How much money should you have in order to do a masters degree?

Hello,
I'm moving into my final year in my film BA at the University of Kent next year. I want to continue studying to get a masters degree, and a PhD. Currently I'm thinking of sticking with Kent. The issue is that I never saved much when I was younger and my family isn't very well off, so I don't really have any money besides what I get from loans.

I'm hoping to work during the next year to save up some money, but how much do you think I'll need? I know there is the masters loan but I don't think that will cover both my course and the cost of living, unless I got a scholarship (which isn't impossible I guess, my grades are consistently good).

How much do you think I should have saved up to do a masters? I'm hoping I can start straight away without taking a year out but will it be likely that I'll have to take a year out to save?

It really depends on your outgoings and the cost of living in your area.

For my MA at Keele, I took out a Master's Loan but that only really covered my course fees, so I had to find other sources of income to cover my living expenses. I took some time out between my BA and my MA which allowed me to work full-time and save up some money to help support returning to university. I also continued to work part-time during my MA year, working about 15 hours a week. I also received a small tuition fee waiver and access grant from Keele, which reduced the cost of my fees and made my Masters Loan go that bit further. Between the grant, Masters Loan, savings, and part-time work, I was able to cover my basic outgoings although I had to budget very carefully.

In terms of grants and studentships, there are some around but they do tend to be few and far between for Masters-level study. PhD studentships, although still very competitive, are much more common. That isn't to say that it's impossible to get some support and it is worth speaking to your university to see what might be on offer to you as an alumni. As I mentioned, Keele had a couple of bursaries that I was eligible for and those helped to reduce my course fees, which in turn left more of my Master's Loan for supporting living expenses.

There's some good advice on funding options for postgraduate study at https://www.prospects.ac.uk/postgraduate-study/funding-postgraduate-study and https://www.findamasters.com/guides/masters-funding-guide.

Other than that, my main advice would be to sit down and work out a monthly budget to see if further study is going to be affordable (and how much income you'll need to cover your outgoings). Make sure you factor in course fees, rent/mortgage, utility bills, food, course books & other resources (bear in mind that, as a Masters student, you may need to budget for fieldwork and/or conference attendance, depending on your course, although universities sometimes have pots of money to help with the associated costs), the cost of commuting, phone/internet bills, TV license/any TV services, council tax (if applicable), and socialising/sports/other activities.

Be realistic with your budget: even if you're being frugal, it's unlikely that you're going to give up all socialising and live off value beans for the year. That said, it's also worth working out what you currently spend that, if necessary, can be cut to help you begin saving (i.e., can you renew a phone contract on a lower monthly fee rather than upgrade to a new handset, if your university has access to Box of Broadcasts (or a similar service) do you really need to pay for a subscription TV service etc.). The sooner you can start setting a little bit aside (even if it's just a few pounds a week), the better as, if possible, it's good to have a little money for emergencies if the unexpected happens.

There's some good budgeting tips (and a free budget planner) at https://www.moneysavingexpert.com/banking/budget-planning/ and https://www.savethestudent.org/save-money. It's also worth speaking with your university's Student Services and Students Union as they might have access to other budget-planning and financial services. At Keele, for example, we have access to Blackbullion's financial advice portal, which has lots of free financial advice and planning tools.

My final tip is to maximise the potential for free stuff and reductions offered by schemes such as TOTUM, StudentBeans, Unidays, Waterstones Student, Student Art Pass, Student Railcards, and other student discount portals. You can still access most of these as an MA and a PhD student, and they can make a real difference. TOTUM, for example, currently offers 10% off at Co-operative supermarkets, whilst I use my StudentBeans discount to get 10% off books at online bookshop Hive, and the Student Art Pass gets me access to lots of exhibitions up and down the country for £5 a year, making for multiple cheap days out. If you get familiar with the discounts on offer, it's possible to make some really excellent savings and drive costs down. Considering the rising costs of higher education, having sufficient funds for a master's degree is crucial. It's essential to plan ahead, explore scholarship opportunities, and consider alternate financing options. Stay updated on valuable resources like https://icoholder.com/en/nft to explore innovative ways to fund your academic aspirations. Remember, financial preparation is key to unlocking the doors of knowledge and personal growth. #EducationFunding #MastersDegree #NFTs






TLDR: It depends on your individual circumstances but the key thing is to make a budget and work out your monthly outgoings and the income you need to cover that. Speak to your SU and university Student Services to see if they have services that can support you. Make the most of student discounts!

Hope that helps!

Amy Louise
Student Ambassador, Keele University