Student Cost of Living Calculator guide

You’ve probably heard this before, but it’s worth saying again – university is expensive. Not only that, it’s also likely to be a time where you’ll have more financial independence and responsibility than ever. This combination can make you a bit nervous, but don’t worry – this is exactly why we created the Cost of Living Calculator. 

Our calculator uses realistic price data to show you a breakdown of the expenses you’ll have at university. This way, you’ll know what to expect and you’ll be able to make informed decisions and plans for your finances easily. 

Tell us what you know 

Start by going through the Cost of Living Calculator to add in details about accommodation, travel, food and other expenses. These can be estimates or best guesses, so don’t panic if you don’t know exactly how much you’ll probably spend on broccoli in a month.  

It would also be helpful to enter the unis that you’re interested in going to, as the calculator can show you an estimate for the region that the unis are in.  

Creating a realistic budget 

The Cost of Living Calculator has questions about regular expenses like your rent, utility bills and food, as well as infrequent ones like clothes, streaming services and socialising. If you’re not sure about these, the calculator can estimate based on the regions across the UK and a few quick questions. 

You’ll be able to increase or decrease some of the amounts in the budget if you know they might be bigger or smaller, which is handy for making it a bit more accurate. 

Planning your financial support 

Entering information about the financial support you’ll be receiving while at university into the Cost of Living Calculator will be particularly valuable (pardon the pun), as this can offer guidance on your monthly or weekly budget. Whether it’s maintenance loans, scholarships, part-time work or a helping hand from family, it can all make a difference. 

Comparing universities 

Gone through the Cost of Living Calculator and received your results? Excellent work! Now is a good time to look through the list of universities you’re interested in (our Favourites tool is handy for keeping track of that) and see how living where they’re based could affect your budget.

It’s also well worth checking what kind of difference living at home could make versus living in university halls if that’s a possibility. More students are choosing this option as of late to save some cash while studying. 

Identifying gaps in your budget 

Your Cost of Living Calculator can show you where there could be gaps or shortfalls in your budget. If this happens, you can go on to research scholarships, grants and bursaries that could help to address the issue, and prepare a strong application for financial aid using real data. 

Understanding how to budget properly is an important step towards taking control of your money and establishing your independence – and the Cost of Living Calculator is an invaluable tool for learning this vital skill.  

Keep in mind that this all doesn’t have to be set-in-stone. Use the calculator to get an idea of what you can expect, then keep it bookmarked so you can update it should your situation change. Get a part-time job? Jump back in to add in your wages. Join a club at uni that has a monthly fee? Pop it in your budget. It all helps to reduce your stress and make way for your successes.