Student budgeting is essential for keeping on top of your spending, so that you can focus on excelling during your course of study. It can be challenging to figure out how to budget as a student, but with careful planning, you can control your finances. Here, you will learn practical tips on how to budget for university.
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Budgeting for students at university is vital because it can be a challenging time financially. Whether relying on student finance or getting extra help, ensuring that everything is paid and having some money left over can be tricky. You may be moving into shared accommodation for the first time, and it is much easier to navigate such a big life change if you plan how you’re going to cover essentials and socialising costs. With our budgeting tips for students, you can avoid borrowing, have an emergency fund and be in control of your finances.
The first step in how to budget for university is calculating how much money you’ll have at your disposal. It can include student finance, financial aid, money from family, and any savings. Work out how much you receive over the course of the year and divide it into months to allow you to plan your spending.
MSc Business and Finance student Xiao Bai tells us how she planned her budget by concentrating on paying the main expenses as a top priority:
"When I started planning my budget, my main consideration was accommodation—it takes up at least half, sometimes two-thirds, of my monthly expenses. I’d advise anyone to look closely at the length of the contract and the weekly rate, which can range from £90 to £190 per week. Once I understood how much that would take up, it was easier to map out how much was left for everything else, like food, transport, and social events."
One of our top student budgeting tips is to note every penny needed to cover your living costs. The priorities should be rent, tuition fees and household bills. Also allocate an amount to grocery shopping, travelling, and study materials, and consider how much you’ll spend on socialising or hobbies. Down time is important for managing the demands of your studies, so it should be included in your budget.
Having calculated your monthly costs, you should subtract them from your total income. That will allow you to work out if there is enough money for everything you need. If there is not enough coming in, you need to consider how to bolster your finances. You could find cheaper grocery brands and utility providers and increase your income with part-time work.
MSc Management student Pragash Thaninathan explains how he manages his budget effectively:
"I’ve found that the most effective approach is to keep things simple. I set an upper limit for my spending across the whole term, then break that down into a weekly allowance. That way, I always have a clear idea of what I can afford."
You can simplify your student budgeting by creating a spreadsheet using Excel or Google Sheets. You can also use online tools, like the student budget calculator on UCAS. Include all your expenses, such as rent, utility bills, travel and fun money. Input all the salient information each month so that you can track how closely you are sticking to your budget. This means you can identify where you might need to cut back or if you can afford to save a little.
Zari Dowrich, a BSc Management student, tells us how she maintained control of her budget:
“I created a spreadsheet covering my income and all my expenses, as well as a column for what I actually spent. At the end of the month, I compared them to see where I over/underspent and adjusted the next month accordingly.”
Budgeting for students is much easier when you get creative about how to make your money work for you. Here's how
There are many ways to make the most of your status as a student. Platforms such as UniDays, StudentBeans and Save the Student can be used to help you to save money. There are lots of shops, restaurants, and entertainment facilities that offer student deals. Ask about student discounts wherever you go.
MSc student ambassador Sybil-Amanda gives us her top tips on where to save…
“When shopping online, there are lots of discounts available on UNIDAYS…With UNIDAYS, you can treat yourself to various products and services from your favourite brands while saving at the same time…You can also consider using mobile networks such as EE that offer student packages such as 20% off your monthly bill, six free months of Apple Music and 500 MB of extra data every month. Amazon also offers a six-month free trial of Prime Student which includes One-Day Delivery, Prime Video, Prime Music, and exclusive discounts.”
If you’re arranging the utilities for a second- or third-year house yourself, use comparison sites to get the best deals on electricity, gas and broadband.
Spending on takeaway food and drinks can really eat into your budget. Source recipes online, then compare the cost of ingredients at supermarkets to ensure you’re getting the best deal. Have a list while you’re shopping to stay within budget. Batch cooking can save you money and time.
Consider setting up a dinner party rota as a cost-effective means of enjoying the company of your friends. To fund the parties, have a kitty that everyone contributes to each month.
Top student budgeting tips include having some leeway to pay for special events and unexpected expenses, so plan your finances to include upcoming celebrations. Also allocate money for treats to reward yourself, they help you to keep on track without feeling deprived.
MSc Business with Consulting student Man Sun tells us how he manages to have a social life while staying within his budget:
"Socialising is a big part of university life, but it can get expensive if you don’t plan for it. I usually set aside a small part of my budget just for social events and meals out. That way, I can enjoy myself without worrying about running out of money. If I know a birthday or big night out is coming up, I’ll adjust my weekly spending in advance to cover it."
Buying clothes at charity shops will save money that can be put towards bills or savings.
Monitor social media, noticeboards at the university and local news sites for events and activities that are free or subsidised. University clubs and events in your area are often provided at great rates for students, and many are free. They are good ways to socialise to maintain your mental health so you can be at your best when studying.
Research weekly or monthly passes for rail or bus travel. Plan all your trips and use apps for price comparison. If you have access to a bike or your destination is within walking distance, you will avoid travel costs.
MSc Business and Finance student Xiao Bai discusses how she manages to travel while staying in her budget:
"I mainly walk to uni and take the bus when I need to—most cities offer student travel passes or discounted fares, so it’s worth applying early. For longer trips, I book trains in advance to get cheaper tickets. I always compare prices using apps like Trainline, and if I’m travelling with friends, we try to get group discounts or split the cost of a taxi.”
Here at Warwick Business School, we give you lots of choice when it comes to undergraduate courses and master’s courses in marketing, accounting, finance and more, so it’s easy to find the degree that suits you.
Learn about how we can help you to succeed by checking out our course finder or download a course information brochure to get all the details you need on our programmes of study that come with global renown as standard. You can also find out about life at WBS and learn why so many students find WBS to be the ultimate choice for kickstarting a successful and interesting career.
Learn how to prepare for university with our guide. Hear from past students and discover top tips to help you start your university journey with confidence.
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