Student Budget Woes

Sorting out your budget needs to be your first step. Your student loan is paid into your bank account in three instalments at the start of each term, so it might seem like you’ve loads of cash to splash in freshers’ week – but you haven’t. That money needs to last the whole term, so spend it wisely.

Knowing how much income you’ll have is essential – without this, your budget will be nonsense. You’ll need to work out how much cash you have coming in, including your student loan, any grants, any cash from parents, and any work income you might have.

Equally, you’ll need an idea of how much money will be going out, including rent, bills, food, socialising, and course materials.

Once you’ve got these, subtract your outgoings from your incomings, and divide by the number of weeks you’ll be at uni, to see how much you have to live off each month. DON’T spend more than this!