Budgeting whilst at University

There are many different ways you can get money to help fund your life while you’re at uni - here are some examples of money coming in!

Student Loan

Most students will apply for a student loan and borrow money to help pay for tuition fees and living costs. The amount of money you can borrow depends on your household income and where you are studying. Don’t worry, you don’t have to pay it back straight away! Once you are earning over a certain threshold per year, you start to repay your loan in monthly instalments after you’ve left university

Scholarships/bursaries

You may be eligible for a bursary depending on your personal circumstances which is a sum of money that you do not need to pay back! Scholarships are often available for students if you are exceptional in a particular field such as sport or music!

Part time work

You may also want to apply for a part time job while you are at uni to get some extra cash!

However, unfortunately there are also many ways that money can leave your bank account! Here are some examples of how you might spend your money…

Rent

If you decide to live in student accommodation or rent a house with your friends while you’re at uni, you’ll most likely be paying either weekly or monthly rent to your landlord or university.

Essentials

You’ve got to eat! You’ll probably be doing a weekly food shop as well as buying toiletries, paying for your phone bill etc and these small things can really start to add up!

Social spending

And of course - spending money on having a good time! That might be drinks on a night out, day activities with your friends such as crazy golf of quad biking, sports clubs, society joining fees and the gym etc.

But how do you actually budget your spending from your money coming in? Here are a few tips!

• Most likely, your rent will be similar each week/month so it’s always a good idea to set aside that amount each month so you know you can afford your accommodation.
• You might want to set a mini budget every time you go for a food shop so you have a rough idea of how much will you be spending on this each week.
• Quite often your sports club, society or even uni gym fees will be payed in one sum at the beginning of the year so once this has been paid you won’t need to worry about this anymore!
• Personally, I like to set aside my part-time work income separately from my student loan and keep some money aside for emergencies such as if my car breaks down or I have to fix my phone
• My key bit of advice would be to think of spendings in advance, make a spreadsheet at the beginning of each month of potential outgoings so you can see how much spending money you have left over for social activities etc.
• And finally, try not to worry too much about it! It can be stressful at times, but if you plan ahead, it is often more manageable than you think!