Managing your money at university

Living in London means there’s plenty to do, but planning your money can help you enjoy student life without spending more than you can afford.

Whether you’re living at home or renting, a simple budget can help you manage your income, cover your essentials and make the most of your time at university.

 

Plan your student budget

Start by working out how much money you have coming in and what you need to spend each month.

1. Work out your income

Your income might include:

  • Maintenance loan or bursary: Include your student finance payments and spread them across the academic year.
  • Savings or family support: If you have money saved or receive an allowance, decide how much you can use each month.
  • Part-time work: If you work while studying, include your expected earnings in your budget.

Find out more about student finance and loans.

 

Step 2: Work out your expenses

Once you know how much money you have coming in, work out what you’ll need to spend each month.

Your costs will depend on where you live, how you travel, your course and how you spend your free time. Start with your essential costs, then set yourself a realistic budget for everything else.
 

Accommodation and bills

Rent is likely to be one of your biggest monthly expenses. If you live at home, your costs may be lower, but you may still contribute towards household bills.

If you rent privately, check exactly what is included in your rent. You may need to budget separately for:

  • Gas and electricity
  • Water
  • Broadband
  • Mobile phone
  • TV licence, if applicable

If bills are included, check whether your tenancy has a fair usage policy, as there may be limits on how much energy or water you can use.
 

Getting around London

Think about how much you’ll spend getting to campus and travelling around London. At University of Portsmouth London, our campus is next to Walthamstow Central, giving you easy access to the Victoria line and London Overground.

If you regularly use public transport, look into the best-value options for your journey, including Oyster and contactless fares, Travelcards and student discounts.

You should also budget for occasional journeys to see friends and family, particularly if you're travelling outside London.
 

Food and groceries

Plan your weekly food shop before you go shopping and set yourself a realistic amount to spend. Cooking at home, preparing lunches and using leftovers can help keep costs down.

You can also save by:

  • Comparing prices between supermarkets
  • Choosing own-brand products
  • Buying reduced items when you can use them before they expire
  • Cooking in batches and freezing portions
  • Sharing some ingredients with housemates

Remember to budget for the occasional coffee, meal out or takeaway too. You don't have to cut out everything you enjoy, just make sure it fits within your budget.
 

Non-essential spending

Once you've covered your essential costs, think about what you want to spend on things like nights out, entertainment, clothes, subscriptions, holidays and trips to see friends.

Give yourself a monthly budget for these things so you can enjoy student life without spending money you need elsewhere.
 

Make the most of student discounts

Your student status can help you save money on everything from travel and food to clothes, technology and entertainment.

Once you have your student email address and ID, look into discounts and memberships such as:

  • TOTUM – student discounts across shopping, food, travel and more
  • UNiDAYS – discounts on fashion, food, technology and lifestyle brands
  • 16–25 Railcard – 1/3 off eligible rail travel for those aged 16–25 and eligible mature students

A little planning can make your money go much further particularly in London, where everyday costs can quickly add up.

 

Step 3. Make a budget you can stick to

Once you know your income and expenses, work out how much you have left each month. Set aside money for essentials first, then decide what you can afford to spend on socialising, shopping and other non-essential costs.

A simple spreadsheet or budgeting app can help you keep track of your spending. 

 

Ways to save money as a student

  • Plan your meals: Shopping with a list and cooking at home can help keep grocery costs down.
  • Use student discounts: Look for discounts on food, clothing, travel and other essentials.
  • Check what’s included in your rent: If you’re renting privately, make sure you understand which bills you’ll need to pay.
  • Keep an eye on subscriptions: Review regular payments such as streaming services and mobile phone contracts.
  • Make the most of campus: Use university facilities and support services where available, rather than paying for things you can access through your studies.
     

Need help with your money?

If you’re worried about your finances or need help with budgeting, our Student Money team can offer advice and support.