All You Need To Know About Maintaining A Student Budget

For students, one of the biggest challenges is making sure your money stretches across the entire academic year.

Between tuition fees, rent, food, and social life, it can feel like your bank balance is constantly under pressure. That’s where budgeting comes in—it’s all about managing your money smartly so you can keep everything covered.

Think of it as a plan to help you live comfortably and avoid any financial stress. By setting up a budget, you know exactly where your money is going, so you can balance the essentials (like rent and food) with some fun stuff, too.

Sure, you might not be able to splurge on the newest tech or the latest fashion every time, but it means you won’t be worrying about covering your rent or affording groceries. It’s all about prioritising and making sure you’ve got enough for the important things.

What You Need To Know About The 50/30/20 Rule

One popular and easy budgeting method is the 50/30/20 rule, and it’s a great way to manage your cash flow as a student. The idea is to split your money into three simple categories: Needs, Wants, and Savings.

First, 50% of your budget should go to your “Needs”—these are the essentials that you can’t avoid, like rent, transport fees, groceries, and any other must-haves for your well-being.

Next, you allocate 30% of your funds for “Wants.” This includes anything fun or non-essential, like eating out, shopping, nights out, new clothes, or entertainment subscriptions.

Finally, 20% of your money should go into “Savings.” This might sound tricky as a student, especially with tight finances, but even setting aside a small amount regularly can really help when those unexpected expenses pop up.

Whether it’s an emergency trip home, a broken laptop, or just needing extra cash at the end of the month, having savings gives you that safety net so you can stay stress-free.

What All Should Be Included in A Student Budget

When setting up your student budget, you’ve got to make sure you’re tracking all your income and expenses so you know exactly where you stand financially. Here’s what to count as your income:

• Your student loan
• Any grants, scholarships, or bursaries you’re eligible for
• Regular financial help from family members
• Earnings from a part-time job
• Savings you’ve set aside specifically for your time at uni

Now, when you’re listing your expenses, don’t forget to include:

• Tuition fees
• Rent
• Household bills (if your accommodation doesn’t cover these)
• Contents insurance (it might seem extra, but it’s smart to protect your stuff from theft or damage)
• Travel costs
• Credit card or other loan repayments
• Your phone bill
• Food budget

By covering all these, you’ll have a clearer picture of your money and can manage your finances better.

Making the Perfect Student Budget – Step-by-Step

Figuring Out Income

Know exactly how much you’re bringing in each week. Add up all your sources of income to get a clear idea of your weekly allowance.

Listing Expenses

Jot down everything you spend money on and work out how much each costs you weekly. This will give you a clear view of your outgoings.

Categorising Spending

Some expenses are fixed (like rent) and some vary (like your weekly grocery bill). Sorting them into fixed and variable categories helps you understand where your money’s going and how to prioritise.

Apply the 50/30/20 Rule:

Split your budget using the 50/30/20 rule (or adjust it to fit your lifestyle) and find a balance that works for you.

Tracking and Adjusting

Keep an eye on your spending each week. Review your budget regularly to make sure you’re sticking to it and staying on track.
The most important thing is to be flexible. Adjust your budget as needed so it keeps working for you and stays useful throughout your student journey.

Top 10 Student Budgeting and Money-Saving Tips

Stick to Your Budget:

There’s no point in setting up a budget if you don’t follow it. It’s the simplest way to keep tabs on your cash and make it work for you.

Meal Planning:

Cooking at home (especially batch cooking) is hands down the easiest way to save cash on food. If you’re in a shared accommodation with a kitchen, teaming up with your flatmates to cook and split costs is an awesome way to keep your food bills low. Classic student meals like pasta are a go-to for a reason—they’re cheap, filling, and easy to whip up!

Student Discounts:

Loads of shops and restaurants offer student discounts these days. Some places accept your uni student card, while others might need a Totum or UNiDAYS membership. Your uni ID is free, but other cards usually cost around £10-£30 upfront, which can save you loads in the long run. Here are some of the top discount cards and memberships to think about:Totum Card: (formerly NUS card) Costs between £0 and £24.99, depending on the membership level you choose.
UNiDAYS App: Totally free, but they don’t do physical cards. You’ll need to show the app for discounts.
16-25 Railcard: If you’re taking trains regularly, this card is a game-changer. For £30 a year, you get a third off your train fares.
Student Beans: Another free option, but make sure to renew it each year while you’re studying.
Shop Club Cards: Not exclusive to students, but loyalty cards like Tesco Clubcard or Nectar Card are perfect for saving money on groceries.

Accommodation with Bills Included:

If managing household bills sounds stressful, choosing accommodation where bills are included in the rent can be a total game-changer. At EVO Student, all our properties come with bills included, so you won’t have to worry about surprise electricity charges or any hidden costs. It makes sticking to your budget a breeze. Plus, we’ve got loads of extra perks covered in the price, like on-site gyms and cleaning services—things you usually don’t get with other student housing options.

Saving on Travel:

Travel costs can sneak up on you as a student. Taking the bus every day might not seem like much, but it can add up over the year.
A 16-25 railcard is great for cutting down train costs, but when it comes to getting to uni daily, it’s smart to find the cheapest or, even better, a free option.

Find Free Entertainment:

While activities like escape rooms or catching the latest blockbuster are fun, they can quickly drain your budget as a student. That’s why it’s smart to have a lineup of cheap or free ways to keep yourself entertained. Some of the best options include exploring local museums to learn about your new city, taking walks in nearby parks, or just chilling with friends while listening to music. You can also get creative by organising scavenger hunts or heading to the library to pick up new reads and knock out some uni work.If you’re living in one of EVO Student accommodations, you’re in luck! We offer loads of free events, such as movie nights, cocktail-making classes, scavenger hunts, and food-tasting sessions—all at no cost. This year alone, we’ve hosted so many fun activities, like Easter egg hunts and immersive experiences, giving our residents plenty of chances to make memories and meet new people. And we’re not stopping there; we have a monthly calendar packed with events, so there’s always something exciting to do!

Use the Campus Library:

Don’t sleep in your uni’s library—it’s a goldmine of free resources! University libraries are packed with course-relevant books and materials, so you can save money by borrowing instead of buying. It’s the perfect spot to study or find new reads without spending a penny. Take full advantage of the university’s resources and keep your budget in check while getting your work done efficiently.

Check Your Uni Perks:

Most unis have a bunch of perks and discounts for their students, and they’re usually listed on their websites. Make sure you check them out so you don’t miss out on savings—anything from food discounts to travel deals might be available. Some even offer discounts for when your friends or family come to visit, so it’s always worth having a look to see what you can take advantage of.

Use Free Educational Resources:

Take full advantage of any free educational tools available to you. The university library, local libraries (which are often free to join), and the internet are all super valuable resources. It’s a good idea to make the most of these options before spending money on textbooks or other materials—save your cash for when you really need it!

Build an Emergency Fund:

No matter if you’re a student or not, it’s always smart to set up an emergency fund for unexpected expenses. It doesn’t have to be huge, but having a bit of money set aside can save you when surprise bills come your way. With a small fund ready, those unplanned expenses become less of a headache, so you can handle them without stressing out or breaking your budget.

Our Students’ Favourite Budget Tools

Student Budget Apps

There are loads of apps designed to help students manage their money better. For instance, TopCashback gives you money back when you shop, which is a nice way to save as you spend. Apps like Squirrel can split your money into different categories, making it easier to manage. Monzo and Starling also have student accounts that let you create separate “pots” for specific expenses, like rent, groceries, or going out, helping you keep track of everything.

Read this blog on Budgeting Apps That Every Student Should Have to get some inspo.

Student Bank Accounts

Student bank accounts aren’t just for holding your money—they’re built with student life in mind. Many offer 0% interest overdrafts, discounts on essentials, and even rewards for everyday purchases. Plus, some accounts come with built-in budgeting tools to help you stay on top of your finances and keep everything organised without the hassle.

Student Budget Template

If you’re looking for an easy way to kickstart your budgeting, UCAS has a super helpful planner you can use. Their Student Budget Planner has tips, tricks, and sections for you to track your income and expenses—everything you need to start budgeting like a pro.

If you’re finding budgeting tricky, don’t stress—there are places that can help! You can visit your bank for advice or ask about switching to a more student-friendly account with perks that suit your needs. Your Students’ Union is also a great resource—they usually have loads of budgeting tips and tools for students. The most important thing to remember is that there’s always help available, and sticking to a budget is the best way to keep your finances under control and stress-free.

 

Maintaining a student budget might seem overwhelming at first, but with the right tools and habits, it becomes second nature. By tracking your income and expenses, using budgeting apps, and taking advantage of student discounts and free resources, you can make your money go further and avoid unnecessary stress.

Remember, budgeting isn’t about depriving yourself; it’s about managing your money smartly so you can enjoy university life while staying financially secure. Be flexible, adapt your budget as needed, and don’t hesitate to seek advice if you need help. With these strategies in place, you’ll build good financial habits that will not only serve you throughout your student years but also beyond.

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If you are looking for student accommodation for the next year, then be sure to check out the EVO student’s website and find your next home away from home with ease!