Having a clear budgeting plan can help you avoid debt and save your money while you are studying at University.
You should make sure your planned budget is realistic. See our Saving Tips page for info that might help you keep your expenses within your budget.
If you receive loans and funding at the start of each term it can seem like a lot of money. Making it last across the year can be hard. Do a few simple sums and see if you need to cut back or increase your income.
- Add up your income: your student loan, any grants, bursaries, sponsorships or scholarships, money from your parents or guardians, income from a job.
- Then take off your essential outgoings: tuition fees, rent, any house bills: internet, TV licence, water, gas, electric, insurance, any travel or car costs, credit card or debt repayments, your phone bill, food, books or equipment for your course.
- Whatever's left you can spend on other things such as: household supplies, toiletries music, films, social activities, clothes, shoes, clubs, gym membership or you can simply put away in your savings account for future.
You might also consider using two bank accounts to assist with budgeting. Having “savings” and “current/student” accounts can help.
These links provide helpful information for how to set up a budget plan and keep records of your expenses see:
Additionally, you might want to check the following websites for more specific money advice for students:
Brunel has partnered with Blackbullion to bring you an online money advice and guidance platform. You can sign up with your Brunel email address for free. This platform offers a budget calculator and money tips.
The Mix provides useful information for students on how to manage money, avoid debt, and provides useful courses you can sign up for.