Budgeting is simply a way of planning how to manage your money. When you’re not in control of your finances, it can lead to stress and worry, feelings that many of us face at different times in our lives.
Money can feel like it’s always in short supply, especially when there are so many things to pay for and if you have a limited amount to live on. By developing your budgeting skills, you can take control of your finances. This will allow you to cover unexpected costs, cope with changes in circumstances or a rise in prices.
Why are you feeling like this
It is completely normal to feel anxious if you are experiencing financial difficulties. However, there are many actions you can take to begin to take control of your finances and improve your situation.
Planning your finances in advance is one of the best ways to take charge of your money. Not only does it help you feel more in control now, but it’s also an important skill that will serve you well long after your university years.
It might feel overwhelming at first, but creating a budget is a positive step toward peace of mind.
How can you take control of your finances now?
If you find yourself struggling to manage your money, writing a budget is a simple and practical step you can take to help you get your finances back on track.
Creating a budget means deciding how much to spend on things that matter most to you – like rent, food, and social activities. It’s a great way to make sure you don’t stretch yourself too thin and can help you prioritise what’s most important.
You can take action now by writing down everything you currently spend in a month. When you focus on where your money is going, you can quickly spot areas where you might:
- Be spending on things you don’t really need
- Be overspending when cheaper options are available
- Clarify your financial priorities
- Find places where you can cut back on spending
Once you have reviewed your spending, look at creating your budget. We have some examples of typical student budgets:
Please note our budgets do not include tuition fees or the cost of travel to and from the UK.
You can also use a Budget Calculator to help create your own personal budget.
In addition to writing a budget, there are other simple steps you can take to manage your finances:
- Explore resources on budgeting and money management.
- Take some time to write a weekly or monthly budget.
- Talk with family and friends about your budget and ways to save.
- Share ideas for socialising and relaxing without spending money.
Videos to help you budget
These videos also offer some useful tips for budgeting:
Manage your money while you study offers budgeting tips while you study. (1 minute watch)
Apps and tools you can use
Blackbullion is a financial toolkit aimed at students. It has videos, articles and courses on budgeting, money saving tips, scams, funding and more. It's free for University of Bath students, set up an account using your university email. Some tools to help you budget include:
- Budgeting 101. This mini course explains the basics of budgeting.
- Make budgeting work for you talk through 4 different ways to budget so you can find a style that suits you.
- Master your money covers the basics of setting goals and managing money.
- Setting and achieving your financial goals explores how to set financial goals, make them achievable and how to overcome common hurdles.
- How to budget at Uni is a guide full of tips including a downloadable Excel budget template.
Podcasts you can listen to
Podcasts can be a great way to explore budgeting and to learn skills to help you manage your finances:
- No More Beans is a student hosted podcast full of real life university experience and money saving tips.
- The Money Mindset Podcast is a long running series presented by Ashley Patrick covering all aspects of money.
- The Martin Lewis Podcast. Well known money saving expert Martin Lewis has tips to save money and make the most of your budget.
- Money 101 is a BBC series with 18 episodes covering all aspects of money.
Helpful websites
The Student Money Advice Team have plenty of advice and resources on their pages to help you manage your money.
Save the Student are an organisation dedicated to student money. Their website is full of articles and resources to help you budget, understand bills and save money.
Blackbullion is an award winning website packed with articles, blogs, videos and mini courses to help you learn about everything to do with money, from budgeting to savings or investing to taxes.
People you can talk to
You may now feel confident to go away and take control of your finances, however if you need further support or to speak to someone there are plenty of options:
- Citizens Advice is a free, confidential service that provides advice on legal, consumer, debt, housing, and other issues in the United Kingdom.
- StepChange is a charity specialising in supporting people with debt.
Our Student Money Advice Team can also offer further advice and guidance on budgeting and any financial difficulties you may be facing.
Final thoughts
Creating a budget is a great way to better understand your financial priorities, manage your money, and develop important skills for the future. Everyone’s financial situation is unique, so it’s normal for sticking to a budget to take time and practice. Be patient with yourself, and remember, it’s okay to ask for help or talk openly about money when you need support.
This page was created in partnership with students and the Money Advice Service.