Starting university is exciting and there’s so much to look forward to. However, one aspect of university which can leave learners feeling a little overwhelmed is the financial responsibilities you could face as a student. Below we discuss some of the best ways to manage your finances, offer money management tips and where to look for support should you need it so you can enjoy your university experience as much as possible.
Written by Grant Longstaff. Published 28 August 2025.
Understanding university costs
You’ll need to take some time to familiarise yourself with the cost of attending university. First you have your tuition fees for the course. You’ll also need to think about your living arrangements. Are you staying at home with your parents? Renting? Looking for student accommodation? All of these options can come at a cost. Finally, you’ll have to factor in your expenses, which could cover things such as food, course materials, travel, socialising and activities.
It can seem like a lot – however there is a great deal of financial help and support available for students. Much of which we’ll cover below.
Creating a student budget
Financial planning is important. One of the first things you’ll need to do is create a budget to help manage your finances. Begin by listing your income. This might include a student bursary, maintenance loan, allowance from a family member, savings or a job. Once you have this, make a list of your expected expenditure. This might include rent, bills, textbooks, stationary, food and transportation. It can also help to include an allowance for bonus expenses too, whether it’s a night out, new clothes or subscription services. Finally, try and budget a little each week for any unexpected costs. Once you’ve got both lists you can match the two against one another and adjust your spending accordingly.
Exploring funding options: loans, scholarships, and grants
One of the most common ways of funding university education is through student loans. Student loans are offered by the government and are available for both tuition and living costs. For more in depth advice on student finance take a look at our guide to undergraduate fees and funding and the detailed information provided on Gov.uk.
Bursaries, scholarships, and grants are also accessible for some students. These differ from student loans in that they often don’t need to be repaid. Establishing if you’re eligible can take time. You’ll have to meet certain criteria and awards can depend on a number of factors such as your academic achievements or financial circumstances, so you’ll need to carry out some research before you apply.
You’ll find that most universities have a dedicated fund for students and we’re no different. If you’re choosing to study with us take a look at our range of scholarships and bursaries and see if you’re eligible to apply.
Saving money before you start
Saving money before you start your studies can help ease some of the financial pressure you might face once you start university. Of course, you don’t need to save everything. Consider a small change you could make ahead of university to help build a little pot of cash. Do you need the early morning Costa or Starbucks? Could you walk instead of taking the bus one day a week? Little changes like this will not only help you save some money but also readies you for navigating a university budget.
Managing your money while at university
Once you start your course it’s essential you review your finances on a regular basis. The university lifestyle can be unpredictable and so your need to stay on top of your budget.
It’s important you prioritise essential bills, such as rent and energy, to avoid late fees and penalties. However, if you do ever find yourself struggling financially it’s important you seek support. We have a range of support options for students affected by the cost of living crisis, and there are also financial charities who can offer help and support with managing debt such as Turn2us and StepChange.
Finding affordable accommodation and living costs
Accommodation is often one of the biggest expenditures for students, but there are some ways to find more affordable living spaces. Universities often have student halls or work with local accommodation providers to help students secure suitable accommodation. Alternatively, students sometimes choose to rent privately and often share with friends. This means bills are split between the housemates and can alleviate some of the financial burden of attending university.
When choosing somewhere to live consider the location. How close are you to your campus? Are there good public transport links? Do you have the necessary amenities, such as shops, close to hand? Make sure to choose a living arrangement which works best for you and your budget.
When it comes to living costs think strategically. Plan your meals to avoid food waste. Cook at home, batch cook and freeze leftovers. Invest in a flask and make your coffee at home and prepare your own lunches. Also, learn to say ‘no’. Sometimes you’ll need to skip the pub quiz or cafe lunch for the sake of your budget.
For more advice take a look at effective student budgeting tips from Sarah Abbas, one of our Money Mentors, and follow us on TikTok and Instagram for regular content about student living.
Balancing work and study: Part time jobs
For many students finding a part time job is another essential part of financially supporting themselves through university. You’ll find plenty of part time vacancies in places such as shops, restaurants, cafes and bars which offer flexible hours around your university timetable. It’s a great way to boost your income, gain work experience and strengthen your CV. Remember, you’ll still need to prioritise your studies, however many students can work alongside their course and not have their education suffer.
Maximising student discounts and perks
It probably goes without saying, but one of the many benefits of student life are the vast range of discounts available. Once your course has started you’ll be able to sign up for discount memberships at TOTUM (our students can also apply for a free one year Totum+ membership once enrolled), Student Beans and UNiDAYS. These will give you access to a whole range of discounts, including fashion, travel, food and drink, fitness and more. You’ll also find there are plenty of local savings available for students too, which offer regular discounts on activities and more. No matter what you’re up to as a student, it’s always worth checking for a discount code beforehand.
It’s also worth looking at bank accounts for students. The perks can vary between providers, but could include cash incentives, 0% overdrafts, free travel and exclusive discounts. It’s important to read the small print before you dive into anything like this, however, with a little due diligence you could save a lot.
Avoiding common financial pitfalls
Overspending is easily done. One of the best ways to avoid it is to recognise how those nonessential purchases can have a negative impact on your financial situation. We’ve highlighted the value of saying ‘no’. Sometimes you’ll need to sacrifice a new outfit or having a takeaway, so you stay within your budget. Explore cost friendly alternatives. Cook a meal for friends as an alternative to eating out or host a movie night instead of going to the cinema.
Also, be wary of relying on your overdraft or a credit card. Whilst they might prove useful in an emergency, overuse may cause financial pressures further down the line.
Maintaining a balanced university lifestyle on a budget
Ultimately, everything we’ve covered today circles back to the importance of having a budget and understanding how to get the most out of your money. Regularly review your incomings and outgoings. Keep our budget friendly tips in mind when making decisions, make the most of discounts and explore cost effective alternatives. With discipline, you can make your budget work.
Little changes can make a big difference.
Explore the wide range of support and advice we offer our students throughout their studies.
