Leeds Beckett University - City Campus,
Woodhouse Lane,
LS1 3HE
Student Budgeting 101
Hey, Abi here, a recent Leeds Beckett Events Management graduate. Having completed (and survived!) four years of university, I want to tell you about some budgeting tips you can use as a student to help you manage your money at uni.
Creating your budget
Let's jump straight into it: creating a budget is the first thing you want to do when planning your finances (the clue is in the name!). You can set a budget for any time frame you need, but I typically had a weekly and monthly budget while keeping track of yearly income and expenses, including loans.
Since loans usually come in three instalments (to prevent you from spending it all at once), gather information about the amounts and timing of your loans. Try to break it down into what you can spend weekly on your three biggest expenses: rent, bills, and food. This will help you see what other income you need to bring in or how much you might have left over. And remember, you don't have to spend any extra money you have, think about saving it for future needs or special experiences—your future self will thank you!
Next, look at your guaranteed income. Do you work a certain number of hours a week or have a side hustle that brings in an average income each month? If so, include this in your budget. If not, consider finding a job at a local cafe or bar.
Once you've sorted out your income and budget for the week, month, and year, you can start thinking about your expenses.
Track your expenses
For many of you, this might be your first time living away from home so don’t expect to nail your expenses perfectly in the first few months. Even if you're not living away from home while studying, you still need to track expenses. While certain costs like gym memberships or Netflix accounts won’t change, other expenses might fluctuate a bit while you get into the groove of ‘adulting’. My best advice is to track what you know and then do as accurate a breakdown as possible for expenses like food, bills, going out, socialising, travel, or those new shoes you need because you lost one on the way back from a bar at 3 a.m. (why is it never both?!). Once you’ve tracked your expenses, you can compare them with your budget and see if you can splurge on an extra pizza that week or if you'll need a few more quiet nights in than you hoped.
Best ways of saving money on food
Never shop while you're hungry
You’ll put more into your trolley when your hunger hormone, ghrelin, is telling your brain you’re starving (not to get too technical), and then you get home and realise you’ve spent £15 more on random stuff that, once you’re full, aren’t as appealing.
Don't underestimate the power of a shopping list
Instead of aimlessly walking around wondering what you fancy for tea for the next few nights, see what you have in the cupboards and make a rough meal plan for the week. This way, you won’t buy random stuff and end up with a tin of sardines, some frozen peas, and beef jerky for dinner (I mean, it might slap hard as a meal, but it wouldn’t be my top pick).
Reduce takeaways
I had a rule that I was only allowed one takeaway a week, saving me about £30 weekly (assuming you spend just over a tenner ordering food three times a week). That’s £120 a month…a new pair of Nikes!
Understanding the difference between wants and needs
As tempting as it is—especially since you still haven’t replaced that lost shoe—don't blow all your student loan at once. Take the time to budget for the next few months and track your expenses before deciding how much to spend. Some students find that their loan doesn’t cover their full rent, so keep in mind that you might not have anything extra to spend.
One of the most common financial pitfalls for students is confusing wants with needs. For instance, that Starbucks Matcha Latte might feel like an absolute necessity after a late-night assessment submission, but what you really need is coffee. You want the £5 coffee, but you could make it at home for at least £4 less and have enough for weeks.
Another issue is giving in to peer pressure so get comfortable setting boundaries. It’s easier said than done in the moment, but if you don’t have enough in your entertainment budget for a night out, it’s okay to say no. Your sensible financial decisions might even encourage your friends to make better choices too. Sometimes, a cozy night in with a film, a £5 bottle of wine and leftovers is more enjoyable anyway.
Lastly, be aware of where your money is going. Check your bank statements weekly and see what’s coming out. Did you realise you’re paying for Student Amazon Prime, Netflix, Disney+, and Spotify? Maybe you don’t need all of them. Consider unsubscribing from one or sharing accounts with housemates. For example, I have a family Spotify plan with my housemates, and it costs just £3.50 each per month.
So, to summarise my smart spending tips:
- Create a budget with what you know is coming in, then look at what is going out (remember what you NEED to pay for, and what would be nice).
- Save money where you can; shop in the reduced aisles in supermarkets – and remember your freezer drawer exists!
- Be mindful that no one’s budget will be the same, be supportive if people say no, as you may need them to be supportive to you as well.
I hope these tips give you a solid starting point for managing your finances while at uni. With a bit of planning and smart spending, you can enjoy your time without blowing your budget.
