Most students have to go to university with a budget sheet in hand. Uni life doesn’t come with a cheap price tag, and there’s only so much time in the day to both study and work a part time job.
That’s why you need to have a firm grasp of the student cost of living before you go. You need time to put your budget together, investigate your funding opportunities, and come up with a plan to keep yourself well fed and entertained without any extra stress.
So, when you’re off to uni and you’re on a budget, what do you need to think about to stay living within your means? Here’s a quick rundown for you.
Check Your Student Finance Eligibility
In the UK, student loans typically cover two separate loan elements:
- Tuition
- Maintenance
And many students think they can only apply for the first one. However, there’s a very good chance you could also be eligible for the maintenance loan too.
You just need to be up to date on what qualifies you for one or both.
What qualifies you for a tuition loan?
A tuition loan helps you pay for the course itself. You can typically get around £9000, but this is paid directly to the university.
Tuition loans are available depending on the university you’re going to and what courses it offers. Both need to qualify for tuition assistance.
Do you qualify for a maintenance loan?
This is where you can get help with your day to day costs. You’ll qualify for a maintenance loan based on the same factors as above, but the amount you qualify for will depend on these factors:
- Where you’re from
- Where you’ll be living
- Annual household income
Is any other financial help available?
Maybe! Some universities run both scholarship and bursary programs. You’ll need to look into your university’s specific financial assistance programs to find out more.
Try to Find Accommodation with All Bills Included
When the student accommodation makes it easy to pay all your housing bills at once, you don’t have to budget for them separately. Not only does that make budgeting easier, but it’s also likely to be cheaper in the long run too.
However, finding a place like this can be tricky, seeing as student accommodation can be ‘either or’ here.
Sometimes all bills are included, other times they’re not; there doesn’t seem to be a strict rule either way. Similarly, some accommodations are up front about this, and then there are quite a few who need you to specifically ask about it when you view the space.
Either way, it can be quite a challenging part of the accommodation hunt – as if that’s not hard enough on its own!
But there is accommodation with all bills included out there, and usually they run a bit of a higher per calendar week cost than you would expect a student home to have.
That’s why, when you see these pricier places pop up, double check if the landlord has either broken down the price or noted that all utilities are bundled in too.
Create a Proper Budget
A lot of students will simply try to keep a mental record of things like how many times they’ve ordered a takeaway in the past week. But that’s simply not effective enough here.
You need to create a proper budget instead. And that’s an actual sheet you can refer to, where all of your incomings and outgoings are listed out in full.
You can quite easily draw up a budget sheet of your own, whether you do so on a bit of paper or your phone (or with an excel sheet).
You just need to have two columns: incomings and outgoings. And then within those columns, as many rows as necessary for where your money comes from and where it might need to go.
And while we’re on the topic of your budget, here’s a couple of things you might also want to look into:
See what travel cards are available
Many students rely on public transport, with only a small portion of them being able to drive (or owning their own car) at this point in time.
As such, it’s best to check out what student-friendly travel cards or travel programs are available, both within your area and nationwide.
For example, if your local bus company allows students to pay lower fares with the presentation of a student card, make sure you carry this card every time you go out.
Affording your course materials
Universities often charge for any textbooks, downloadables, and print materials, etc., that are required for the classes you’re enrolled in. And often, these don’t come cheap either – even if they’re written by the same lecturers on your course.
Make sure this gets factored into your budget as well, as you’re likely to need to put aside a bit of money for course materials in the long term. They often change per module, or per year (or both).
You should also make more use of your university library, where these materials may be available for free. You may need to take them out in advance, or be put on a wait list for them, but it’s still a free alternative.
Uni Students Often Need a Budget
And it’s going to be hard to make one after you’ve already needed it! So be sure to get out ahead of the budgeting woes that many uni students face.
You’re going to need a proper budgeting sheet, the right mindset to approach it with, and plenty of time for making sure it’s still accurate month after month.
But aside from that, make sure you stay in the loop with your finances in every way possible. Because it’s not just about taking a firm hand to budgeting.
Check for more affordable student accommodation within your uni area, and never forget to check on what you may be eligible for in terms of loans, scholarships, and bursaries.
