Cost of living
The cost of living is rising which is causing a lot of uncertainty. This makes planning finances more difficult.
Living costs such as food, energy (electricity and gas), rent and transport costs may go up over the year which means having a planned budget will help you adjust and manage your finances.
You can do some research which will help you to understand how much money you are likely to need for the academic year.
There are lots of tools to support you to research and budget, see below for support.
Researching living costs at university or college
When you are researching universities and colleges, you can look at the cost of living in the town or city which will help you to prepare and understand how much things will cost as a student.
If you plan to move away to study, look at the accommodation options and how much they cost as this is likely to be the biggest living expense. Check how much the different accommodation options are, including to stay in student halls and private rental costs in the local area.
Accommodation for student halls will vary at each university: you could have a shared or private bathroom, a single or double bed, a cleaning service, catered (which includes meals) or non-catered. There are usually a lot of different options with some cheaper and more expensive choices. The accommodation office at the university and university website will be able to provide information on the options available. The course pages on Discover Uni include a link to this information in the ‘Information on the uni website’ section.
See our Preparing for uni pages for further information on accommodation options.
If you need to commute to your course, you can research the travel costs such as trains, buses and/or petrol costs.
How much money will I need?
The cost of living is changing frequently. When researching the living costs in a specific location, try to find information which is as up to date as possible.
You can check university or college websites for estimated costs or talk to current students in the location of your choice to find out how much they spend each month. You can also see Save the Students' guide to Student living costs in the UK 2022, although it is important to note that this is a guide and may not reflect the current costs at each university or college.
Once you have an idea about how much the accommodation may be, you can estimate how much you will need for:
- Energy bills (gas and electric if it is separate from your accommodation costs)
- Social activities (societies, gym membership, trips, sports teams, going out)
- Personal expenses (haircuts, clothes, dental costs, laundry)
- Costs related to study – (books, trips, societies, course materials)
- Mobile phone
- TV and internet
- Other expenses
Some accommodation may have bills included (such as gas and electricity) within the price of the accommodation. This way you will know how much money you will have left after you have paid for your accommodation. If your energy bills are separate to the accommodation costs, you can try to estimate roughly how much you will need for gas and electricity by speaking to current students and checking the universities website on the cost of living, or checking online resources such as the Money Saving Expert tool which will help you to estimate energy costs.
Managing money while at university or college
You can research how much money you could get for living costs while at university through a maintenance loan.
The amount of money you receive depends on factors such as if you are studying while living with parents or carers, or if you study away from home. You can also receive additional funds if you will be studying in London to support the additional expenses.
Students in England can use the government’s student finance calculator and guide ‘Understanding living costs while studying and university or college’ to see how much money you are likely to receive in maintenance loans, or find out further information if you are based in Scotland, Wales or Northern Ireland. Once you know how much you are likely to receive and have estimated your outgoings, you will have a better idea of how much money you will need as a student and how much money you will need to cover any remaining costs.
See our How will I pay for it? page for further information on the maintenance loan.
Tools to help you budget
There are lots of tools which you can use to help you manage your money while at university. See the below resources for support:
- Save the Student for guidance on how to make a budget while at university, to find budgeting tools and for tips on how to make your money stretch further.
- Money Saving Expert for student money tips.
- Which? – for university and student finance tips.
The amount you can receive is decided by your university or college and is paid in a lump sum or instalments. You will need to contact the student services department at your university or college who will provide further information and let you know if you qualify.
Financial struggles can cause worry and anxiety which can impact on your mental health. If you need support while at university, there is support available on Student Space where you can find help with managing worry about money , what to do if you have money problems and you can find support through text, webchat, phone and email.