Search our site
Search our site

How do I plan a budget?

Knowing how much money you have coming in and going out will help you avoid overspending.

How much money do you have coming in?

Add up the all the money you receive, including your loan/grant and any money you get from your parents.

You might want to budget just for the 40 weeks of the academic year. If so, divide your annual loan/grant by 52, then multiply it by 40 and you'll have your weekly amount.

How much money do you have going out?

Look at how much of your money goes on essentials such as rent, food and household bills. Then make a note of what you spend on things like travel, books, clothes, laundry and socialising.

If you can't see where all your money is going, try keeping a diary of everything you spend, noting every item and the cost.

How much is left over?

Once you know how much money you have coming in and going out, work out the difference. If you're spending more than you have coming in, it's time to make some tough decisions.

Perhaps you need to cut down on your socialising, for example? Or maybe it's time to get a part-time job if you don't already have one.

What does a sample budget look like?

Our sample budget for a first-year student (2016/17) might help you work out how to balance your money:

Incoming money (40 weeks) Outgoing money (40 weeks)
Tuition fee loan £9,000 Tuition fees £9,000
Maintenance loan £10,702
Accommodation (£125/week) £5,000
Part-time work (£100/week) £4,000 Household bills (£30/week) £1,200


Food and housekeeping £2,600
    Laundry £250
    Telephone £500
    Books and equipment £500
    Travel (bus pass) £500
    Visits home £300
    Entertainment £1,400
Total: £23,702 Total: £21,250

We've got an app for that!

There are several free budgeting apps available on both iTunes and Google Play that can help you keep a close eye on your spending.

Contact us

Student Life Centre: Money advisers
Tel: +44 (0)20 8417 7312

Contact us

Student Life Centre: Money advisers
Tel: +44 (0)20 8417 7312

Find a course

Course finder

>

Find us on Facebook

Undergraduate study
Site menu