Reviewing your budget before next year

A blog by Abigail, Student Money Assistant

As the academic year winds down and we head into summer, it’s the perfect time to take a step back and think about money – what went well this year, what didn’t, and how to make things easier (and less stressful) next time around.

Whether you’re moving into a student house for the first time or just looking to get a better grip on your spending, a bit of budgeting now can make a huge difference later.

Looking Back: What Actually Worked?

One of the biggest things students tend to figure out in second year is how to spend smarter, especially when it comes to food and housing.

If you’ve been living in private accommodation, you’ve probably noticed just how many little costs appear out of nowhere: toilet paper, cleaning sprays, washing tablets – it all adds up. These are the kinds of things you don’t always think to budget for until you run out and suddenly need them.

A few simple switches can make a big impact:

Shopping at cheaper supermarkets (Aldi is a lifesaver for many students)
Meal prepping and bringing lunches onto campus
Bulk-buying snacks in your weekly shop to avoid impulse spending during the week

Loads of students also start using spreadsheets or budget tracking apps around this time. Some even plan out upcoming spending for things like rent, birthdays or society events, so they’re not surprised later.

Planning Ahead: Budgeting for Next Year

Looking ahead to next year, here are a few tips that students have found helpful:

Open a second bank account just for your rent money. As soon as your loan comes in, move your rent across so you don’t accidentally dip into it.
Use Splitwise (or similar apps) to manage house expenses – it’s great for tracking who paid for what without having to do mental maths every time someone buys the toilet roll.
Budget for treats! Whether it’s a cheeky pint or a spontaneous takeaway, putting it in the budget means you can enjoy it without the guilt.
Track your spending regularly. It sounds boring but knowing what’s coming up (not just what you’ve already spent) is a game-changer. If you don’t know where to start we have some free budget spreadsheet templates on our website.

And if your student loan covers your rent, separating it early can stop it from disappearing into everyday spending.

Making a Bit Extra

Working part-time during holidays can be a great way to top up your bank account without overloading your term-time schedule. Tutoring, even informally (GCSE or A-Level students), is flexible and often well paid. Or if you prefer something more casual, café work or babysitting are popular options.

Another underrated option? Selling clothes and accessories on Vinted or Depop. Loads of students have started doing this, it’s quick, easy, and turns clutter into cash.

Some students are also looking into switching bank accounts to get sign-up bonuses. If you’re already looking to open a second account for rent, it’s worth checking out banks like Nationwide or Santander, which occasionally offer money for new customers.

Quick Budget Reset Checklist

Before September rolls around, here’s a mini to-do list to get ahead:

Make or update your budget spreadsheet
Cancel any subscriptions you’ve stopped using
Reapply for student finance (set a reminder!)
Track your recent spending – any surprises?
Sell clothes or textbooks you no longer need
Look for part-time work or tutoring opportunities
Try a separate rent/bills account
Make the most of student discounts (they really do help)

There’s no one-size-fits-all approach to student money – but a few smart systems, some honest reflection, and a good spreadsheet can take you a long way. And if you ever need help or advice, the Student Funding Support team is always here to help you – no judgement or stress!

For additional money-related support, please contact Student Funding Support, located in Senate House.

Email: studentfunding@warwick.ac.uk

Phone: 02476150096 (8:30am-5pm Monday – Thursday, 8:30am-4pm Friday)

In-person support hours: 10am-3pm Monday-Friday.