Budgeting for University
When choosing a university, the cost of living there may influence your decision. Creating a student budget helps you work out where you can afford to study.
What to include in a student budget?
To create a student budget, you need to consider all likely costs such as rent, or bills. Weigh up your expenses against the money you have coming in. If they balance, you're all set. If they don't, you'll need to make savings, or find more money.
You may need to estimate some costs to begin with. To help, we've produced a sample student budget (below). This shows a realistic monthly income and expenditure summary, based on a student from England, living away from home at university in the north of England. Our example shows typical costs but every student's situation will be unique, so it's essential to think about your own likely income and expenditure.
Our budget does not include tuition fees, as your tuition fee loan normally covers the cost of your course. If you are at a private institution your tuition fee loan may be lower than the course fees you may be charged. In this case, students will need to budget to pay the difference themselves.
You can download a blank student budget template (see link below). To use it, work out the costs for where you want to study. Our page on managing your money at university will help you consider what expenses you might have, and ways you can save money.
Learn how to monitor your finances and you'll feel more in control of your money. Then you'll be free to focus on your studies and all that university life has to offer.
A sample student budget for 2019 entrants
|Income (annual, with a monthly total)||£|
|Maintenance Loan (means-tested)*||5,735|
|Voluntary household/parental contribution**||1,500|
|Grant or Bursary|
|Term time work (est 8 hours per week)||2,155|
|Vacation work (est 20 hours for eight weeks)||1,296|
|Bank overdraft (for emergencies)|
|Rent (private accommodation, 12 months)||420|
|Utility bills (Electricity, gas, water; council tax, if applicable)||30|
|TV licence (if applicable) and any subscriptions||13|
|Insurance (if applicable)||8|
|Food and drink (at home and at university)||146|
|Toiletries/ household, inc. laundry||30|
|Books and course costs||36|
|Clothes and shoes||30|
|Travel and transport (at university and to/from home)||60|
|REMAINDER to spend on going out, sports, gifts etc.||90|
* Our example student budget is based on a student from England, studying away from home at university in the north of England. Their parents have a joint household income of £50,000, so they would be eligible for a means-tested maintenance loan of £5,735.
** In this example, the gap between the means-tested loan and the full rate of loan for living away from home (outside of London) is £915. This gap has to be plugged by a voluntary household contribution, or by some other means.
- Rent: In private accommodation, a tenancy agreement is normally for 12 months. Our costs are based on the average in the north of England. For more about university accommodation, check our university profiles, 'living here' section.
- Utility bills: Often included in the cost of university accommodation. Costs here are based on students sharing a private rented house.
- TV License: If in halls, a student may be liable to pay a TV licence. Check whether you can be covered by your parent's TV licence (TV licensing).
- Mobile and internet: Based on a contract. If you have a phone already, SIM-only deals offer better value.
- Insurance: This is often included in cost of university accommodation.
- Course costs: These will vary hugely, depending on your course, and may include field trips or placements. Ask about costs when visiting at open days.
- Travel and transport costs: Again, these will depend on where you live, and the cost of travel home.
Next page: Top tips to save money as a student