Budgeting for University

It is important to prioritise essential spending such as your rent, bills and food; all other non-essential expenses should come after this.

What is budgeting?

A budget is a way to help you work out what money you have coming in and going out and helps you to make informed choices on how to spend your money. Having a budget doesn’t mean your money will be sorted, it just means that you have a plan so that you know where your money is going rather than wondering where it went!   

It is important to prioritise essential spending such as your rent, bills, and food; all other non-essential expenses should come after this. 

When you’re putting together your expenses, don’t forget that students get access to various discounts and exemptions. Students are normally exempt from paying council tax and may be eligible for the NHS low-income scheme for help with prescription costs. You can also get discounts on railcards, and lots of shops, cafes, and restaurants offer student discounts. There are also schemes like Unidays, Student beans, and TOTUM which can get you discounts on even more.

This page will explain more about how to work out your budget, but if you need any advice then the Student Funding and Advice team can help.

Why do I need to budget? 

When it comes to your finances, creating a budget will help you to know if you have enough money to cover your essentials. It also allows you to plan and not panic when unexpected costs arise. 

Most students rely on their Student Finance maintenance loan to help them with living costs at university. However, this is only paid 3 times a year (at the start of each term), meaning there can be long periods where you need to think about how you will cover your essentials and spending. 

You may not know exactly how much student finance you are eligible for before having to make big decisions such as where to live and how much your rent will cost.

The Student Finance calculator can help to give you an idea of your eligibility

How to make a budget

When you create a budget, ask yourself: 

What is my income?

Students typically get their income from Student Finance, part-time work, an interest free student overdraft or family support.  

Am I getting everything I’m entitled to?

Has your student finance application been income assessed? If not, you may be entitled to more money. Additionally, if your household income has dropped by more than 15% you can ask Student Finance to review your application. 

What are my outgoings / bills? 

If you are in student halls, then usually most of your bills are included in your rent. If you are in private accommodation you need to consider things such as electricity, gas, water, and internet in your monthly bills.

You also need to consider things such as food, transport, mobile phone, subscriptions and anything else that is important to you.

How long must my money last? 

Student Finance is paid 3 times a year: at the start of each term.  The longest gap will be between your final payment in April, until the next academic year! 

If you are topping up your income (with part-time work, money from family, bursaries etc) think about how often you will get this.

What to budget for? 

Budgeting doesn’t mean you have to give up all things fun; but it can help you to realise where you might want to cut back.

It is good to look at your spending as things that are essential (rent, bills, food, course materials) and non-essential (subscriptions, leisure activities, eating out).

How do I work out my budget? 

Now you know what you need to consider it’s time to do the maths and work out money coming in minus money going out. There are lots of helpful budgeting Apps and planners available so find one that is right for you. Money Saving Expert offers some useful information and a free budget planner.

For most students it helps to have a weekly budget (and psychologically the shorter time frame may make it easier to stick to!) but you could work it out monthly if you prefer. 

If you’re going to get a one-off loan payment for each term (from Student Finance), it would be wise to divide this by the number of weeks or months in that term. 

What to do if your income isn’t enough?

It is really important to make sure that your essentials are covered. When working out your budget if you realise that the amount you are spending is bigger than the amount coming in then you need to either increase income or cut back – think about what’s important to you and also what you could live without. 

Remember, your Student Funding and Advice team are here to help with any questions around your Student Finance as well as support those who find themselves in financial hardship.

They also offer one to one budgeting sessions which are bookable all year round. If you would like any help with your finance or budgeting please get in touch: student.finance@norwichuni.ac.uk

Cost of living support

Find out about the Cost of living Support Package 2023-24

Additional support

Additional financial support is available for students in certain categories.

This includes:

• Special Support Grant
• Childcare Grant
• Adults Dependents Grant
• Parents Learning Allowance
• Financial Support Fund
• Disabled Students Allowance
• Child Tax Credit

For further information about additional support please visit gov.uk/studentfinance

Non-EU Students

Student Finance from the Government is not available for students living outside the EU. Find out more about Fees and Funding for International Students, as well as information about Scholarships we offer International Students.

Tuition fees for non-EU students are charged at full cost.

What do I do if I have queries about financial support?

Email us student.finance@norwichuni.ac.uk if you’d like some advice or support about funding and student finance.

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