Student Budgeting Tips

This post is part of our "Next Stop: Uni" series which guides you through each week of the summer between finishing school and Freshers so you can start uni prepared and excited.

Next Stop: Uni by UniHomes

We know, we know – getting your student loan for the first time is a big deal. Having that much money all in one go is exciting, and it’s easy to forget that it’s actually meant to cover your rent, the food shop, nights out, society fees, endless coffees, new clothes, takeaways… the list goes on.

While it can sometimes feel like you’ve got way more outgoings than incomings, we’re here to tell you that with a little savvy budgeting you can still live like, well, a student. Here are our top tips for figuring out a budgeting plan that works for you, so that you can spend wisely and worry less.

Know your worth 🫰

This one might seem obvious, but just knowing how much student loan you receive and how much your essential outgoings are is the best way to start. Once you’re familiar with how much money you have to play with, as well as how much your accommodation fees will cost you, it’s a lot easier to understand how much you have left over to split between food, travel, and leisure.

Want to know how much student loan you’ll receive? Check out our guide to applying for student finance, which is part of our “Next Stop: Uni” series.

Honesty is the best policy 🙊

When you’re working out expenses for things like travel and food, you’ve got to be realistic with yourself. There’s no point in saying that you’ll walk to uni every day and so not budgeting for any bus fare at all (especially if you know that, in reality, you'll be getting the bus more often than not).

The same goes for things like takeaways – it’s easy to start out optimistic and declare that actually no, you’re going to meal prep like no one has ever meal prepped before, but sometimes after a hard day of readings and revision all you want to do is order in a pizza. It’s best to do yourself a kindness and prepare for these kinds of situations, or else you’ll be left cursing your well-intentioned past self.

Discounts count 💰

Listen: in our eyes, student discounts totally count as budgeting. Not only are they a great way to treat yourself on the cheap (those aforementioned takeaways taste so much better when you’ve made a nice saving on them), they can also be used to make everyday essentials a little more affordable. Check your bus service provider’s website to see if they do student fares, or see if you can save on your train fare when visiting home.

Sites like Unidays are the best places to access exclusive student discounts for household brands, but it’s also always worth asking in person if the store you’re at offers a cheeky student discount. As long as you’ve got your student card on you for proof, there really is no harm in trying.

Play the rounding game ⬆️

One of the best ways to ensure you don’t overspend is to underestimate how much money you have, and an easy way to do this is to round up when shopping. No matter what kind of shop you’re doing – whether that’s for food, clothes, or just general bits and bobs – try rounding up the cost of each item you put in your basket to the next 50p. By the time you checkout, your total will be lower than you expected (giving you a nice surprise), and you’ll be guaranteed to have not gone over your assigned budget.

Bundle your utility bills ⚡

Utilities not covered by your rent? Consider opting for a student bills package so that all of your utility bills are covered by one monthly payment, making your utilities easier to keep track of and budget for.

Bills packages are especially useful for when you live with housemates as they also act as a bill-splitting service, fairly dividing the cost of your student house bills between all tenants so that you don’t pay more than your fair share.

It’s never been easier to say bye to overly-complicated bills calculations, thanks to UniHomes’ student bills package. Covering water, gas, electricity, broadband and TV Licence payments, everything is bundled into one single easy-to-handle bill every month – making your student budgeting smooth sailing and stress-free.

This blog is written for general informational purposes only and does constitute legal or financial advice, nor does it reflect the opinion of UniHomes. See each individual web page for full terms and conditions. UniHomes is not regulated by the Financial Conduct Authority (FCA) and its authors are not financial advisors. Always carry out your own research and seek independent financial advice.