Budgeting

Living and Learning on a Budget

What is a budget?

Put simply, budgeting involves managing your income and keeping track of your expenses. A good budget will give you an accurate picture of your finances, identifying where your money is going and whether you need to make any changes so it lasts longer.

For most students, moving away to university is the first time that they've had to budget, and it can seem quite daunting. Money Helper has put together a Beginners Guide to Managing Your MoneyLink opens in a new window which is a great place to start.

In the adjacent tabs, we will take you through planning out your budget step by step. You can keep it simple with a pen and paper, or type it up in an Excel spreadsheet. You could even print out a copy of our Getting Started with BudgetingLink opens in a new window guide to help you fill in your figures.

Alternatively, you could download a budgeting spreadsheet from Money Saving Expert- Budget PlannerLink opens in a new window to help walk you through the process (you will also find links to articles about managing your money on the Money Saving Expert website).

Where do I start?

Firstly, add up all of your sources of guaranteed income, such as :

Student Loans (i.e, Maintenance Loan)
Student Grants (e.g. Disabled Students' Allowance)
Scholarships
Bursaries
Parental contributions
Wages you from part-time work

If you are planning for the academic year ahead and are unsure how much Maintenance Loan you may be eligible for, you can use the Student Finance England CalculatorLink opens in a new window to get an estimate (this will currently show the 2023-24 entitlement estimate).

You will need to decide whether you want to complete a weekly or monthly budget. If you are adding up all of your income for an academic year and want to complete a weekly budget, divide the total by the number of weeks your course runs. Similarly, if you want to complete a monthly budget, divide the total by the number of months your course runs.

What next?

Next, add up all of your essential expenditures such as:

Rent/mortgage
Food
Bills
Transport
Socialising
Course costs
Any debt repayments

In addition to your essential expenditures, you may have additional non-essential spending that you want to budget for. If so, make sure to add this to the total expenditure above.

If you are unsure exactly what your expenditure may be, you could use the Save the Student - Living Costs SurveyLink opens in a new window*. This survey is conducted every year to find out how much students spend at different universities, you'll be able to simply filter by the University of Warwick for your estimated costs.

When adding up this expenditure, make sure you are either adding up the weekly or monthly amounts, to match your income calculations as per the previous tab.

*At the time of writing our webpage, the Save the Student Cost of Living survey webpage was last updated in October 2022. We would expect that these costs will have risen with inflation

What now?

Now, deduct your total expenses from your total income. This will show you whether you have enough money to cover all of the costs you have included in your budget.

I have a shortfall	I have a surplus
Look closely at your expenses. Are there any areas where you could cut back or make savings? Take a look at our helpful Saving MoneyLink opens in a new window webpages. Look at ways to boost your income, such as part-time work. Take a look at our helpful Making MoneyLink opens in a new window webpages.	Use your money wisely. Why not put any extra money aside as a rainy day fund or in case of emergency?

Budgeting and Spending Tools

Reviewing Your Spending

You should review your budget regularly to keep track of your spending and to allow you to re-adjust if required. There is a section in our Getting Started with Budgeting guide to help you do this.

If you find you are often going over your budget, you could try making small changes to help. Money Saving Expert has a Demotivator ToolLink opens in a new window which shows you how much you spend on small expenses over a year. For example, if you buy a regular takeaway coffee from Cafe Nero every weekday this would cost you over £512 over a year! You can also take a look at our Small Sacrifices, Big RewardsLink opens in a new window webpage to give you further insight on your smaller expenses. Once you've worked out where you could save money, check out Money Saving Expert's How to Stop SpendingLink opens in a new window article for the suggested next steps.

Banking

A good way to manage your money is to make your bank account work for you. It can be very tempting to start spending when your student loan or bursary payment comes into your account! To make it easier, you could open a second account where you can transfer your weekly budget, so you are managing a smaller amount of money.

A good option for this second account is an app-based or online bank. These are usually quick and easy to open and you control the account through an app on your phone. The benefits are that you get notifications about your spending and they often include budgeting tools that allow you to track your spending on various expenditures. Have a look at Save The Student’s article on the Best-App Based and Online Bank AccountsLink opens in a new window to find one that suits you.

Saving

Having some money saved can help you manage your money and take the pressure off if the unexpected happens. Even a small emergency fund will help.

You could try using an automatic savings app. These use AI to review your bank account to work out how much you can afford to save and then transfers this money automatically to a savings account. You can usually set the level of saving and can pause automatic savings if you know you have a big bill due. Save the Student has written a useful article on the Best Savings Apps.Link opens in a new window

You may find your bank account allows you to set up different savings pots where you can save for specific things. Having a goal to save for can be motivating. There is a section on our Getting Started with BudgetingLink opens in a new window guide which allows you to set yourself a savings goal and track your savings towards this goal.

All In One

A straightforward way to manage all your finances is using the free money manager app from Blackbullion.

The app allows you to track your spending from different banks or credit cards, all in one place. You can also set up a budget and spending targets for different categories such as groceries or bills, and the app will let you know if you're on track or spending too fast!

By using the app, you can gain a better understanding of your spending habits with weekly mini-reviews, and learn how to adjust them for better financial health. Plus, you’ll find rewards like discounts and even the opportunity to win cash prizes for sticking to your budget!

Visit the Blackbullion website to find out more and download the app.

Quick Budgeting Tips

Apply for your funding early

Be sure that your money will be paid on time and you'll know how much you have to live on.

For more information about your funding options see our webpages below:

To supplement your funding, check out our Bursaries and ScholarshipsLink opens in a new window webpage.

Shop Wisely

Always shop with a list and keep a budget in mind.
Use student discounts/vouchers.
Buy supermarket-own brands where you can.
Shop around for the best deal on a product.

See more tips on our Food and ShoppingLink opens in a new window and our Student DiscountsLink opens in a new window webpages.

Travel Cheaper

Plan ahead and buy your tickets in advance. Invest in a termly travel pass and consider a rail/bus card for extra savings:

Warwick and Leamington Unibus
National Express Coventry
National Express West Midlands
16-25 Railcard

Cycle or walk where you can! If you need a car, consider car sharing.

Pack a snack

Save money by bringing a packed lunch or check out the Warwick Retail - Food and Drink OffersLink opens in a new window webpage for discounts on campus.
If you know you are likely to buy a hot drink while out, then remember to bring your own reusable cup. Some coffee shops offer a discount if you bring your own.
Some food and drink outlets offer a loyalty scheme so you may want to take advantage of these to save money.

Don't forget your course costs

Remember to budget for stationary, printing and other costs.
Borrow books from the library or buy them second-hand.
Find out more about your course costs on the central university page, Fees and Course CostsLink opens in a new window or by contacting your department directly.

Going out

If you think you'll want to attend several events at the Student's Union, then it may be cheaper to buy an annual pass than pay as you go (Warwick SU - Ticketing FAQs)Link opens in a new window.

Many museums, art galleries, cinemas and other leisure venues offer a discounted rate for students - make sure to enquire about this when purchasing tickets and remember to take proof that you are a student.

Part-time work

Boost your income and gain some valuable experience to add to your CV.

Check out the webpages below for further information:

Make sure only to take on as much work as you can handle while juggling your studies and maintaining your mental health/wellbeing.

Banking and valuables

Shop around and choose a bank account that is right for you. Try not to be influenced by the freebies on offer as the interest-free overdraft or bank charges are likely to be much more important in the long run. See more at our Keeping your moneyLink opens in a new window safe webpage.

If you are bringing valuables to university (e.g., a laptop, phone), you may want to cover these with insurance. Find out more at our Living and Course CostsLink opens in a new window webpage.