Budgeting: How to Budget at Uni

Budgeting: How to Budget at Uni

For many people, university is the first time managing their own personal budget. This can seem confusing if you’ve never been in charge of your own finances before. However, with a bit of organisation, getting in control of your money can be very satisfying. The best way to do this is by learning how to budget.

1. Student finance

Student maintenance loans are paid in three installments at the start of each term. A maintenance loan is provided to help you with your living costs; rent, food etc. The exact date you receive yours depends on your term start date. Once you have sent all your information to student finance you can see your student loans payment schedule in your online account http://www.gov.uk/student-finance-register-login . How much you receive depends on your individual circumstance.

You may also qualify for a bursary or specific scholarship from your university. This is usually a grant given to you which you don’t have to pay back at the end of your studies. If you do receive a bursary, it’s important to incorporate this into your overall budget.

If you haven’t sorted your student finance- don’t panic! You have up to nine months after the start of the academic year to apply. This can be done through the government website https://www.gov.uk/apply-online-for-student-finance . But it’s better to apply sooner, rather than later.

It’s important to remember that you must apply for student finance funding every year. You’ll be emailed by student finance near the end of your final semester, but be aware your maintenance loan does not automatically renew

Plan a budget (and stick to it!)