Managing Your Money

Budgeting Day to Day

Your budget is there to support you, not restrict you. Once you’ve been at university for a few weeks, it’s a good idea to revisit it and adjust it based on your real spending.

Try to focus on what’s coming in and what’s going out on a regular basis. Some students prefer to budget weekly, especially if they work part-time or like keeping things simple. Others find monthly budgeting easier if most of their bills come out at the same time.

It can also help to plan your spending around Student Finance payment dates, as these are usually spread across the year rather than paid all at once. If your budget isn’t quite working, that’s okay — it usually means something needs adjusting, not that you’ve done anything wrong.

Budgets are meant to change, especially in the first term. Being flexible and checking in with your money regularly can make a big difference.

Rent, Bills & Essential Costs

Rent is usually your biggest expense at university, so it’s important to understand how and when it needs to be paid.

Check your tenancy agreement or accommodation details so you know:

• How much your rent is
• When payments are due
• Whether rent is paid monthly or termly
• What bills are included, if any

If you live in shared housing, you may need to split bills like gas, electricity, water or internet with your housemates. Agreeing early on how bills will be paid can help avoid awkward conversations later.

Most full-time students are exempt from paying council tax, but you may need to provide proof of your student status. If you live with someone who isn’t a student, council tax rules can be a bit different, so it’s worth checking.

Understanding your essential costs makes it much easier to plan the rest of your spending.

Saving on food, travel & bills

Day-to-day spending is where money can disappear without you really noticing.

Food costs can vary a lot depending on how and where you shop. Planning meals, shopping with a list, and cooking at home more often can help your money go further — without taking the fun out of food. Eating out, takeaways and coffees can add up quickly, so it’s helpful to factor them into your budget rather than treating them as surprises.

Travel is another cost that’s easy to underestimate. Whether it’s buses, trains, fuel or taxis, checking out student discounts and travel passes can help reduce costs.

It’s also worth keeping an eye on subscriptions and regular payments, such as streaming services, gym memberships or apps. Small amounts going out regularly can have a bigger impact than expected.

Working While You Study

Many students work alongside their studies, either during term time, holidays, or both. A part-time job can help boost your income and give you more flexibility with your spending.

When working during term time, it’s important to be realistic about how many hours you can manage. Your course should always come first, and workloads can increase quickly around deadlines and exams.

Some students start with a small number of hours and increase them once they know how their timetable feels. Others prefer to work more during holidays and reduce hours during term.

Balancing work and study is about finding what works for you and adjusting when things change.

Managing Your Bank Account & Overdraft

Keeping an eye on your bank balance can help you stay in control of your money and avoid unnecessary stress.

Most banking apps allow you to track spending, set alerts, and see where your money is going. These tools can be really useful for spotting patterns and making small changes.

If you have an overdraft, it’s helpful to understand your limit and keep track of how much of it you’re using. An overdraft is there as a safety net, not something you’re expected to rely on, and knowing where you stand can make it easier to manage.

Checking your account regularly can help you catch problems early and adjust your spending if needed.

When Money Feels Tight

There may be times when your money doesn’t stretch as far as you expected. This can happen for lots of reasons, especially when costs change or unexpected expenses come up.

Early signs that money is feeling tight might include relying more on your overdraft, struggling to cover essentials, or feeling anxious about checking your balance.

If this happens, taking small steps early can help ease the pressure. This might mean prioritising essential spending, reviewing your budget, or cutting back temporarily on non-essential costs.

Money worries are common among students, and dealing with them early can stop things from becoming more stressful later on. If you need further help, you can find more information in our Support and Guidance section.