How much it will cost and tips for budgeting whilst living at University

Did you know that – accommodation aside – the average student spends £247 per week? This skyrockets to £427 in freshers’ week alone (UCAS ‘Spend Student Lifestyle 2020’ Report).

Therefore, on average £247 x 52 weeks of the year (we’ve rounded it up to a whole year for better budgeting), you’re looking at a grand total of around £12,844 (minus accommodation).

Managing this cost isn’t easy. Almost a fifth of students (18%) told us that financial concerns had impacted their mental health or wellbeing, while 6% of university dropouts were finance-related (UCAS ‘Freshers Experience 2019’ Survey – January 2020).

Regardless of what student finance or extra funding you receive, you need to make it last. 

With the above in mind, we’ve created some tips to manage your money and be a savvy-spender at university. Let’s take a look:

Budget, budget, budget!

Creating a simple student budget based on your income and outgoings is a solid place to start. This should cover your regular, ongoing expenses (such as rent, utilities, phone bill, and gym membership), plus any one-off or special costs.

Start pulling together a barebones budget as soon as you begin thinking about university. This will reveal which money holes you need to fill, giving you time to do so, or factor this into your university decision.

Firstly, add up your total student income. For example: 

• maintenance loans
• income from a job
• bursaries, scholarships, awards, or grants
• money from parents or family
• any savings or investments. 

Once you know your total income, calculate your expenses: 

• food and drink
• any bills – gas, electricity, water, phone, Wi-Fi, TV licence, music or entertainment subscriptions, gym membership, etc
• accommodation fees, such as rent and insurance for valuables
• travel costs, including fuel, vehicle maintenance and insurance if you drive. 

Make sure that your income is either more than or equal to your outgoing expenses, on a weekly or monthly basis.

Make the most of your student bank account

One perk of being a student is definitely a student bank account. As well as tracking your spending using your bank’s mobile app, and moving money between accounts, there are a couple more ways your student bank account can help you manage your money. 

• Student accounts will boast fancy extras to catch your eye, such as travelcards, free/discounted cinema tickets, and supermarket gift cards. Don’t be swayed by these alone though. Think about which ones you’ll actually use. 
• A travelcard could save you a small fortune travelling to lectures, going home for weekends, or visiting friends across the country. Meanwhile, a discount for a supermarket or cinema will go to waste if there isn’t a branch in your university city.