How Kingston University students manage money

Hi, I’m Anastasia, a second-year midwifery student at Kingston University London. I wanted to share a little insight into how I manage my finances as a commuter student who lives at home with my family.

If you're in a similar situation, or you're just curious about how student budgeting works, I hope this gives you some useful tips and an idea of what it’s like to manage money as a university student.

Let's start with the money that comes in

Every year, I get funding from three different sources. Firstly, I receive £3,750 from Student Finance. This is paid in three instalments throughout the academic year. Secondly, as a midwifery student I get an NHS bursary of £5,000 a year, which is also paid in three instalments. And lastly, I work as a Student Ambassador for the University, which is a flexible role.

Depending on how much free time I have to work each month, I can earn up to £200 extra. It can be a bit unpredictable, but it’s great because it gives me the flexibility to work around my studies. Altogether, I bring in just under £10,000 a year.

With budgeting, the trick is knowing how to divide it up; and for me, savings come first. Careful management helps me to make it last the whole year without going into debt or stressing out.

As soon as I receive each of my NHS bursary payments, I put the entire £5,000 straight into my "no-touch" savings account. Then with my Student Finance instalments, I make sure to immediately allocate £500 from each payment into my “extra savings” account. I like knowing that I have some extra money set aside for anything unexpected.

This leaves me with around £3,500 of "spending money" for the year. It doesn’t sound like a lot but with careful budgeting it works out just fine.

Learn more about Funding options here.

Managing my spending money

Food is the biggest expense I have. Since I live at home, I don’t have to pay rent, but I do contribute to household groceries. I budget about £100 per month for food. Most of the time my family buys the main groceries. I’ll chip in for extras, snacks, or ingredients for meals when I’m cooking, and use cheaper stores like Lidl to save where I can.

Sometimes I buy food at university when I’m tempted by my friends buying food. Or if I didn’t have time to prepare lunch, I make sure I have enough money for that too.

Another big expense I face each month is my travel. Since I commute to Kingston from home, I rely on public transport to get to and from campus. I use TFL (Transport for London), and my travel costs come to about £80 per month. This is mostly for buses, as I avoid taking taxis to save money. Public transport is reliable, but it’s still a significant chunk of my budget. I’ve found that getting a monthly travel card is a good way to save compared to paying for single fares.

As a student, it’s important to have a balance between studying and socialising. For entertainment, I set aside £60-£70 a month. This covers nights out, movies, and occasional treats like a visit to a museum or a fun event on campus. But I’ve learned that it’s totally possible to enjoy uni life without constantly spending money. Look out for student discounts, free events, or any special offers that come up.

Lastly, as we all know there are always those little unexpected costs, like buying new stationery. My left-over money goes towards things like this and any extra entertainment or eating out expenses, as there are always some for me.

Making your money last

Overall, the best advice for managing money as a student is to prioritise savings and separate your money into different spaces. For example, with Starling bank you can make as many saving 'spaces' as you like and name them, so you know exactly which space is for what. This can help with setting a clear view of exactly how much you have and helps to reduce the likelihood of overspending; making the budgeting process so much easier.

Another thing is to look for discounts. As a student, there are tons of discounts available to you whether it’s on food, clothing or transport. I take advantage of discounts wherever possible, and it really adds up over time. UniDays and Student Beans are amazing apps that display all the student discounts in one place.

Also, don’t be afraid to ask for help. If you’re struggling with your finances, the University has systems in place to provide financial support.

I hope this gave you a bit of insight into how I manage my finances at university! Best of luck to all of you fellow students out there. Remember, budgeting isn’t about restricting yourself, it’s about making your money work for you.

Understand more about fees and funding, you can also contact us with any queries at [email protected].