Surviving on a limited budget has always been challenging for students, but rising costs have worsened the situation. Managing your finances carefully is more important than ever.
Location
Budgeting begins before even applying to universities. If you are going to be based in London, then the overall cost of living will be much higher than elsewhere. Some universities are more generous with bursaries and grants than others. This means that affordability is a significant consideration when choosing a course.
Work out your income
Potential sources of income include loans, scholarships, grants or bursaries, parents or other family members and any work you undertake while at university, although this should be on a part-time basis to allow time to study. Add up the total, then plan how to apply it to your expenses. There are apps that can help you do this, although some do have their own fees. To obtain a visa, international students will need to prove they have sufficient funds to support their studies.
Prioritise
Once you know your income, you can start prioritising your expenditure, starting with the essential, unavoidable expenses. The most costly of these is likely to be your student accommodation Leicester. Does your rent include utilities, or do you need to add them to your total? Accommodation providers such as www.westmanorstudentliving.co.uk should make this clear. Other essentials include food, transportation, particularly if you travel from the city/town to campus and back regularly, your mobile phone and any required materials for your course that cannot be borrowed.
If your essential expenses are covered, you can consider discretionary spending. These are the things that you may be able to cut back on when the budget is particularly tight, but that will make your life easier and more enjoyable. Clothing, haircuts, a TV licence plus any subscription service, membership of student societies, meals out, presents and holidays are all examples. Work out which are most important to you.
These tips should form a starting point for planning and sticking to your budget so you can continue to fund your studies and living expenses throughout your time at university.
