Budgeting

As a student on a limited income you have to be very careful with your money. Being able to manage your finances as a student is very important and it is also important that you start learning to budget for bills, books, food and other essentials to avoid piling up too much debt. Remember you will most probably get your funding in instalment. That’s why it’s important to plan how you are going to spend your money. The money should last you until the end of term.

If you are coming to university straight from school or sixth form college, we would advise you to draw up a budget with your parents as they need to appreciate the level of expenditure involved.

Download a budget sheet

If you need help with putting together a budget, or need financial advice on managing your money, please ask to speak to our Money Adviser.

Here are some tips that will help you make your money last:

  • Spend time planning
  • List essential expenditure
  • Keep a record of everything you spend – this helps identify regular /occasional spending patterns
  • Plan for extra expenditure such as start of year costs/ special occasions / family birthdays etc.
  • Pay for as much as you can when you receive your Student Loan instalment such as rent for the whole semester, tuition fees and bills.
  • Buy second hand such as books
  • Remember the library, don’t be tempted to buy all the books on your reading list
  • Remember your student discount cards
  • Get a student bank account if you have not already got one
  • If you need to borrow money then use only interest free overdraft facilities but don’t exceed your overdraft limit without prior agreement.
  • Avoid using credit cards and store cards