Managing your finances
Creating a realistic budget from the start is one of the best ways to manage your finances. Begin by listing your income, such as your student loan, part-time work or bursaries, then track essential costs including rent, bills, food and travel. Once you understand your spending, you can set realistic limits for social activities and non-essential purchases.
Small changes can make a big difference. Cooking at home, using student discounts and buying second-hand textbooks can all help reduce costs. If you're worried about money, support is available and reaching out early can make a real difference in helping you stay on track.
How to budget at university
Sticking to a budget can help you stay in control of your finances and prepare for unexpected costs. Setting aside even a small amount each month can help you manage emergencies or one-off expenses. See an average weekly student expenditure below:
Average expenditure | Living in halls of residence | Living in private rented accommodation |
|---|---|---|
Rent | £92 – £189* | £70 – £115* |
Books | £13.50 | £13.50 |
Clothes | £10 | £10 |
Food | £25 | £25 |
Entertainment | £15 | £15 |
Day-to-day travel | £20** | £20** |
Household bills | – | £15 |
Mobile phone | £6 | £6 |
* find out more about accommodation fees
** remember travelling home can be expensive. Depending on where you live, we suggest that you set aside £175-£400 for this each year.
Money-saving tips
Making small changes to how you spend can help your money go further. Here are some practical ways to save.
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1.
Budget carefully
Create a budget so you understand how much money you have coming in and going out.
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2.
Use student discounts
Many shops, restaurants, and services offer student discounts, so always check before you buy.
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3.
Buy own-brand products
Supermarket own brands are often much cheaper and usually just as good as branded products.
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4.
Shop when you're not hungry
Shopping on a full stomach can help you avoid impulse purchases.
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5.
Batch cook meals
Cook multiple meals at once and freeze leftovers to save time and money.
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6.
Share bulk purchases
Take advantage of supermarket offers by buying with friends or housemates.
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7.
Buy second-hand textbooks
Look online or buy from students in the year above to reduce costs.
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8.
Reduce energy costs
Cut your utility bills by following energy saving advice from the Energy Saving Trust.
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9.
Set a spending limit for nights out
Only take the cash you've budgeted so you don’t overspend.
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10.
Save for emergencies
Try to put aside a small amount each month to build an emergency fund.
Boost your financial confidence with Blackbullion
We’ve partnered with Blackbullion, a leading platform for student financial education, to help you build practical money skills, from budgeting and saving to understanding loans and planning. It’s designed to boost your confidence and support your future career by improving your financial awareness.
As a Herts student, you get free access to short, engaging modules you can complete anytime, anywhere.
Find out more about how Blackbullion works and how to apply.