Knowing how much money you have coming in and going out will help you avoid overspending.
Add up the all the money you receive, including your student loan and any money you get from part-time work, your parents or family.
Look at how much of your money goes on essentials such as rent, food and household bills. Then make a note of what you spend on things like travel, books, clothes, laundry and socialising.
If you can't see where all your money is going, try keeping a diary of everything you spend, noting every item and the cost.
Once you know how much money you have coming in and going out, work out the difference. If you're spending more than you have coming in, it's time to make some tough decisions.
Our sample budget for a first-year student (2019/20) might help you work out how to balance your money:
| Incoming money (40 weeks) | Outgoing money (40 weeks) | ||
|---|---|---|---|
| Tuition fee loan | £9,250 | Tuition fees | £9,250 |
| Maintenance loan | £11,672 |
Accommodation (£145/week) | £5,800 |
| Part-time work (£100/week) | £4,000 | Household bills (£35/week) | £1,400 |
| Food and housekeeping | £2,800 | ||
| Laundry | £250 | ||
| Phone | £500 | ||
| Books and equipment | £500 | ||
| Travel |
£500 | ||
| Visits home | £300 | ||
| Entertainment | £1,400 | ||
| Total: | £24,922 | Total: | £22,700 |
There are several free budgeting apps available for both iOS and Android – check out your app store for details.
Student Life Advisers
Tel: +44 (0)20 8417 7312
Student Life Advisers
Tel: +44 (0)20 8417 7312