Budgeting for university

Budgeting? Exciting right...

The transition to university life is an exciting time but the responsibility of managing your finances is often a major stress for not only new students but also parents. If you are planning on using student finance, and still a bit unsure of how it works, we have an amazing explainer video which you can view here.

Understanding how to budget effectively is crucial and the latest National Student Money Survey reveals where students' money goes and will give you a sense of how much you will need to put aside. Of course, we know everyone is different and costs can change depending on where you study, but below are some rough guideline numbers to help you get an idea.

We, along with all universities, recognize that the cost of living continues to rise, so please take this into consideration. And remember if you have any concerns or need advice, please speak to your university support team and check out their webpages for additional information about this. You can find ours here.

Let's break down some of the essential living costs and how you can budget for them:

1. Accommodation: £418-£1,000 per month
Accommodation is likely to be your most significant expense. Whether you're living in university halls, a shared house, or a private apartment, rent can vary depending on your location and the type of accommodation you choose. Consider living costs in different areas and find a balance between comfort and affordability. Remember to factor in any upfront deposits or agency fees when planning your budget.

2. Household Bills: £64 per month
Household bills include utilities like electricity, gas, water, and internet. These costs are usually shared among housemates if you're in shared accommodation. Set aside a fixed amount each month for bills to avoid any financial surprises.

3. Groceries: £116-£162 per month
Food expenses can fluctuate depending on your eating habits and dietary preferences. Plan your meals, make shopping lists, and consider cooking in bulk to save money. Shopping at budget-friendly supermarkets can also help you cut down costs.

4. Course Materials: £17-£80 per month
Textbooks, stationery, and other course-related materials are necessary expenses for students. Look for second-hand books or digital copies to save money. Plan ahead for any major purchases, and consider borrowing materials from the library when possible.

5. Mobile Phones: £18 per month
Choose a mobile phone plan that suits your needs and budget. Many providers offer student discounts on contracts, so be sure to explore those options. Avoid unnecessary extras that can add up quickly.

6. Travel: £54-£103 per month
Travel expenses can include public transport costs or petrol for your own vehicle. Look into student travel cards or discounted tickets to reduce the burden on your budget. If possible, opt for cycling or walking to save money and stay active.

7. Personal Items: £34-£84 per month
This category covers various personal expenses like toiletries, clothing, and other essentials. Be mindful of your spending on non-essential items and consider budgeting for occasional treats.

8. Going Out: £62-£88 per month
Socializing and entertainment are essential parts of the university experience, but they can also be costly. Set a reasonable monthly budget for social activities, and explore free or low-cost events and activities on campus or in your local area.

9. Other Costs: £18-£40 per month
Unforeseen expenses can always arise, so having a small buffer for emergencies is essential. It's a good idea to save a bit each month for unexpected situations.

Remember that your financial situation may change over time, so it's crucial to reassess your budget regularly. If you ever find yourself struggling, don't hesitate to seek advice from your university.