Starting university is an exciting chapter – new friends, fresh opportunities, and a chance to live independently. But with independence comes responsibility, and one of the biggest challenges freshers face is managing money. Student loans often need to stretch across rent, food, bills, and a social life, and it can feel overwhelming. The good news? With some smart budgeting, you can make your money go further this autumn.
Why Budgeting Matters
Budgeting isn’t just about cutting costs – it’s about creating a plan that works for you. Understanding your income (student loan, part-time job, bursaries, parental support) versus your outgoings helps you avoid financial stress and keeps you in control. Money worries can also affect mental health, so finding ways to ease that pressure is key to enjoying your university experience.
Student Budgeting Basics
Here are some practical tips for freshers looking to save money this term:
• Set a budget: Start by understanding your likely income and expenses – this gives you a strong foundation. Break your outgoings into essentials and optional expenses so you can see how much is available for social events or other activities. This also helps you determine if you need to work part-time to cover any shortfalls.
• Track your spending: Use free apps like Monzo, Revolut, or Yolt to monitor your budget and see exactly where your money goes.
• Take advantage of student discounts: From travel cards to online subscriptions, many retailers offer discounts – make the most of them with apps like UNiDAYS or TOTUM.
• Plan your nights out and nights in: Enjoy the social scene by setting a weekly entertainment budget. Consider batch cooking or sharing meals with flat mates – it’s a great way to save money and have fun together.
Recognising Different Financial Realities
Not all students face the same challenges. Some may have additional financial pressures:
• International students often face higher tuition fees and limited access to loans.
• Care leavers or estranged students may not have family financial support to fall back on.
• Disabled students might have additional costs related to accessibility.
Universities usually have hardship funds, bursaries, and tailored support services available. Don’t be afraid to reach out to your student union or wellbeing teams for help.
Student View
“I felt a bit out of place when I started uni – it seemed like everyone else had more disposable income than me. I got a job on my second night, and it turned out to be the best decision. I met loads of friends who were in the same situation, and we had so much fun together – all while sticking to a budget!”