Budgeting for Students

Budgeting is vital for all students, regardless of what student loan you will get and other incomes you receive. Check out our awesome budgeting spreadsheet to help you keep an eye on your monetary movements.

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. 

Money In 

Monthly income Yearly income 
Student Loan (Maintenance)£600£7,200
Grant/ Bursary/ Sponsorship£250£3,000
Money from Parent £250£3,000
Work £200£2,400
Savings £50£600
Total Income £1,350£16,200

Money Out 

Monthly Outgoings Yearly Outgoings
University
Tuition Fees (covered by loan)£770.83£9,250
Accommodation Fees £516£6,192
Course Supplies £10£120
Bills
Contents InsuranceIncluded in accommodation 
Gas/ Electricity/ WaterIncluded in accommodation 
BroadbandIncluded in accommodation 
Mobile Phone £20£240
TV Licence £13£156
Food Shopping £60£720
Travel
Rail/ Bus/ Tube/ Coach £10£120
Petrol£20£240
Car Insurance/ Tax/ Breakdown£50£600
Car Maintenance £4£48
Recreation
Drinking/ Eating Out £30£360
Hobbies£10£120
Clothes £20£240
Tickets (cinema, club)£10£120
Subscriptions (Netflix)£6£72
Gym/ Fitness Included in accommodation
Beauty (Haircut/ Nails)£10£120
Events 
Christmas £10£120
Holidays £30£360
Festival £10£120
Birthdays£12£144
Total Outgoings£851.13£10,213.56

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.

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