Managing your money
Living and studying on a budget
During your time at university you will have various costs,
which you will be accountable for. These costs will undoubtedly be
higher if you live away from home, and higher still if you live in London. Here at the University of Bedfordshire,
the costs are significantly cheaper than if you were to live and
study in London.
Costs would include:
- Study
costs – Text books, course materials and field trips for your course
- Accommodation
– this is likely to be your largest living expense. For those students who will
live at home during their time at university, you may be expected to pay board
and contribute to your household expenses
- Food
- Household
bills – Gas, Electricity, Water rates, Phone line rental and calls, Internet,
TV licence, contents insurance (some of these are covered by rent in halls of
residence)
- Clothes
- Travel
- Socialising
- Leisure
activities and sport
Expenses
You will need an estimated £100-£120 per week for living expenses,
including accommodation, food and personal expenses. This would be around
£4,500 for an academic year and approximately £5,500 for a full calendar.
Budgeting
It is very important to have a good idea of how much money you are
likely to need whilst at university, to ensure that you can cover your fees and
living expenditure for the duration of your course.
- Try
to work out a weekly or monthly budget and stick to it
- Remember
that any grant or loan that you receive is meant to last you until the
beginning of the next term
- Keep
track of what’s leaving your bank account and when
- Use
your University free email service to communicate with family and friends back
home rather than having lengthy phone conversations
- Shop
for food with friends, and cooks meals in groups – buying in bulk can save you
money
- Use
your NUS card to get discounts at cinemas, shops and some public transport
- Cycle
or walk to get to University. Cars are expensive to run and parking can
sometimes be a problem
- If
you become a little tight for cash, look into interest free overdraft
facilities at your bank as opposed to signing up for credit cards
- Buy
course texts books from your fellow students – the books are sold cheaper than if
you were to buy them from a book store
- Get a
part-time or weekend job. Visit the Job Shop and see the latest vacancies for
term-time work, holiday work, work placements and voluntary work
