It’s super important to keep an eye on your incomings and outgoings whilst at University. You will get a student loan and obviously, that helps immensely, but you don’t get this all at once and have to make it last until the next payment. Budgeting is vital for all students, regardless of what student loan you will get and other incomes you receive. Lots of people forget about things like travel, car insurance or even getting a haircut. Check out our awesome budgeting spreadsheet to help you keep an eye on your monetary movements.
The numbers we’ve popped in below are totally made up but are somewhat similar to a ‘student lifestyle’, so the totals shouldn’t be a million miles away from what you should expect.
|Monthly income||Yearly income|
|Student Loan (Maintenance)||£600||£7,200|
|Grant/ Bursary/ Sponsorship||£250||£3,000|
|Money from Parent||£250||£3,000|
|Monthly Outgoings||Yearly Outgoings|
|Tuition Fees (covered by loan)||£770.83||£9,250|
|Contents Insurance||Included in accommodation|
|Gas/ Electricity/ Water||Included in accommodation|
|Broadband||Included in accommodation|
|Rail/ Bus/ Tube/ Coach||£10||£120|
|Car Insurance/ Tax/ Breakdown||£50||£600|
|Drinking/ Eating Out||£30||£360|
|Tickets (cinema, club)||£10||£120|
|Gym/ Fitness||Included in accommodation|
|Beauty (Haircut/ Nails)||£10||£120|
Trying to save money whilst at Uni can seem like an impossible task, but making some simple changes will help to save more than you would think. Check out our Money Saving Tips here.