Managing your budget
The principles of budgeting are simple, but may be hard to put into practice. There is plenty of advice available, but it is all based on the same simple statement: do not spend more than you can afford
If you analyse your expenses and needs, you can plan your spending to make your money last until the end of your course.
Establishing your weekly budget
As a new student, having total control over your expenditure may be a new experience. You may be tempted to buy a lot of things at the start of your course, which may leave you short of money later.
If you do not have a clear idea of how much you spend each week the best way of establishing your spending pattern is to keep a diary recording everything you buy. This will show you exactly how much you spend on essentials and non-essential items.
Financial problems can be a major cause of worry to students. If you are aware of the need to plan and control your expenditure, taking a little time to devise a sensible budget can save you many problems later on.
What to consider
Rent
- Charges for a place in a university halls of residence or accommodation in the private sector vary considerably.
- Many institutions have several types of accommodation on offer, and the cost of shared rooms in older properties can be much lower than newer rooms, with better facilities.
- En suite rooms in shared apartments and studio flats in privately owned student residences such as those featured on this site are generally among the more expensive options, but also tend to be of the highest quality, both in terms of the accommodation on offer and the services provided to residents.
Food
- Always eat sensibly, and don’t try to economise by not eating. If you eat inadequate food, your health and your studies may suffer.
- The price of food in different shops varies greatly in the UK, though many supermarkets in the UK have special offers.
- If you share your shopping with friends, you may be able to buy in bulk quantities and save money.
Heating and lighting
- The amount you spend on fuel will depend on your living arrangements and the weather.
- If you are in university or college accommodation, you will probably not have to pay extra for electricity or gas.
- Some UK institutions charge extra for electricity, so check when arranging accommodation if energy costs are included.
- If you live in private accommodation you may have to pay extra for electricity or gas for heating, lighting and cooking.
Clothing
- The following items will be essential for the British winter; shoes/boots, warm coat, gloves/scarf, jeans, sweater, shirt, socks, underwear.
- The amount you spend on clothes will depend on your budget, size, and desire to be fashionable.
- The UK has many charity shops where good quality second-hand clothing is available cheaply.
- It is also usual for British clothes shops to have ‘sales’, when items are reduced in price. In winter, these events normally start just before or after Christmas.
There are many ways to get discounts on your living costs as a student in the UK.
Entertainment
- It is important for you to have rest from your studies and you should budget on the amount you spend on entertainment.
- Remember that parties often take place after examinations, so you may spend less in some weeks and more in others.
Work
- Some students try to work part-time to help with their expenses.
- A student visa issued for full-time degree level studies allows you to work for a maximum of 20 hours per week during term time. This is a maximum of 20 hours in total in any one week, including paid or unpaid work and for one or more organisation. The 20 hours cannot be averaged over a longer period.
- Your institution may have rules governing how much paid work you can do and you may need their permission to undertake part-time work during your studies.
- In some areas of the UK it may be more difficult to find student jobs than in others.
NUS/ISIC cards
There are many ways to get discounts on your living costs as a student in the UK. All students are able to buy a TOTUM card, which allows the owner to get a discount on many goods and services inside the university and out (for instance, in shops and cinemas across the UK). There are also international student cards International Student Identity Card (ISIC), such as the that offer further discounts, including on travel throughout the country.
You can find out more about the costs of living and studying in the UK from GoStudyUK.com and the British Council’s Study UK website.