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How to Budget as a College Student

Here are our tips on budgeting and saving money while studying at College.

Sep 18, 2023
  • Student Tips

Receiving student loans and funding at the start of each term can be a lot of money, but making it last for the entire year can be difficult when considering social activities and study supplies.

We've pulled together costs to include in your student budget to help you keep track of your finances.

Know how much money you have coming in

Ensure you know exactly how much money you are receiving each term; this could be in the form of:

  • Student loans
  • Scholarships, grants, or bursaries
  • Income from paid work
  • Savings you will be using during your studies
  • Money from parents or guardians

List all essential costs you'll encounter during your studies

During your bachelor studies, you'll have several regular bills, such as

  • Rent for your student accommodation
  • Tuition fees
  • Household bills encompassing electricity, water, gas
  • Home Insurance
  • Phone bill
  • Travel costs
  • Groceries bill
  • Credit card repayments

Allocate a sum for your disposable income

Once you have totaled your monthly essential costs, you can see the sum you are left with and decide how much to allocate to other expenses, including:

  • Clothes
  • Toiletries
  • Social and sports activities
  • Textbooks or equipment for your Bachelor's program.

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Hidden costs you should be aware of

We've rounded up annoying, needless costs to bear in mind during your studies.

Late payment penalties

Credit cards charge penaltes and add interest for late or missed payments,

Some utility and phone providers may charge a fee if you miss a payment. Set up a regular direct debit to avoid these fees if you can.

Avoid ATMs that charge you

Check if you will incur charges before withdrawing cash at an ATM,

Student areas tend to be hotspots for crime

Student areas can be rich pickings for thieves. Keep your electronics in a safe place, and make sure your home is secure. It might be worth looking into content insurance. You can get specific insurance for items such as your phone or laptop.

Your parent's content insurance might cover you if you live in a university student residence.

We hope these tips have helped you outline a student budget and alleviate money worries, allowing you to study and have fun during your Bachelor's program.