Budgeting for university can be really tricky, especially as most of us have never done it before. As a third year, I have a few tips I hope will help anyone looking for uni budgeting advice.
Do some research. There are loads of helpful websites which help explain the things you need to factor in to your budget in a much more helpful and professional way than anyone can advise you on Student Room. Just type in 'how to budget at uni' on Google and lots of useful relevant websites will come up. Some examples of useful websites are:
https://www.ucas.com/ucas/undergraduate/finance-and-support/managing-money/student-budgeting-tips - This website helpfully lists all of the things you need to bear in mind when managing your income and expenditure.
http://university.which.co.uk/advice/student-finance/student-finance-budgeting-things-to-remember- Again this website lists the most important and costly uni expenses.
Buy a simple calculator and budget notebook. This might sound patronising but speaks for itself really. Please don't rely on your brain to work out your finances. Brains are always capable of human error, calculators are not. :P You can also get finance books/budget planners in WHSmiths or Tesco. They're basic notebooks/planners but do help. You could even make one yourself with squared paper, or just use a cheap lined notebook. Again if you're really struggling to work it out on your own, the internet is your saviour. There are lots of websites which can help you work out your budget.
https://www.ucas.com/ucas/undergraduate/finance-and-support/budget-calculator- Another UCAS website, this one is a calculator. All you do is type in the amount of money you will earn/spend next to the relevant subheadings and it will work out your budget for the year. Remember that your budget may change - you might spend more/less than you expect on certain things. You may well get larger loans in second and third year too.
Open a student bank account. I recommend Santander. They have a large overdraft on their student account (that is, the amount of interest-free money that you can borrow from the bank), you get a free 16-25 railcard, and the interest rate is okay. They also tend to have branches everywhere. But it is worth researching the area your uni is in to see if there is a branch around as you may need to pay in cheques or query something at some point.
Determine your income and expenditure. I must stress that this is going to be different for everyone. There are many factors to take into account including whether you are commuting from home or living in halls. If living in halls or off-campus you need to know how much rent you will be paying and work out how much of your maintenance loan will be spent on that rent. (Halls rent tends to lump rent and bills together into one payment per month or per term, but this varies from uni to uni.) Additionally, you'll spend a lot more money on food if your halls accommodation is self-catered.
In my personal experience, my maintenance loan has only ever covered my rent and bills but none of my other expenses like food, books, etc. For universities in London, accommodation will be more expensive, but your loan may be slightly bigger - you need to work out how much of your loan will be left over after you have paid your rent, bills and/or transport costs. Sometimes you will have money leftover, but this is generally not a lot (especially now grants/bursaries are being scrapped). Most students prefer to get a part-time job during their studies as an extra income for these expenses. Other students may get money from their parents. It depends on the individual and it's really worth doing the research. Here's a list of things to consider (but let me stress again that it's worth checking out official websites as they are more helpful than me!)
Income- How much is your maintenance loan?
- Will you have a part-time job? How much will you earn?
- Will your parents provide any money for you?
Expenditure- Rent
- Commuting costs/ transport costs - it is really worth getting a 16-25 railcard which gets you 1/3 off rail fares. If you have a car, then the relevant costs such as insurance and petrol.
- Bills (water, gas, electric, wifi, TV license, phone)
- Insurance (my off-campus insurance is helpfully included in my parents home contents insurance, but if you have none it might be worth considering, especially if moving to London or somewhere that has a high crime/burglary rate.)
- Books (get second hand books or borrow from the library)
- Food and drink
- Household supplies e.g. toilet roll, cleaning products, etc.
- Socials/nights out/societies
- Clothes if you want
I hope this helps you and anyone else struggling with finances. I know it looks intimidating, but first year is all about trial and error. Be careful with your spending, keep an eye on your bank balance and make sure you have a bit of money as a buffer or back up in case you overspend.
Good luck with university!