There are so many things that you’ll be thinking about when you first move to university – making new friends, managing your studies, living by yourself and so much more! It can all become rather overwhelming. Therefore, money is not something you want at the forefront of your mind when you’re navigating all this, as well as trying to enjoy yourself! In this blog I will talk about how to keep on top of your finances, create budget tables, make some savings, and all whilst still being able to have the fun and exciting university experience that you always wanted! 

Now I’m sure I wasn’t alone in this, but when I first started university, I found money a terrifying concept. Stressing, spending, then stressing again, it completely took over my mind. I felt as if these numbers in my bank account had so much power and control over me. What took me a long time to realise was that I, in fact, had complete control over this money, and it was up to me how much I’d let it affect me. So if you’re feeling similar to this, know you’re not alone, and it is completely normal and understandable to feel this way about your finances when you move away from home. I learned that, to overcome my anxiety around money, I had to plan out a thorough, detailed budget, so I could keep track of it all, and break it down into small, manageable amounts, rather than looking at one big scary figure.  

On the other hand, you may have a very relaxed outlook and relationship with your money. However, I believe that everyone, regardless of their financial circumstances or views, should take the time to create a budget – they allow you to be in complete control of your finances, stopping you from recklessly splashing all your cash within the first few weeks of university, as that is also a very easy trap to slip into, particularly in freshers’ week. But by making a budget, every penny is accounted for; from every weekly food shop, to the large monthly rent payments – you’re able to stay on top of it all and enjoy your university time, without utterly breaking the bank! 

So, here are my best tips for budgets, based on my experiences: 

1. Have a weekly spending budget – this proved so helpful for me! Giving myself the limitation of having only £x each week allowed me to spend my money efficiently on the things I needed most. Then once I got into a regular routine of what I’d buy each week, I started making small savings with the leftover money that I didn’t spend. Or if it was coming towards the end of the week and I knew I didn’t need to buy anything else necessary, then I’d allow myself a treat with the leftover money, ranging from as little as a mars bar, to a whole evening theatre trip out. Sometimes I’d save the money for something else later down the line too – but either way, I found freedom within the limitation, so I’d highly recommend!  

2. Open up an unlimited access savings account – I found this really useful. Put all of your big chunks of money e.g. maintenance loan into this account. Then, linking back to my first tip, one day a week send yourself your weekly budget. By doing this all of your money isn’t sat in your current account, preventing you from overspending, and is generally a much safer place for your money to be for in case your bank card or details ever get stolen! These first two tips together also helped make my budget tables so much easier, which leads into my next point… 

3. Make a termly budget table – I’d recommend doing them by term rather than yearly, because that way all the figures feel less intimidating; your financial plans and goals feel much more achievable by breaking it down this way e.g. aiming to save £100 by Christmas feels more realistic than trying to save £500 by the end of the year. Furthermore, your maintenance loans are paid to you termly (with the exception of Scottish students, who are paid monthly), and the amount is usually different in your third term, so it’s better just to have a new and accurate calculation every term. If you have anything like Microsoft Excel, then this is great to make your budget tables on, as it does all the maths for you. But equally you don’t need to have excel to make one – even just some pen, paper and a calculator will do! 

4. Create two clear tables: income and outgoings. I’d suggest starting with income first, as then you can see how much you’ve got to work with. Things such as your maintenance loan, bursaries, part-time work etc. will all go in this table. Then things like rent, bills, social activities, weekly budget/money for food etc. will all go in your outgoings. For outgoings specifically, I’d recommend adding a 10% contingency to your total for any unexpected payments that may come up. Then once you have a total for both, the difference between them will be your savings total. Again, each term will differ, and prices of things will change, so some terms you may be due to save a lot, some barely any at all – either way is absolutely fine! Furthermore, majority of the time you don’t spend all of the 10% contingency, which is another great reason for it, as it will almost guarantee you some savings by the end of every term! 

To conclude, although money can seem daunting at first, if you take the time to lay it all out in a clearly sectioned budget, then you have the freedom to live the university experience to its fullest, without any stress or anxiety, without being in fear of checking your bank account after every payment, without needing to miss out on anything, because you know you are in complete control of every penny. I hope you have found this helpful, now all that’s left to say is: happy budgeting!