- Creating a budget helps manage university finances by tracking essential monthly expenses.
- Tracking your spending is crucial; use apps like Squirrel or Emma for effective management.
- Always research before buying; seek out second-hand options for course materials and compare prices.
- Open a dedicated savings account for monthly goals to limit temptation and manage funds efficiently.
With the cost of living rising, it’s certainly a tough time to be a student. If you’re struggling to study on a budget or just worried about what to do when you start university, you’re probably wondering how to manage finances at university.
Though university can be expensive, there are ways you can keep your costs down—and save money for the things you love doing. In this blog, we’ll go through easy tips on tracking your spending and looking for the best student deals.
So, here are five top tips for how to manage finances at university, straight from real students.
How to Manage Finances at University
1. Create A Budget

The first thing you should do if you want to take control of your finances at university is to figure out a budget.
Start by writing down your monthly expenses – things you must pay for every month. This will likely include rent, your phone bill, internet, and other bills (like electricity, water, or other taxes) and will usually stay approximately the same monthly.
Then, estimate a separate weekly or monthly budget for each of the other expenses you’ll have. This might include:
- Food
- Travel
- Eating out/drinking
- Clothes
- Hobbies and entertainment
- Holidays
- Haircuts
- Emergencies
Remember, there’s no point in creating a budget if you don’t stick to it! These budgets should be achievable but not so difficult that you feel like you can’t do the things you want to do as a student.
REal Student Opinion
My experience at the University of Hertfordshire was overall quite positive. There were several aspects that I liked about the university. First and foremost, I found the range of academic programs to be diverse and well-structured. The university offers a variety of courses and majors, and I was able to find a program that aligned perfectly with my academic interests and career goals.
The location of the university was also a significant advantage for me. Being located in Hatfield, which is in proximity to London, allowed me to access numerous cultural and professional opportunities in the capital city. It offered a balance between a suburban environment and access to a vibrant city.
The campus facilities were modern and well-equipped, providing a conducive environment for learning. The university’s commitment to investing in facilities such as libraries, laboratories, and recreational areas greatly benefited my academic journey.
One aspect I particularly appreciated was the diversity of the student population. Interacting with students from various cultural backgrounds enriched my academic and social experiences.
However, like any university, there were some considerations to keep in mind. The cost of tuition and living expenses in the UK can be quite high, which might be a concern for some students. It’s important to plan your finances accordingly.
In terms of recommendations, I would certainly recommend the University of Hertfordshire to prospective students who are looking for a diverse range of academic programs and opportunities in a suburban setting with easy access to London. The university provides a solid foundation for academic and personal growth. However, I would advise students to carefully consider their budget and financial planning due to the associated costs of studying in the UK. Additionally, it’s essential to research the specific programs and faculty related to your field of study to ensure they align with your goals and interests.
2. track your Spending
Once you’ve created your budgets, it’s time to track your spending. This is the only way to manage your finances at university effectively.
If you use online banking, you should be able to keep track in your bank’s app, but there are lots of other apps you can use, too. Each app will have a different purpose, whether it’s to specifically save money each month or just figure out how much you’re spending in different areas.
One of the best student apps specifically for money-saving is Squirrel, though it comes with a £3.99 monthly subscription fee. Squirrel will ask for your monthly budgets for different categories, and once the money arrives in your account each month, it will separate it into those categories. It puts all the money you’re allowed to spend straight into your bank account and keeps aside your dedicated savings and other expenses until you need to pay for things.
If you just want to track your spending without the pressure of limiting your spending, there’s Emma. This app will split your spending into categories so you can see where you could be making savings. It can also flag unnecessary purchases and subscriptions that you could cancel.
If you don’t fancy having your financial information in an app, there’s always the old-school method of an accounting book or spreadsheet. Here, you could manually write out what you’ve spent each month and try to keep it regular.
While it will be more difficult to track, switching to cash payments where possible will also help you save money. Give yourself a certain amount of cash each week to spend, and you’ll be able to see how much money you have left per week physically.
REal Student Opinion
Personally, the experience of engaging in a university programme overseas has been a very insightful one. Although it is challenging being away from home, this opportunity has given me a chance to gain independence, meet new people from various cultures and background, as well as learn new things from a range of fields.
In terms of my college experience, I would say it has given me the opportunity to gain exposure to different subjects and studies in order to allow me to make an informed decision about what I want to pursue academically. I am also able to attend classes on campus and make new connections with people.
By living in a new country independently, I have gotten the chance to learn a lot about myself, along with developing crucial life skills. I am able to explore new places, foods and experiences. However, budgeting is something new I have had to learn to adopt into my day-to-day life after enrolling in this programme as an international student.
Overall, it is a great chance for many students to get exposure to new places and things, as well as flourish academically.
3. Always Research BEfore buying

There are always bargains and deals to take advantage of – but sometimes, it takes some extensive research to find them.
For example, do you pick up a daily coffee from a cafe on your way to university? Have you looked at other local places you can go that may be cheaper? You may only save a few pennies, but it will add up in the long run.
On the whole, this will mainly apply to large purchases. If you’re considering buying your course materials new – don’t! Try to track down second-hand copies first. Or, see if you can swap with someone in the year above you and buy them a coffee or lunch in return for their old textbooks.
This also applies to your food shopping. Instead of buying everything from one store, visit a few different stores and compare the prices of everyday items. Usually, you’ll save money by purchasing different items from different stores. It might make your food shops more complicated, but it will be worth it in the end, and you’ll get used to it after a while.
REal Student Opinion
Warwick although not in a very good location offers students a great social life. Unlike universities in a city, it has a huge campus which offers a wide range of things to do. There are restaurants all over, from healthy options like bread oven (our own subway substitute!) to places where you can hog on junk food. There are also bikes all across campus that one can rent/pay a monthly see for to bike from one place to another, which I find very convenient. There’s a Tesco superstore nearby too, which offers more affordable groceries than the campus grocery store. As for value for money, I feel that the fee for Warwick business school is actually quite high for international students, with little to no aid available which is quite disappointing. I think more focus needs to be paid on creating funding opportunities for international students which makes them more motivated. As for mental well being, recent happenings have really escalated the focus on mental health and Warwick really has paid attention to ensure its students are doing well. The students union also offers lots of support for mental well being which is a plus point. There are also lots of career opportunities at WBS such as regular career fairs, events by companies such as Unilever, Amplify trading etc. which really help one gain more exposure in specific industries. By the end of it, Warwick business school provides great opportunities but needs to focus more on providing value to international students.
4. open a Dedicated Savings Account
If money is in your current account, it’s waiting to be spent. To limit the temptation, open up dedicated savings accounts for different things and shuffle your money around at the beginning of every month.
If you’ve worked out an amount you want to save every month, move this out of your current account as soon as you can and you’ll be less tempted to spend!
Different savings accounts can also be useful for keeping you on track with different savings goals. For example, you could have different accounts for different events:
- Holidays/travel
- Christmas/festivals
- Nights out
- Flights home
- A new computer
REal Student Opinion
The campus is small compared to other top universities in Canada, and classes are also smaller, allowing for more intimate settings in class. Being an active participant in the class will definitely make a Professor remember you, and allow you to build a good relationship with them, hence easy reference for your resume.
The school being an internationally credited institution makes it so that the students have diverse backgrounds. The institution also has many programs that can boost your career. The co-op program is only one of them, and I recommend browsing through their website.
Of course, like everything, it has its pros and cons. Being a small campus makes it so that there are fewer options for choosing professors and fewer seats available in a class. So you have to be fast during the time of course selections. The cafeteria food is repetitive, so it will definitely force you to learn how to cook and budget for yourself if you don’t want to just eat a sandwich, pizza, burger, and fries for a whole semester.
5. Look for Student Discounts

As a student, you’ll be entitled to lots of discounts, but only if you know about them. So, if you’re buying anything or going anywhere, it’s worth checking out if student discounts apply beforehand.
You could find student discounts just about anywhere, but the most popular apply to:
- Clothing brands
- Travel (particularly by coach)
- Hostels
- Museum entrance
- Bike rental
- Cinema tickets
- Restaurants
If you’re studying in the UK, you can join UniDAYS, which allows you to access student discounts on clothing, technology, software, books, and beauty products.
Other countries have similar loyalty schemes for students or young people, particularly for travel. For example, in France, the carte Jeune gives anyone under the age of 28 discounted rail travel, with ticket prices capped.
REal Student Opinion
Wasn’t too thrilled to come back to my hometown for university, but it’s a very fun city when you’re a student. There are student discounts and opportunities around every corner, the nightlife is very lively on Wednesdays, Fridays and Saturdays, and anything you can’t find in Pavia you’ll find 40 minutes away in Milan. When it comes to the teaching, some teachers are inspiring, some are provincial, some are as monstrous as Scylla and Charybdis, just like in any other university. The infrastructure is picturesque yet outdated, with the notable exception of the beautiful, newly-restored Biblioteca Petrarca. I study Lettere Moderne and it’s a good enough course; I am also in some very interesting extracurricular activities, but I had to dig a little to find them Tuition, accommodation and transportation are all very reasonably priced. Not a bad university, I would recommend it to all those who think Bologna to be a bit too intense and Milan a bit too expensive.
Conclusion
Knowing how to manage finances at university can be difficult, especially if this is your first time living away from home. If you follow our tips, you’ll hopefully get a handle on your finances.
Remember, university isn’t just a time for studying but also for enjoying yourself. So, try not to feel bad if you splurge on travelling or eating out, especially if you’re studying abroad.
However, if you start struggling and can’t afford to pay for basic things like food or study materials, speak to someone. You might be able to get financial assistance from your university, or you could find a part-time job.
If you’re thinking of studying abroad and want more advice on how to manage finances at university, read our blog on ways to study abroad for cheap.
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