Budgeting Advice

When you receive your first loan instalment it may seem like a small fortune, but remember you have to make this last until you receive your next instalment in January. To make sure you don’t run into financial difficulties you need to know how to plan and stick to a budget.

How to budget
To budget correctly you need to calculate your guaranteed income over the academic year along with your essential expenditure. Try to be as realistic and accurate as possible when you are recording your expenditure.

·          The NUS website provides details of the average student’s income and expenditure.

·          Try an online cost of living calculator to get a clearer idea about your finances.

Student Budgeting Tips

1) Withdraw the money you need for the week and try to avoid making small cash machine withdrawals – these mount up very quickly!

2) Keep a record of what you spend. After a week/month you can then check your outgoings and see how accurate your expenditure predictions have been.

3) Don’t rush out and buy every book on your course list. Many may not be essential and you may be able to get some of them second hand. Click here to visit the student books website. 

4) If you have to pay for healthcare costs (glasses, prescriptions etc.) make sure you complete a HC1 form first to see if you are eligible for any financial assistance from the NHS. Click here to request a form.

5) Make sure you get all possible student discounts for travel, shopping and your social life. Look at the National Union of Students website for further information.