Money Worries and Budgeting? We've Got Your Back!
Feeling stressed about money and budgeting? You're not alone. With the right tools and a little effort, you can ease that stress. Just start budgeting and see the difference it makes. Need a hand? Book an appointment here and let's chat it through together.
How to Create a Budget
1. Find Your Income
- Add up your student loan, job earnings, regular money from family, etc.
2. Find Your Essential Expenses
- Add up costs for accommodation, food, travel, course supplies, etc.
3. Calculate Your Weekly Budget
- Subtract your essential expenses from your income. The leftover amount is your budget for non-essential items each week.
Example:
If your income across the first term is £3,000 and your essential expenses add up to £1,500, you would have £125 a week (across a 12-week term).
Budgeting your expenses per week rather than month is better to avoid overspending early in the month.
Using the Budget Worksheet
- The Save the Student Budget Sheet will do the maths for you!
- You can also add non-essential expenses like takeaways or gigs.
- Tip: Make a takeaway-style meal with friends before going to a gig to save money!
Essential Student Expenses
- Rent
- Groceries
- Bills (electricity, gas, water, broadband, TV license)
- Student insurance
- Mobile phone
- Transport (bus, train, car fuel, car insurance)
- Course materials (textbooks, specialist equipment)
Non-Essential Expenses
- Nights out (alcohol, club entry, taxis)
- Takeaways
- Eating out
- Hobbies
- Cinema tickets
- Gigs and music festivals
- Books
- New clothes
- Gym membership
- Haircuts and other beauty expenses
- Subscription services (Amazon Prime, Netflix)
- Travelling (flights, hotels)
- Gifts and charity
Money Hacks
Student Bank Accounts
Manage Your Money Easily with Banking Apps
- Use a Savvy Banking App:
- Some banks allow you to split your money into different categories or open separate accounts for various purposes.
- Create a Weekly Budget Account:
- Open a separate account just for your weekly budget.
- Set up a direct debit from your main student account to your weekly budget account every week.
- Stick to Your Budget:
- Only use the card for your weekly budget account.
- This way, you’ll spend only what you’ve planned for the week and once you’ve set it up you won’t need to think about it!
Additional Tips
- Multiple Accounts or Apps: Use them to manage your money.
- Direct Debits for Weekly Allowances: Helps in controlling weekly spending.
- Interest-Free Student Overdrafts: A 'safe' way to borrow money. Be cautious of loan sharks and scams targeting students.
- Best Student Bank Accounts (Save the Student)
If Your Maintenance Loan Isn’t Enough
The information below is based on the Save the Student Article ‘Student Maintenance Loans 2024’. The Save the Student survey found:
Solutions:
- Use your interest-free overdraft.
- Ask your parents for money (Student Finance England (SFE) expect your ‘household’ to be topping you up to the full loan amount)
- Apply for bursaries, scholarships, and grants.
- Get a part-time job.
- Explore other ways to make money.
- Apply for hardship funds (last resort).
- Avoid taking out high-interest loans and beware scams aimed at students – Save the Student’s ‘15 common money scams to avoid’
Bills, Bills, Bills
Average Student Spend:
In Save the Student’s latest National Student Accommodation Survey, the average student who paid bills and rent separately was spending:
- £86 a month on energy bills.
The cost is also influenced by various factors, such as your location, energy consumption, insulation quality, internet needs, and how long your showers are.
Tips:
Course Cost Checker
This is broken down by department so that you can plan what you will need to spend throughout your degree. Find your subject to see the projected costs of things like fieldwork, specialist equipment, or course books that you may need.
Course Cost Checker
Useful Links
By using these tips and resources, you can stay on top of your spending and make your money last longer!
Still need help?
Our advisors are here for you! We're more than happy to help you fill out a budget sheet, chat about finances, or discuss anything else that could make managing your money easier. To book an appointment, please visit our booking system here.