How to budget for student life

A lot of freshers assume their student loan will comfortably cover the cost of being at uni. But on top of your rent and bills, day-to-day spending can quickly become more than expected. Food shops, travel and course materials will all chip away at your budget.

The way student loans are paid can also catch you out. In most cases, the money lands in larger payments at the start of a term. So, you will have to make it last for weeks. And your expenses may feel less manageable as time goes by.

You'll also need to prepare for unexpected expenses as well as managing the social side of university. Coffees, takeaways and needing last minute textbooks are all part of uni life. But even small costs can add up.

That's why it helps to be honest about what student living costs really look like. So you can budget and create an emergency fund to offer you a buffer.

For more information see our guide on the cost of life at uni.

The most useful budget is one built around your actual spending, not someone else's. For example, paying for rent in London will cost more than it would in a smaller university city. And travel costs will depend on whether you walk, cycle, or commute.

The cost of courses can also vary. While some courses will only need you to pay for books and printing, others will need lab kit, software, or specialist equipment. And don't forget to think about your lifestyle. Takeaways, going on nights out, or having multiple subscriptions will change your weekly total.

When thinking about your money, it can help to split it into four clear buckets:

1. Needs — Anything that keeps daily life running. Rent, food travel, your phone bill and any essential household costs.
2. Study costs — Be sure to include anything you need for your course. Like printing, textbooks, software, lab kit or trips.
3. Social spending — Uni is not just about lectures and coursework. Set a limit for coffees, going out, takeaways and streaming subscriptions.
4. Unexpected expenses — Don't be thrown off by a high-food shop or last-minute train ticket. Be prepared and put some money away to cover these costs.

You should also think about adding a fifth bucket — savings. Even putting aside a small amount each week can build a useful buffer over time. Just in case you need it.

The key thing to remember is that small decisions will build up. Some of the most common student budgeting mistakes are not dramatic - they are small decisions that build up fast over a term.

Freshers' Week is a time when you can blow the budget before uni has even really begun. Remember that although it may feel like a lot of money at the start of term, but your loan needs to last you for weeks.

Another mistake is forgetting about the occasional costs that pop up. You may need course equipment or a unexpected trip home that will take a chunk out of your budget. If you can, try and create and maintain a buffer in your budget.

An arranged overdraft can offer extra breathing space when things get a little tight. But don't rely on them too much as they can create pressure later if you can't pay them off.

How student overdrafts work.

Making your money last longer usually comes down to consistency. focus on small, repeatable habits rather than one big fix. Plan your spending before the week starts, check your balance regularly. And make a few realistic swaps that reduce costs without making student life feel miserable.

To get more ideas on how to save money, take a look at social media for tips. You can find more ideas on budgeting, as well as recipes, cheaper options for cosmetics and more.

Food is one of the easiest areas where you can overspend without noticing. But there are several ways you can keep costs down.

Having a plan of what meals you will eat in the week will help ensure that you only buy the ingredients you need. Choose low-cost meals that you can repeat each week. And be sure to shop with a list so that you don't get distracted when in the supermarket. Own-brand items, batch cooking, and taking lunch to campus can also help lower your living costs.

To save on travel, planning can help keep costs under control. Walk or cycle for shorter journeys. And if you need to use buses or trains, explore alternatives to just paying on the day. Student passes, railcards, and advance booking can all help you save money.

As you should have an idea of what you need for your classes early on, you should be able to find ways to keep the cost down.

Firstly, ask your department about which materials are essential. Once you have a list of textbooks, check the library to see how many copies they have. You may not need to purchase a copy and can borrow it instead. And for those you do need, see if you can buy secondhand.

When it comes to printing, only print what you need. And see if you can share costs on resources with your classmates to help protect your budget.

Remember clothes can be new to you without being brand new. Take a look in your local charity and secondhand shops to see if they have what you need. Or make use of the many resell sites and apps. If you do need to get something new, make use of student discounts to save money.

Don't overlook the savings that student discounts offer. They can reduce regular spending across food, clothes, travel, tech, and entertainment. And while these savings may feel small on their own, they will add up. And will leave more room in your weekly budget. So, be sure to check whether a shop, app, or service offers a student rate before you pay full price.

Take a look at apps like TOTUM (opens in a new window), UNiDAYS (opens in a new window), and Student Beans (opens in a new window)

Go through all your streaming services, apps and memberships and see what you actually use every week. While they may only cost a little each month, when you combine them, they pile up and eat into your budget. So cancelling even a couple of unused subscriptions can free up money you can use elsewhere.

Budgeting tools can make student money management feel much less chaotic. And help you spot patterns quickly so that they don't become a problem.

Choose the option that is best for you, and that you will stick to using. You don't need anything fancy — budget trackers or a simple spreadsheet can work. If you need help creating your budget, take a look at the UCAS budget calculator (opens in a new window).

If you want an app, be sure to choose a reputable one, as they'll be dealing with your financial information. A free example is HyperJar (opens in a new window), which will not only help you budget, but can also help with expenses you may share with housemates.

Banking apps help you check your balance quickly and move money around if you need to. Using spending categories or savings pots will help make your budget easier to manage. And they can offer notifications when payments go out of your account, or to let you know when your balance drops below a limit you set. So you can stay on top of your outgoings.

Nationwide customers can keep an eye on their budget with our app. If you choose a FlexStudent account, you will be able to track your spending easily and build better habits from the start.