Posted 1 day ago
Tue 17 Mar, 2026 12:03 AM
Spring has sprung - allegedly! After a challenging winter for many of us, the prospect of lighter, brighter days ahead is a welcome boost to our well-being. What better time to spring clean your finances.
Budgeting
Perhaps you're thinking about your finances for 2026/27, or still wondering whether you'll have enough money to last to the end of this academic year. Either way, why not personalise one of our colour-coded budgeting spreadsheets to help you keep track of your money. Find them all under the 'How to Plan a Budget' tab on our budgeting apps.
If you don't like spreadsheets, no problem; simply search online for a budgeting app, or your bank account might come with handy budgeting tools you can use. While it's preferable to plan a budget in advance, you can do one at any point.
Don't wait until you're in financial meltdown (with exams and coursework deadlines looming) before doing anything about your financial concerns. Book a 1:1 appointment with a Welfare Adviser to get advice about your options.
Planning your finances over a nine-month, twelve-month or summer vacation period could help you:
- Identify any overall shortfall between your income and expenditure
- Identify any individual monthly costs you could reduce
- Consider cutting back on wants (takeaways, the latest tech) rather than needs (food, bills, travel)
- Work out how much part-time work you need to do
- See if you need to request an increase in your undergraduate interest-free overdraft or postgraduate one
Housing
Your biggest expenditure, if you live away from home, is going to be your rent. If you need to find accommodation for the summer vacation and beyond, Queen Mary Housing Services can advise you on the availability of Queen Mary accommodation for the summer vacation period, as well as offering private sector housing advice. Queen Mary has signed up with Housing Hand, which provides a rent guarantor service to students. If you were unable to attend the recent Housing Fair, you can contact Housing Services directly for advice:
- Email: housingservices@qmul.ac.uk
- 📍The Housing Hub, Feilden House | Open Mon-Fri 9:30am-4:30pm
Student Bank Accounts
Home Students
If you are a home student with at least three years' UK residence, a quick way of increasing income, alongside part-time work, can be to ask your bank to switch to a student account with an interest-free overdraft. This allows you to spend extra throughout your studies up to an agreed maximum, depending on your bank, your year of study and your credit history. Check out Savethestudent's student and graduate bank accounts for overdraft amounts and how to apply.
To avoid incurring expensive fees and charges for unauthorised overdrafts, make sure you do not exceed the agreed maximum.
International Students
International students can refer to our Banking Guidance for advice about opening and maintaining a UK bank account.
Student Finance England (SFE) & Current Year Income Assessment (CYI)
The maximum amount of student finance Maintenance Loan for eligible students (normally home students) cannot usually be increased. However, if your household income has dropped this academic year by at least 15% compared to two years ago, you can request a Current Year Income Assessment. SFE will compare your household income from 2023-24 with your estimated income during 2025-26, and you may qualify for some additional student finance. The deadline for processing any CYI applications is May 31 2026.
University Financial Support Options
Queen Mary offers lots of support to enable you to focus on your studies and make the most of your student journey.
Once you've calculated your budget, if it shows a deficit in funds, why not apply to the Financial Assistance Fund (FAF). This is Queen Mary's main hardship fund.
Home students must have taken their maximum student finance loan or other statutory funding before applying. A Standard Award will consider reasonable income and expenditure, and an Exceptional Award unforeseen or exceptional circumstances. You only apply once on the same form for both types of award.
Undergraduate students should apply by Friday 17th April 2026, for a Standard Award. Applications for Exceptional Awards should normally be submitted at least 4 weeks before the end of your academic year, but if you are a continuing student, you can apply until Friday 10th July 2026, subject to funds being available.
For postgraduates and international students ending studies before 10th July 2026, applications must be submitted 4 weeks before the end of your course. Otherwise, you can apply until Friday, 10th July, subject to funds being available.
Medical and dental students can additionally apply for Medicine and Dentistry (FMD) hardship funds. Students must have applied to the Financial Assistance Fund first. Advice and Counselling's funding guidance includes a section on the extra funding available from Queen Mary. Medical and Dental students can also apply for a hardship grant from the NHS, and for students on BSc Oral Health courses, there is the possibility of an income-assessed Exceptional Support Fund payment as part of the NHS Learning Support Fund.
For more information, email: Fmd-student-finance-bursaries@qmul.ac.uk
If you need short-term help due to cashflow issues, you can apply for up to £100 Welfare Loan from the Students' Union.
You may be eligible for a £25 supermarket voucher if your living costs' funding is low. Student Experience's guidance explains more about the voucher scheme.
Postgraduate Funding
If you're graduating this year and staying on to do a Master's, why not take a look at our Postgraduate Funding guidance for helpful information on planning your finances for 2026/27.
Further Advice
As always, once you've read our guidance, don't hesitate to contact a Welfare Adviser in the Advice and Counselling Service with any funding or practical queries. You can also request an appointment for well-being support any time you need.
