Managing your money at university is one of the most valuable life skills you'll develop. Whether you're living on a student loan, working part-time, or receiving family support, smart budgeting makes the difference between thriving and just surviving.
This guide provides practical, realistic advice for making your money work harder while still enjoying your student experience.
Creating Your Student Budget
The first step is understanding exactly what comes in and goes out each month:
Sample Monthly Budget (Dundee Student)
Income
Essential Expenses
💡 Key Insight: Choosing all-inclusive accommodation makes budgeting much easier—you know exactly what you'll pay each month with no surprise bills.
Money-Saving Strategies That Actually Work
Food & Groceries
- Meal prep Sundays: Cook in batches to save time and money throughout the week.
- Budget supermarkets: Aldi and Lidl offer excellent quality at lower prices.
- Yellow sticker hunting: Shop in the evening for reduced items near closing time.
- Cook with housemates: Share cooking duties and costs for communal meals.
- Freeze everything: Bread, milk, and batch-cooked meals all freeze well.
Student Discounts
- Always ask: Many places offer student discounts that aren't advertised—just show your ID.
- UNiDAYS & Student Beans: Essential apps with hundreds of discounts from major brands.
- Amazon Prime Student: 50% off Prime membership with free 6-month trial.
- Spotify Student: Includes Hulu and Showtime for £5.99/month.
- Apple Music Student: 50% discount plus free Apple TV+.
Books & Course Materials
- Library copies: Most textbooks are available to borrow from your university library.
- Older editions: Often just as useful at a fraction of the price.
- Buy second-hand: Check Facebook groups, eBay, and campus noticeboards.
- Sell after: Recoup costs by selling books you no longer need.
Avoiding Common Money Mistakes
- Don't spend your entire loan at once: Divide it into monthly portions immediately.
- Avoid credit cards: They're tempting but can lead to serious debt. If you must have one, pay it off in full each month.
- Track your spending: Apps like Monzo categorise your spending automatically.
- Build an emergency fund: Even £200 set aside can prevent financial crises.
- Don't compare yourself: Everyone's financial situation is different—focus on your own budget.
Part-Time Work Options
Many students work part-time to supplement their income. Here are some options that work well around studies:
- Campus jobs: Libraries, student unions, and catering often hire students with flexible hours.
- Retail: Shops often need weekend and evening staff—perfect for students.
- Hospitality: Restaurants, cafés, and bars offer flexible shifts and cash tips.
- Tutoring: If you excel in a subject, offer tutoring to younger students or peers.
- Freelancing: Skills like writing, design, or coding can be done around your schedule.
⚖️ Balance Warning: Don't work so much that it affects your studies. 10-15 hours per week is typically manageable alongside a full course load.
Financial Support Available
- Hardship funds: Universities have emergency funds for students in financial difficulty.
- Bursaries: Check if you're eligible for any subject-specific or circumstance-based awards.
- Care-experienced support: Enhanced financial support is available for care-leavers.
- Student advice services: Universities have free advisers who can help with finances.
Looking for Affordable Student Accommodation?
iLm Student Halls offers all-inclusive rent from just £165/week, making budgeting simple with no surprise bills.
View Rooms & Prices →