Student budgeting guide

If you're heading to university, chances are you'll be planning for what seems like an endless list of things.

Living away from home for (possibly) the first time, starting a brand-new course, making new friends in a new city: it can be an exciting and nerve-wracking experience.

However, getting the most out of your years as a student also means managing your money well.

From rent and textbooks to travel costs and socialising, you'll have a lot of expenses to consider - and a good budget can really help you to make sure your money goes exactly where it needs to every month.

Here's our quick guide to making a good student budget.

Prioritise all your essential costs

If you're going away to university and living away from home for the first time, you may have a whole new range of costs you've not had to consider before.

However, successfully managing your money involves making sure that all your essential living costs are comfortably covered every month.

Your 'priority' costs include:

  • Rent
  • Utility bills: if you're living in halls of residence, your gas, water and electricity costs will usually be included in your rent, but you may have to pay extra for laundry, etc.
  • Food: work out a realistic monthly plan of what meals you'll eat over a month, and try to stick to it. Cutting your food budget to make room for other costs may seem like a good idea at the time, but coming home to a bare fridge after a long day of lectures is definitely not food for thought!
  • Travel: of course, you may be lucky enough to live within walking distance of your campus, but plenty of students find they have to travel to uni - whether by public transport, such as bus/train, or by car. Make sure you can cover the costs of any bus tickets, travel passes or petrol in your budget.
  • Any other items you need from month to month: such as toiletries, cleaning products, etc.

Once you've got peace of mind that you've accounted for your all your monthly essentials, whatever disposable income you're left with can be spent however you wish - whether it goes towards a 'fun fund' for socialising and trips out at the weekend, or saving up for the holidays.

Maximise your income

Many people are seeing their budgets squeezed in the current climate - and students are certainly no exception.

However, the more money you receive in your student account every month the better, so consider ways you could boost your income.

You might consider:

  • Getting a part-time or weekend job that fits around your study schedule.
  • Finding out if you could earn some extra money by being a student ambassador or helping out at 'open days'.
  • Selling any old items you no longer use, such as CDs or games consoles.
  • Using any skills you have, such as speaking a foreign language or playing a musical instrument, to make money as a tutor.

Reduce your spending

One advantage of being a student is that there are many ways you could potentially cut your monthly outgoings.

For example, you may be able to take advantage of:

  • Shops and services offering student discounts on everything from books and clothes to cinema tickets.
  • Student travel passes - which could earn you discounts on public transport.
  • Discount vouchers and coupons offered by your local supermarket, which could knock £s off your food bills.

Remember: a good student budget is the key to making sure all the important costs are covered every month - and should put your mind at ease that you can enjoy all the fun stuff too!

This guide was provided by thinkbanking.co.uk, who provide a budgeting bank account service.