Budgeting

Most students have to live on a limited income while at university, so it’s essential that you are prepared by getting your finances in order before you arrive, and making a realistic spending plan at the beginning of each year.

Did you know that over 76% of students wished they’d learned more about personal finance and money management before they graduated? That's why we've put together a guide on how you can plan your finances, and some tips on how to save money and still have fun.

How to budget

Budgeting your time, energy and money will help to prevent money worries and help you get the most out of your student experience.

It’s really important to draw up and keep to a realistic budget. If you don’t you could get confused over how much money you have coming in and going out. It’s important to work out your budget before you start your studies to make sure you have enough money to live on.

Your student loan will come in three instalments. Planning your budget will help you ensure that your payments cover all the essentials, such as rent, food and other expenses. 

Plan your budget in 3 simple steps

1. Figure out your income

   Add up your maintenance loan, any bursaries you receive, money from family members if they send you money regularly and any regular income you get from a part-time job.

2. Identify the essentials

   Put aside the money you need for essentials like rent and utility bills (if in private accommodation). You'll also want to consider food and travel costs, plus any essential committed spending, such as your mobile phone bill.

3. Calculate what's left over

   Divide what you have left by the number of weeks the money will need to last. This will be they money you have to save, spend on socialising or buying non-essential items. We also highly recommend that you use your overdraft for emergencies only.

Budget extras

Alongside academic essentials you may have to purchase, there will be other things you should remember to include that you might not have thought about. For example, you might want to ask yourself:

• How often will I want to travel home to see family and friends?
• Will I want to join a gym, or a club that could cost money on a regular basis?
• Will I want to use any paid online entertainment services for TV, music or gaming?
• What kind of self-care do I want to keep up with, such as haircuts or beauty treatments?

You will also need to consider the cost of securing your accommodation for the next academic year, as you may need to pay a deposit to letting agencies in the spring/summer terms to ensure that you have somewhere to live next year.