How do I set a budget?

Income

The first step is to list all the INCOME you are likely to receive - only include money you know you are certain to get.

How to Maximise Your Income

Outgoings

You then need to list your OUTGOINGS e.g. rent, food, utility bills, leisure, phone and internet, course costs, travel to uni and home for vacations, healthcare, clothes and shoes etc.

If you have children you will need to remember to include the costs of childcare and school trips.

Always make sure that you prioritise the essential outgoings such as food and accommodation. Information about University accommodation fees and payment methods is available from Student fees

How to Minimise Your Outgoings

Tips

• Sometimes pay dates for outgoings such as rent don’t coincide with payment dates of Student Loans and grants so remember to keep some money aside for these situations.
• Put money aside for bills/field courses and other regular outgoings. Some students keep a savings account for bills and put money into it as soon as they receive their student funding. This way they don’t get tempted to spend money they don’t have on non essentials.
• It sounds obvious but check bank statements regularly in order to keep up to speed with your financial situation.
• Student Finance websites have a Student Finance Calculator that can be used to estimate what you are eligible to receive from Student Finance.