Student Budget

If you are wondering how you can afford to go into higher education, there is actually a simple answer that will help to get you on the way - learn how to budget!

Budgeting is something that you will need to do to make sure you don’t get into financial difficulty while studying. It is also a skill that you will use for the rest of your life so start now and get into some good habits.

Below are some simple steps to follow to set up your budget. We haven’t included student fees in the sums as these will be paid for you by the government and you won't have to pay them back until you have left your course and are earning over £15,000 per year.

Follow these three steps to a balanced student budget…

Step 1: Your income

The first thing you need to do is add up your income. This includes things like:

• Student loan for maintenance
• Any grant or bursary you are entitled to
• Scholarship
• Money from your parents or guardians
• Income from a job
• Savings

Step 2: Your essential costs

Add up all the essential costs you have like;

• Rent
• Food and groceries
• Travel
• Utility bills like water, gas and electricity
• Mobile phone bills
• TV license
• Insurance

Step 3: Other costs

By subtracting your essential costs from your income, you can see how much you have left over for other costs like;

• Course books and equipment
• Household goods
• Clothes and shoes
• Toiletries
• Music and DVDs
• Going out

Student Budget Calculator

These calculators are great as they get you thinking about what types of costs you will face. You just enter in the amounts and they do all the adding up for you. Brilliant!

Aimhigher Student Budget Calculator

UCAS Student Budget Calculator

UNIAID Student Calculator