{"id":503683,"date":"2023-09-07T17:32:40","date_gmt":"2023-09-07T16:32:40","guid":{"rendered":"https:\/\/www.finder.com\/uk\/?p=503683"},"modified":"2023-12-04T12:59:08","modified_gmt":"2023-12-04T12:59:08","slug":"how-to-budget-as-a-student-6-steps","status":"publish","type":"post","link":"https:\/\/www.finder.com\/uk\/current-accounts\/how-to-budget-as-a-student-6-steps","title":{"rendered":"How to budget as a student: 6 steps"},"content":{"rendered":"

You’ve planned out Freshers Week, and clocked where your first lecture’s going to be. But have you thought about managing your money for the first time?<\/p>

2 in 3 students try to budget but struggle to stick to their plan, according to research by Finder<\/a>. Meanwhile, only 1 in 5 students feel confident in their ability to budget and manage their money.<\/p>

Now more than ever, students are feeling the squeeze. A 2023 survey from the UK’s Office for National Statistics<\/a> found that 9 in 10 students were worried about the cost of living during the last academic year – some even had to skip meals or leave the heating off to help with rising costs.<\/p>

So if you’re just about to head off to uni, here are 6 steps to help you budget confidently.<\/p>

1. Know your income<\/h3>

The first step in budgeting is to understand how much money you have coming in overall. As a student, you may have different types of income, but your main source is likely to be your maintenance loan.<\/p>

Your maintenance loan will land in 3 big instalments, so you’ll need to budget to make sure it lasts the entire year. <\/p>

Many students top up this income, too. Here are some common student income sources:<\/p>