Your guide to budgeting at university

1. Determine your income

The first step to create a student budget is to find out how much money you'll have each month. This will prevent you from spending more than you earn.

You might get money from:

Your maintenance loan
Your family
Part-time job
Scholarships and bursaries
Savings

Don't forget that your maintenance loan isn't paid monthly. It's split between three instalments in September, January and April. You'll have to budget your loan to last until your next instalment.

2. Calculate essential spending

Now that you know how much money you'll get each month, work out how much you need to spend. This should only include essential spending like rent, food and any monthly bills. This will show the minimum amount of money you need each month.

3. Create a student budget

Once you know how much money you have and how much you need to spend, you can create a student budget.

You can use a budget calculator to help with this. Enter your total income and expenditures, and the tool will tell you how much you have left over for other costs. You can decide how you want to spend this - whether it's nights out, new clothes or a holiday fund.

Our students also have access to Blackbullion, a financial education app. This has helpful lessons explaining how to budget your money. It can also help you find a scholarship or bursary while you're at university.

Here's an example of a student budget:

Monthly budget

Rent = £450
Bills = £75
Food shop = £120
Mobile phone = £35
Transport = £30
Nights out = £120
Takeaways = £40
Savings = £30

Total = £900

4. What if I don't have enough money?

Your maintenance loan is unlikely to cover all of your costs. If you don't have enough money, you can try to find an additional source of income. This could include a part-time job, money from family, or a scholarship or bursary.

You should also review your current spending. Go through your monthly bank statement to see what you're spending money on. This can help to identify areas to cut back. For example, if you're spending a lot of money on takeaways, perhaps you could cook more at home instead. Check out our article on money saving tips.

If you're struggling, get in touch with our Financial Support Team. They can provide further help and guidance.

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