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Being able to budget is an important part of student life and an invaluable skill to develop. Managing your finances can be challenging, especially if this is the first time you are having to budget and live on limited funds such as student loans.
We want to provide lots of information to support you, especially considering the cost-of-living crisis, so please explore our money saving tips and advice on how to manage your money effectively.
When approaching budgeting, it’s important to remember that your maintenance instalments need to cover the following:
Living Costs
Food
Drink
Travel
Study Materials
Social Life
As your student funding is paid in three instalments (in September, January and April*), it’s important to plan ahead and be realistic about your budget.
Your Maintenance Loan Entitlement letter from your Student Loans Company will break down your payment instalments, so you may use these dates to plan and set your budget in line with when your instalments are due.
*You can check specific dates with your Student Loans Company.
Your funding may be slightly different depending on your source of sponsorship, so we would suggest that you map out when you will expect to receive your funding instalments and budget around them.
For some international students that will mean that you start the year with a large sum of money which makes budgeting even more essential to ensure that money lasts you for a year.
Alongside budgeting, you can also maximise your money by getting a part-time job to supplement your student income. Here at the Guild we often recruit for student staff roles, you can explore jobs with the University via Worklink and search recruitment websites for further opportunities.
Remember, any work you do needs to fit around your studies, so plan realistically how many hours you can work alongside your academic responsibilities.
Budgeting is not only about managing your spending, but also understanding what essential costs need to be covered regularly and any extra expenses, all while factoring in money for you.
Sometimes you may have to compromise and reduce spend in some areas, whilst looking at ways to increase your income to afford additional expenses. Budgeting is all about balance.
So, making use of online budgeting tools can be beneficial to help you manage your money and anticipate any expenses. Here are a few examples of money management tools:
Here are a few tips on how to maximise your income and make your money stretch further:
Lots of shops, restaurants and attractions offer student discounts, often reducing the full price by 10-20%. Discounts are available online and in-person, and over time these savings can really add up.
Are you looking for a birthday present on a budget? UCAS have lots of information about available discounts, or you can join Totum to enjoy lots of benefits.
Buying food that you can cook at home will be less expensive than ordering takeaways or going out. Supermarkets tend to offer their own non-branded foods for a similar, but less expensive alternative. Local food markets often have great deals as well.
You can consider asking your employer for a pay rise - it can't hurt and might be of benefit. Tell them why you feel that you deserve it by demonstrating your diligence, hard work, and any extra commitments you may have picked up.
Average wage
If you are working part time, please check you are not earning below the minimum wage.
Buying second hand is a great way of saving money and giving pre-loved items a new life. Explore charity shops and websites such as GumTree, Shpock, Ebay, Poshmark, Threadup to get started - there is lots of variety so shop around.
Many people are worried about gas and electric bills, but one of the cheapest and most effective ways of keeping warm is by using an electric blanket, they are incredibly low cost to run and will keep you warm as winter draws on.
Using online platforms such as Facebook Marketplace, Ebay, Vinted and Gumtree, you can give your items a new home and earn some money. Remember to always read the terms and conditions, and available information on each website before you start selling.
Setting a budget may initially feel challenging but will be extremely useful overall. This will allow you to be in control of your monthly budget, including your incomings and outgoings. You can use our budget planner to get you started.
Make sure you are using the best bank account for student rates. It is worth shopping around to see if there are any others that offer better interest rates and fee-free overdrafts.
Be sure to do your research when looking at energy, broadband or insurance providers. Using comparison websites such as Save the Student, can help you to find the competitive deals.
If you are currently in financial crisis, then please consider applying for the University’s hardship Fund called the Student Support Fund. You can also apply for the Guild Hardship Fund.
Apply for scholarships and bursaries for additional financial support. Learn more about the funding options that the University offers.