence.

Taking out Contents Insurance is a wise precaution against loss in a situation where you have little control over visitors. The Students’ Union will provide you with the necessary information on reputable companies.

Food & Toiletries

Shop economically, but with a balanced diet in mind. Convenience foods are more expensive, particularly ready-made meals. Don’t shop when you are hungry.

Travel
Purchase student travel passes available from the local bus/coach companies. If appropriate, purchase a Young Person’s Travel/Rail Card. Most students at the College live within walking distance.

Social/Leisure/Entertainment
This is a justifiable item whether you are participating in sports, belong to a Union club, going to the cinema, concerts, theatre or just socialising. However, living a Student Loan, you will soon realise that you will have to be prepared to spend very cautiously. Take advantage of student discounts.

Contingencies 
It is useful to provide for the unexpected in your budget, e.g. an extra journey home, extra equipment, medical prescriptions, dental care or regular incidentals that can mount up, e.g. newspapers, birthday cards/presents for friends and family, Christmas and holidays. Medical costs can also arise. All 
residents in Wales are eligible for free NHS Prescriptions up to the age of 25 but other medical costs may have to be met, including Eye Tests and Dental Check-ups.

Books and specific course requirements
Wait until your course is underway, then you will have a better idea of which books/equipment are really necessary. Some books may be available in the library or you may be able to share the costs with a friend or buy them second hand. Ask your department about the ‘hidden’ costs of your course.

Clothes and luxury goods
If clothes are your sole responsibility, try to make provision on a regular basis, assess your basic needs over the year and divide them into weekly savings.

Mobile Phones
Many students have the luxury of a mobile phone. Please be careful about the type of contract you may sign for such an item and also carefully monitor the amount of use. Mobile phone bills can mount up quickly and, if you have not budgeted for this expense, you may be caught unawares. Mobile phones should probably be treated as a luxury and not a necessity.

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