Manage your money the right way

How to budget and save where you can.

While you're focused on enjoying your time at UWE (and studying of course), it's essential to manage your finances effectively to avoid unnecessary stress. Budgeting is a skill that will serve you well not only during your academic years but also throughout your life. In this article, we'll explore some valuable budgeting tips you can easily take on. 

First up, create a budget!

The first step in managing your finances as a student is to create a budget. A budget is a plan that outlines your income and expenses, helping you understand where your money goes. Start by listing your sources of income, which may include student loans, grants, part-time work, or financial support from your family. Then, make a detailed list of your monthly expenses, including rent, groceries, transportation, and leisure activities. By comparing your income to your expenses, you can set spending limits and avoid overspending.

Pro tip: You should always fit contingency into your budget, so you'll have available funds for a rainy day (unexpected expenses you didn't budget for).

Figure out your priorities

When budgeting as a student, it's crucial to figure out what your priorities are. Things like rent, utilities and food should obviously come first but after that, you'll need to think about what's important for you. Once you've covered these necessities, you can allocate your remaining money to other categories like leisure, dining out, and entertainment. This way, you can enjoy your student life while ensuring that your essential needs are met. 

Take advantage of student discounts

One of the perks of being a student in the UK is access to numerous student discounts. From public transportation to restaurants, clothing stores, and entertainment venues, many businesses offer reduced prices for students. Check sites like Myunidays to get the latest on what discounts you can make the most of.

Pro tip: Don't forget to carry your student ID with you and look for discounts whenever you make a purchase. There is no harm in asking and you'd be surprised how many independent businesses do student discounts!

Cook at home

Eating out can be expensive, and it's easy to overspend on takeaways and dining in restaurants. Cooking at home is not only more budget-friendly but also a healthier option. Plan your meals, buy groceries in bulk, and cook in batches to save both time and money. Its a habit you'll need to get into later in life so you might as well start now.

Part-time work

Many students take on part-time jobs to supplement their income. Working part-time can help cover some of your non-essential expenses and provide a little extra spending money for all the fun things you want to do. Just be sure to balance work and study commitments to avoid overwhelming yourself. We have plenty of part-time job resources if you need help getting started.

We can provide you with all the support you need

Don't worry if you're new to budgeting. For many students, university is the first time they get the proper chance to manage their finances. We provide plenty of dedicated student money services which provide face-to-face support and advice. If money is stressing you out we also provide wellbeing support to help you mentally prepare and deal with any financial issues.

Budgeting as a student in the UK is all about making the most of your money while staying focused on your studies. By following these tips and saving wisely, you can build strong financial habits that will serve you well in your academic journey and beyond. Create a budget now!