Understanding Student Finances
Your main source of income at university will likely be your student loan – split into tuition fees (paid directly to your uni) and a maintenance loan (paid into your bank account). The amount you get depends on your household income, where you live, and where you study.
But loans aren’t the only source of money. You might also have:
- Part-time job income
- Help from family
- Scholarships or bursaries
- Savings from before uni
Knowing where your money comes from is the first step to managing it well.
Budgeting Basics
A budget helps you stay on top of your spending and avoid that dreaded mid-term money panic. Here’s how to build one:
- List your income: Include your maintenance loan, job earnings, and any other regular support.
- Track your outgoings: Rent, bills, groceries, travel, course materials, and social spending.
- Divide into categories: Essentials (like rent and food) vs. non-essentials (like takeaways and nights out).
- Adjust monthly: Your spending might change each term – keep your budget flexible.
Tip: Use budgeting apps like Emma or Money Dashboard to make tracking easier. Prefer something you can print or scribble on? Check out the budgeting guide below.
