Applications for our Postgraduate Awards are open until 7 March 2022. This article will help you with the part of the application asking for information about your financial need and budget
In these sections we ask for specific financial information.
You should provide your planned expenditure and any confirmed or unconfirmed funding you hope to receive over the course of your next year of study. Your costs should be converted to yearly costs.
Top tip: A common mistake here is to include a mix of monthly, weekly, daily and yearly costs, however this will not give us an accurate picture of your financial need.
For example, if your rent is £500 a month, you should work out what this will cost in total for the year- (£500x 12 months= £6,000.)
How to list out income and expenditure
Please provide us with a figure for each income and expenditure item. If an item is not applicable to you, then put 0 next to this line.
The application form will ask you to indicate figures for the following income lines:
- Student Loan
- Family Support
- Scholarship from your institution
- Bursary from your institution
- Other bursaries/awards/grants
- Personal savings
- Non-music related income
- Music related income
- Other income
The application form will ask you to indicate figures for the following expenditure lines:
- Course fees
- Maintenance (ie. Bills, phone, internet, TV)
- Instrument maintenance
- Study materials (text books/ sheet music)
- Accessibility costs
- Other expenditure
You can include rough estimates if you are unsure how much something will cost, or how much income you will receive, however please indicate how you have worked this figure out in the notes section. Make sure your costs are realistic. The more information you can provide on each income and expenditure line, the better.
Why this is important
Once you have completed all of your expenditure items and income, you will expect to see a shortfall figure which is automatically calculated for you. This is your total income minus your total planned expenditure for the year.
This figure will give us an idea of how much financial support you still require. You should address this shortfall in your written or video response with how you hope to fund your studies. Do not be afraid to mention any potential or agreed financial support you might be receiving from other sources or organisations..
In your written or video response you should detail any hardships you might face in financing your course and how receiving support from Help Musicians will make a difference to your financial situation. For example, if you are currently working 20+ hours a week on top of your studies in order to fund your course- will an award enable you to cut your working hours down so that you can focus more on your studies?
Don’t forget you can always sign up for a 1:1 support session if you want to go through your financial details prior to submissionBack