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Budgeting

Your annual budget

Budget © Stuart Miles - Fotolia .com _53362194_XS
© Stuart Miles - Fotolia.com

If you have not already done so, estimate your annual budget by listing all your expected income, including any savings you will bring with you to university.

Budgeting accurately is never an easy process, and we have constructed this simple but realistic annual income and expenditure summary to make monitoring and controlling your finances easier.

Consider having two bank accounts – one for essentials such as rent and food (your budget will tell you how much you need for these), the other for non-essentials like going out, entertainment, and holidays.

Above all, remember to keep a check on your finances so that money worries do not detract from your studying and from enjoying life at university!

Annual student budget

A sample budget for 2015 entrants

Download an Annual Student Budget Sheet >
Income £
Tuition Fee Loan 8,507
Maintenance Loan 3,823
Maintenance Grant 3,354
Term time/vacation work 3,000
Total income 18,684
Expenditure £
Tuition fee 8,507
Rent* 3,960
Electricity, gas, water 260
Mobile/internet 390
Insurance 110
Food and drink 1,600
Toiletries 260
Laundry 160
Books and stationery 370
Course costs 210
Clothes and shoes 470
Travel and transport 420
Going out 620
Home entertainment 260
Sports and leisure 210
Holidays and presents 420
Emergencies 520
Total expenses 18,747
(Deficit) (-63)
* This is for room only, shared bathroom accommodation in university residences. For an ensuite room you can expect to pay over £4,000 per year.
In this example, we have assumed that you come from England and:
  • are studying in England;
  • not living at home;
  • you have a Tuition Fee Loan to cover tuition fees of £8,507;
  • you are eligible for the maximum Maintenance Grant of £3,354;
  • you receive a Maintenance Loan of £3,823.

We have not taken into account any possible National Scholarship Programme monies, nor any bursaries or scholarships you may be eligible for.

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