Budgeting at Uni

When coming to University, one of the many things we think about is money. Of course, if you apply for Student Finance, you will get tuition fees and a maintenance loan after going through an application process. However, because the maintenance loan is based off what your parents/guardians earn annually, it can result in the amount not being as high as quite you hoped, meaning you might need a little bit of help every so often. So, here are a few tips to help you out if you have little money.

  • Know Your Dates!

Know when your maintenance loan is coming in. This will help you so much as you know when your money is expected to come in and probably help you figure out how much you can spend a week to get by before getting the next lot of money.

  • Calculate Maximum Budget!

One of the things I did before coming to University was to roughly estimate how much I would have weekly once I knew my maintenance loan amount for the year ahead. Firstly, you need to have applied for Student Finance so they can calculate your loan and then the university can figure out how much you will pay for your accommodation (once they’ve put you in one). You take away that amount from the maintenance loan and then divide that amount by how many weeks until your next loan date. Then that number left is your weekly budget.

  • Food Costs

Luckily in Ormskirk, we have an Aldi which is one of the cheapest supermarkets, normally costing me between £10-£15 per week depending on what I get from there. With food, I would try and buy fresh ingredients as sometimes this can be more cost effective for you. Also, cook in big batches: you’ll have loads left over which will probably do you dinner/lunch maybe 2 more times.

  • Student Discount

Since coming to Uni, I’m always on the lookout to make things cheaper for myself. Whether that means going on voucher codes, downloading Unidays or inviting your mates over for a dominoes and splitting it so it’s only £5 each. This is a definite hack you need to keep in mind🍕.

I hope this has helped for those of you with money worries. If you would like some more advice, please drop comments down below. Also if you need to look into student finance just click on the link down below:

https://www.gov.uk/student-finance-register-login

Ellis x

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