Features: Help from the Money Doctor

Money Doctors from Roehampton University and the University of Nottingham explain how they can help you get to grips with your finances.

The Money Doctor programme was piloted by Roehampton University in 2005. There are now 67 universities offering students financial advice from Money Doctors throughout the UK.

‘Money Doctors offer advice and support to help students to understand and take control of their financial situation,’ says Alison Barnard from the University of Nottingham. ‘Once you take control you will feel more confident and that will have a positive impact on your whole student experience.’

At Nottingham, Money Doctors offer a range of advice on student funding, support funds (Access to Learning Fund) and budgeting. Advice at other universities includes debt advice, forward planning and information about tax, National Insurance and postgraduate funding.

Most universities offer students a range of online and face-to-face financial support, but as Nicky Reid from Roehampton University explains, the most important point is to seek help as soon as you find yourself in any kind of financial difficulty.

‘There are two sides to the work that we do,’ she explains. ‘On one hand Money Doctors can offer education and advice to prevent students getting into financial difficulty in the first place. On the other, we offer a reactive advice service to help students who find themselves in financial difficulty with things like banking and credit card/store card debts etc.

‘These are the main issues that we are contacted about and we suggest students come and see us as soon as they think they may be experiencing difficulties or in the worst case scenario, if things have gone badly wrong. It does not matter when you contact a Money Doctor, as long as you do.’

Alison agrees, ‘It is very important that students seek advice quickly if they run into financial difficulties. The sooner students come to see us, the sooner we can help them to sort out the problem.’

To find out if your university is participating in the Money Doctor scheme, contact your Student Support Office or see the Consumer Financial Education Body.

Financial health check

Improve the health of your finances with these money management tips from the Money Doctors:

• Forward plan. Do as much research as you can about the real costs of being a student before you get to university.
• Check that you are in receipt of all student funding you are entitled to from the Government and/or your university.
• Make a budget and stick to it. Use a daily tracker to keep an eye on your spending - you will be surprised how much you spend on the odd coffee or pizza.
• Pay your priority bills including rent, utilities and food first. After your bills are paid, that’s what you have left to budget with.
• Make a list before you shop. Stick to the list, look out for offers, and never shop on an empty stomach!
• Finally, don’t take your debit card out with you on a night out; only take the amount of cash you know you can afford to spend.