Top budgeting tips for life at university

For those heading to university this month, the cost of living will understandably be a consideration. However, going to university is an exciting opportunity to learn essential life skills, including how to manage your money effectively.

Here, the University of Derby’s Senior Student Money Advisor, Rob Fowler, shares his top budgeting tips for university students.

Making your student life easier

Thinking about how you will manage your living costs is a great way to prepare for university.

To be a budgeting pro, students will need to establish their income, remembering that the maintenance loan will be paid in three instalments throughout the academic year. It is a good idea to include any money from jobs and parents/guardians in here, too.

Estimate your outgoings; these will include bills such as groceries, transport, socialising, subscription services and essentials for studying, such as equipment and books.

It is important, too, to remember to budget for a TV licence. A TV licence is needed for student halls, a house or flat share with separate tenancy agreements and property with joint tenancy.

Students need to be covered by a TV licence to watch or record programmes as they are being shown on TV. They also need a licence to download or watch BBC programmes on demand – including catch-up TV on BBC iPlayer. This could be on any device, whether it is a TV, desktop computer, laptop, mobile phone, tablet or games console.

Breaking down the budget

Students will then need to calculate a weekly budget. The best way to do this is to minus the expenses from the total income throughout the term and then divide this by the number of weeks in a term. This should give an estimate of what to spend each week. You can also use student budget planners online to help you manage your money.

To keep on top of your finances, make sure to look at your bank statement at least once a week and regularly check your subscriptions and cancel any that you don’t need.

Halls of residence

Halls of residence are a convenient and hassle-free option for students who want to live close to their university. All of our first-year students at the University of Derby are guaranteed a room in our award-winning halls, and the price of the room is all inclusive, so no extra bills for gas, water, and electricity.

Our halls also include free wi-fi, room contents insurance, and some rooms even have a regular service clean of communal areas. This can certainly ease the pressure when you first arrive at university and help you slowly settle into your new life away from home.

Student perks

There are several schemes, too, to help students save money while they study. These include student discounts such as UniDays and Student Beans to help reduce the cost of everyday essentials, meals out and activities, such as going to the cinema.

Annual railcards are also a great option for students regularly taking trains and looking to save on fees. It is, however, often cheaper to opt for the coach instead of a train, and you can save even more if you have a National Express Coachcard. And remember to register for your TOTUM student discount card to lower your everyday expenses.

Paid work opportunities

Find out if your university offers any paid work opportunities. At Derby, for example, we offer paid opportunities within the University, which will help you to develop key skills and generate extra income.

Finance and wellbeing advice

We have experienced Student Money Advisers who are on hand to offer useful budgeting tips to help you make your money go further. If you’re feeling anxious about your finances or would like some friendly, expert advice, please don’t hesitate to contact a member of the team who will be able to offer you support.

Money matters

There are so many advantages to studying at university, and the key thing to remember is that help is always available.

By choosing to study with the University of Derby, students are off to a great start, as Derby is one of the most affordable cities for students in the UK, ranking third by Natwest.