Creating a realistic budget as a student

Budgeting at University

Managing your money at university can be one of the biggest challenges of student life. Between tuition fees, rent, groceries and social events, it’s easy to lose track of you spending. Creating a realistic budget is one of the more effective ways of managing finance and stress.

Start with your income

Begin by identifying all sources of income. This could include your student loan, part-time jobs, bursaries or assistance from family. Add these up to determine your monthly income. Knowing exactly how much you have to work with is the foundation of understanding financial planning.

Essential expenses

The next step is to track your fixed and essential costs. These are your non-negotiables. Common student expenses include rent, food, transport, course materials, phone bills or if not living in university accommodation, utilities. Estimate the monthly total of each payment and try to be as accurate as possible. Apps like YNAB or Goodbudget can help you stay organised.

Factor in non-essentials

The next important thing is to track the non-essentials. Think about your lifestyle costs, such as a gym membership, streaming subscriptions, hobbies; and nights out. It’s important to be realistic, budgeting doesn’t mean cutting out fun, it just means planning it in advance.

Build in a safety buffer

Always try and leave funds for unexpected costs. Whether its medication, broken equipment, or an unplanned trip, a small emergency fund can prevent further financial issues later on. Even saving £10 a week can make a small difference!

Track and adjust

Your first budget may not be perfect, and that’s okay. Track your spending regularly and make adjustments where needed. If you overspend in one area, look for ways to reduce costs in other departments. Staying flexible keeps your budget realistic and manageable.

Creating a realistic student budget isn’t about restricting yourself, it’s about making money work for you. With consistency and efficient planning, you can enjoy university life without the recurring worry of running out of cash.

For more financial advice and tips speak to our finance team

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Alex Boden

Alex is a third-year student pursuing a degree in Esports. His main focus is performance psychology and coaching, which he finds incredibly fascinating. In his spare time, he loves meeting new people and has a passion for photography, capturing moments that tell a story!