University is often the first time you are responsible for your own finances, such as rent, utility bills and weekly food shops. Combined with Student Finance maintenance loans and/or a part-time wage, setting a weekly student budget can help you stretch your pennies, and make the most of student life.
If you are using a UK student loan to study, your Student Finance maintenance loans and grants will arrive in instalments: it’s up to you to manage your money throughout each semester.
If you're worried about managing your money during your time at university, there are lots of resources available on our fees and funding page to help you budget. We also have a bespoke budgeting page that you can access once you’re a UEA student, as well as a dedicated Student Services team to support you when it comes to financial advice.
How to create a student budget planner for university
Before spending any money at university, you’ll need to know how much money is coming into your bank account each month. Calculate expenses such as rent, utilities, phone bill and food, and set the money to pay for those aside. You should also consider any subscriptions or direct debits that may automatically be withdrawn from your account. Anything left is your disposable spending budget for the week, so you can enjoy hobbies, sports, and eating out.
Now you know exactly how much money you have for the month, set a budget for each week. We recommend you do this by working out your total average income and outcome per month. Minus your outgoings from your income, then divide by 4 to find out how much you’ll have left to spend each week.
Doing this ensures you have enough money to stretch across the month, rather than spending it in the first couple of weeks and having to cut back on food and socialising. A weekly student budget also allows for a more up-to-date picture of your finances, rather than waiting until the end of the month to see if you are left with any money spare.
If you have the ability to do so, put a small amount of money into a savings pot each month. This money can act as a safety net for any emergencies that may crop up over the year: for example, if your car needs an urgent fix, or you need to book last-minute flights or transport home.
Be meticulous when it comes to budgeting and keep a written or digital student budget planner; this should include what is leaving your bank account each month, and when. Plan how much to spend on each category, such as food, clothes, entertainment, gifts, and dining out. Keeping an eye on your outgoings in this way will quickly become second nature, and give you an idea of what you’re spending each month, and where you can cut down if needed. Once you’re a UEA student, you’ll find more detailed advice and guidance on managing your finances from our experienced advisers.
Many UK banks offer mobile banking apps to help you track your spending on the go. This is a great way to keep your money safe and secure, and ensure you stay on top of how much is in your bank account day-to-day.
For those still struggling to stretch their finances to the end of the month, analyse your budget to find areas where money can be saved. That might be changing to a cheaper phone contract, switching supermarkets, or opting to walk or cycle in to lectures instead of catching the bus. If you do hop on the bus regularly, you could consider buying a UEA student bus pass, which lets you enjoy unlimited travel in Norwich for 1 year.
Norwich is a relatively cheap city to live in; exploring walking routes and budgeting for essentials will help you learn where you can cut back if needed. Book an appointment with our Student Life finance team for a helping hand working out where you can save.
Topping up your uni budget
One of the most common ways to increase your monthly budget is to take on a part-time job. Restaurants, cafes and retail shops all commonly hire students on flexible contracts to fit around their studies, and any working visa requirements international students might have.
Students that find themselves in need of new clothes might benefit from selling their old wardrobe on Vinted or Depop. These services can help you top up your bank account, help you stay sustainable, and put some pounds towards your next shopping trip.
To help you stretch your budget even further, many eateries and shops offer student discounts. Apps such as UNiDAYS and websites like Save The Student offer discounts at retail stores, on food and drink, and even gym memberships, all exclusive to university students. Keeping an eye out for these discounts can help you save as you settle into your student life.
Budgeting for international students
It’s possible for international students to face additional challenges when it comes to uni budgets, accounting for flights and visa applications. Some students may also find it hard to manage their finances in an unfamiliar currency, with exchange rates to also consider.
Make sure to plan these expenses into your budget before you move to university, so you aren’t hit with unexpected costs on arrival. Building up a solid understanding of UK currency and banking will help you learn how the UK system works before you arrive.
Support from Student Life Finance
Once you’ve registered as a student at UEA, you’ll have access to our Student Life Finance team, who are dedicated to supporting you with your financial situation. Our finance advisors can offer guidance on setting a student budget, and hold budgeting workshops throughout the year to help you balance your finances.
With a bit of practice, budgeting will become a natural habit in your everyday life. If you’re still worried about student budgeting, our cost-of-living guide also offers support and guidance to those in need.