How do I budget at university?

Hi everyone!

One topic we receive lots of questions about from students thinking about coming to university is money and budgeting. This can be very daunting for many students, as university is likely to be your first time living away from home and managing your own money.

Our ambassadors will be sharing their top tips for managing their finances at university below, as well as answering any questions you have :biggrin:

You can also read more about budgeting and financial support at the University of Reading on our Money Matters page.

- Izzie (UK Recruitment) :smile:

Reply 1

UniofReading

Official Rep

Original post

by UniofReading

Hi everyone!
One topic we receive lots of questions about from students thinking about coming to university is money and budgeting. This can be very daunting for many students, as university is likely to be your first time living away from home and managing your own money.
Our ambassadors will be sharing their top tips for managing their finances at university below, as well as answering any questions you have :biggrin:

You can also read more about budgeting and financial support at the University of Reading on our Money Matters page.
- Izzie (UK Recruitment) :smile:

Hello!

Budgeting at University is very important, as many students will have strict financial incomes. As a result, looking after your money and ensuring you have enough for the basics (e.g. Rent, utility bills, food) means you will need to divide your money carefully.

There is a great PDF here which shows the best ways to budget. There is also an informative blog by a fellow student at the University of Reading about their budgeting strategies. You can also find out important financial information about the university here.

I have written a blog about ways to make money whilst at university, which includes the best and safest way to increase your monthly income. Also, I have written a blog about choosing the right accommodation. When you are applying for university accommodation, it is very important to choose an accommodation which is affordable.

I hope these tips help, and if you have any questions please let us know.

All the best,
Ella
BSc Ecology

Reply 2

UniofReading

Official Rep

Original post

by UniofReading

Hi everyone!
One topic we receive lots of questions about from students thinking about coming to university is money and budgeting. This can be very daunting for many students, as university is likely to be your first time living away from home and managing your own money.
Our ambassadors will be sharing their top tips for managing their finances at university below, as well as answering any questions you have :biggrin:

You can also read more about budgeting and financial support at the University of Reading on our Money Matters page.
- Izzie (UK Recruitment) :smile:

Hello!

So before coming to University this was something that was definitely on my mind a lot! Moving away from home and having full responsibility with my money was a daunting but a exciting thought! Budgeting at university can definitely feel overwhelming at first, but getting into good habits early makes a huge difference! It is very easy to go over board at the start with things like freshers so you get excited but here are a few tips I would say that helped me:

Plan a weekly budget—track your income (student loan, part-time work, etc.) and fixed expenses (rent, bills, food and entertainment). (I worked out how long I had between each loan and gave myself a rough budget. When doing this - definitely try to be realistic, and remember some weeks might be more costly than others but having a weekly budget definitely helps.
Meal prep & cook in bulk - This saves a lot of money, and when I can't be bothered to cook - it is nice knowing that I have already prepped something. So this also saves me from getting a takeaway.
Make use of the student discounts available! This is something I definitely didn't do enough of (and still don't do enough). Apps like Unidays offer some great deals - especially during freshers week!

As mentioned by Ella, there is also so much resources available from the University to help with budgeting and finances!

Please let me know if you have any questions!
Owain
Mathematics and Economics with a placement year

Reply 3

UniofReading

Official Rep

Original post

by UniofReading

Hi everyone!
One topic we receive lots of questions about from students thinking about coming to university is money and budgeting. This can be very daunting for many students, as university is likely to be your first time living away from home and managing your own money.
Our ambassadors will be sharing their top tips for managing their finances at university below, as well as answering any questions you have :biggrin:

You can also read more about budgeting and financial support at the University of Reading on our Money Matters page.
- Izzie (UK Recruitment) :smile:

Hello everyone!

I hope you're all doing well.

It is definitely normal to be asking questions about money and budgeting, as this can be an area of worry for applicants. University is the perfect opportunity to get used to budgeting and managing your money well, and this is a great life skill to have!

There are a couple of tips which I always try and to follow in order to make my. money go as far as possible. One of these is to always try and bring my own packed lunch and snacks rather than buying food when I am out at uni or on placement. Whilst there are some very tasty and affordable options for buying food on campus, the cost can add up if you rely on this every day. I have found I have made huge savings by bringing my own lunches so now always make sure I do this on long campus days.

I also always capitalise on supermarket loyalty cards in order to get discounts. Most of these are free to get, so I have loyalty cards for a huge number of different supermarkets so that I have the option of getting food for reduced costs no matter what shop I go to. I save these virtual cards to my phone wallet so I don't have to carry lots around with me and this means that I always have easy access to them.

Another extra thing I always try and do is look out for bursaries, scholarships, or grants that I might be eligible for. There are a huge number of these funding opportunities available both within and externally to the University of Reading. These are for a massive range of subjects and student circumstances so I would absolutely recommend having a look through these to see if these can give you a little funding boost.

My main budgeting advice would be to consider your priorities and plan accordingly. If going to the gym is a big priority for you, try and reduce your costs slightly in other areas to free up some money for this. If you really enjoy going out for meals, try and consider where you could reduce other spending so there's sufficient budget for this. Budgeting well means you should be able to keep up with things you really enjoy and have money available for this.

I hope this has been helpful! Please just let us know if you have any questions.

Hattie😊
4MSci Speech and Language Therapy

Reply 4

UniofReading

Official Rep

Original post

by UniofReading

Hi everyone!
One topic we receive lots of questions about from students thinking about coming to university is money and budgeting. This can be very daunting for many students, as university is likely to be your first time living away from home and managing your own money.
Our ambassadors will be sharing their top tips for managing their finances at university below, as well as answering any questions you have :biggrin:

You can also read more about budgeting and financial support at the University of Reading on our Money Matters page.
- Izzie (UK Recruitment) :smile:

Hi everyone!

Budgeting at uni can feel overwhelming at first, but with a little planning it becomes a lot easier to manage your finances 🙂 Here are some of my top tips!

1)I would suggest creating a monthly budget (student loan, part-time work etc) and divide it into essentials such as rent, food, transport etc. This can really help you visualise how much money you have for each essential, ensuring you won 't over or underspend!

2)Shopping smartly makes a huge difference. I would suggest shopping in supermarkets like Aldi or Tesco where they have great value/deals each week. Meal planning also works really well with this tip, ensuring you only buy food necessary to avoid waste and unnecessary spending! Cooking in bulk and freezing portions is also a great way to save money and time.

3)Using apps like Unidays and Student Beans can save a lot of money with student discount! This can help with anything from discounted railcards to food/travel.

4)Looking for part-time work to earn extra cash. There can sometimes be spare time at uni and there are lots of opportunities both off and on campus to earn money. You can find opportunities at the Reading Student Union or in the community!

5)Lastly, if you are struggling you can always reach out to the university support services which offers helpful advice in times of need!

If you have anymore questions about student life then don't hesitate to ask!

All the best,
Millie 🙂
BSc International Development