Student money:10 things you need to know
You need to be boss of your budget
Sorting out your budget needs to be your first lesson. For a full guide to sorting your budget, see Student Budgeting Planner. Your student loan is paid into your bank account in three instalments at the start of each term. So it might seem like you’ve loads of cash to splash in freshers’ week… but you haven’t. That money needs to last the whole term, so spend it wisely.
Knowing how much income you’ll have is essential – without this your budget will be nonsense. You’ll need to work out how much cash you have coming in, including your student loan, any grant, any cash from parents and any work income.
Equally, you’ll need an idea of how much money will be going out, including rent, any bills, food, socialising and course materials.
Once you’ve got these, subtract your outgoings from your income and divide by the number of weeks you’ll be at uni to know how much you have to live off each month. And crucially, DON’T spend more than this. For more on how to be the boss of your budget, see our Budget Planner guide.
Use the money mantras…