How to make up the difference in your student budget

Think of the results from our Cost of Living Calculator as a guide to help you understand how much uni can cost, rather than something that’s set in stone. Your expenses will depend on personal choices, circumstances, and even surprise opportunities.  

If the numbers seem higher than you expected, that’s not suggesting you’ll not be able to go to uni.  This is your chance to explore your options and create a realistic financial plan. 

It’s probably wise to go back through your answers on the calculator and make sure you’ve not put in a figure incorrectly or overestimated one thing or another. Even small adjustments can make a big difference to your budget. 

The calculator is handy for showing you how much your uni life could cost in difference scenarios, which can help you plan accordingly. For example, you can see how much uni would cost if you were to live at home, or have fewer subscription services, or shop at different supermarkets. Being flexible in these areas can help make uni more affordable. 

There are several good options for students looking for additional financial support for uni, which can be hugely helpful if you find your budget doesn’t add up. You should investigate these options: 

• Maintenance loans 

• Grants and bursaries 

• Scholarships 

Having a part-time job can give your budget a boost, and comes with the added benefit of getting work experience that can come in handy in the future. Of course, you have to consider if you feel confident balancing work with your uni studies, but if you think it’s possible, it’s well worth it. 

If there you’re coming up against issues when it comes to your money, talking to people and asking for advice can be exceptionally useful. Here are a few suggestions of where you can look for advice: 

• Professional support: Most universities will offer financial guidance or have student financial advisors to offer advice on saving money or finding additional income. 

• Friends and family: Reach out to people you know who have been through university and ask what they did to be able to afford their education, or see if they have any money tips for you. 

• Online communities: Forums and student groups can be a good place to find advice. 

As ever, we recommend taking the time to organise your budget and go through it to see where you can save money. Once you’ve got it into a place where it looks like you can afford uni, you’ll need to stick to it. Here’s a few tips on how to do this: 

• Track your expenses: Keep a close eye on your ingoing and outgoing cash, as it can help you spot patterns and shave off some extra spending. 

• Be prepared: Set aside some money for any unexpected expenses, like if your laptop breaks or there’s an emergency you need to travel for. 

• Use technology: Apps like Monzo or Yolt are excellent for keeping your money in order. 

If this is the first time you’ll be completely responsible for your own finances, it can feel a bit overwhelming. However, with the tools you’ve got at your disposal, putting together a plan will be great for building your understanding of money and help you to feel confident in your choices.