Your spending

Mapping out your spending is a good place to start. This will allow you to budget and cut down, if necessary. Remember outgoing costs may differ during term time and holidays. All those unexpected costs, irregular costs and lifestyle costs add up so it’s good to budget from the beginning.  

  • UCL has useful information on how much it costs to be a student at UCL.
  • Have a look at UCL’s money-saving tips for students.
  • Citizens Advice have more ways to reduce your bills.
  • Set aside enough money to cover essential and often fixed costs, such as rent and utility bills. 
  • Having a separate account where you keep money for fixed costs can help make sure you have enough money for rent and bills. More flexible things like grocery, social activities and clothing can be kept in another account. It can help to transfer enough money from your income into your fixed costs account when you get it so you’re sure to be covered for rents and bills.  
  • Check your online banking, mobile banking app or bank statements regularly so no spending is missed. 
  • It can help to write down all your payment due dates to help you with budgeting and to identify any problems you may have in covering costs. 
  • Make sure you give your supplier regular meter readings for your gas, electricity and water (if applicable). 
    Check if you need insurance for your valuable possessions and shop around for a good deal. There are many price comparison sites online so have a look before committing to a certain insurance package.  
  • Take advantage of student discounts where possible.  

Learn to budget

Budgeting tools can then help you to see if this income will be enough to cover your spending. If you find that you’re overspending, then you can try to adjust your plans to resolve this at an early stage. 

Working out your sources of income will help, especially when things are coming in here and there. Although you might get a weekly income from your part-time job, student finance or scholarship/stipend payments termly or monthly, your bills won’t necessarily have the same schedule. They may be monthly or quarterly and you might also have weekly outgoing costs.  

Having a budget can help you to come up with a spending figure that suits how you want to budget, either on a weekly, monthly or termly basis. This’ll help you manage your spending by encouraging you to set aside money to cover less frequent costs, whilst giving you a specific amount to spend on other things you buy on a more regular, weekly basis. 

As there is little emergency support available, planning can be very important in avoiding problems. If you do find yourself in hardship, there is some hardship funding available.

Getting every penny you are entitled to

It’s a good idea to know your income - there might be something you’re missing out on like benefits, bursaries, allowances and other things you might qualify for. If there is, it’ll help add an extra source of income.  

  • Check information from UCL on what funding may be available to you, ideally before you start your studies.
  • Make sure you get your full student finance entitlement, including any Disabled Students’ Allowance so you can get help with the extra study costs of your disability.  
  • Check if you can get any welfare benefits. You might be able to if you’re disabled, have children, are a part-time student or are over 60 years old. 
  • Consider part-time work that fits in with your studies or during holiday periods. The Union’s JobShop offers part-time work that’s flexible around your studies. Have a look on the website for opportunities. 
  • If you do work, check your tax code. You might be able to claim a tax refund if you’re on the wrong tax code and have overpaid your taxes.
  • If you get into difficulties or think you may in future, check UCL’s hardship funding. You’ll need to apply in good time, as it takes 4 weeks to process an application. 
  • Speak to the Advice Service if UCL can’t help with hardship, as the Sarah Douglas Hardship Fund may be able to help with a limited grant. 
  • Have a look at UCL’s tips for students to increase their income. 
  • Check Citizens Advice information for even more ways to increase your income. 

In debt?

A good place to start is by sorting out your priority and non-priority debts.

Have a look here for more help on what to do when you are in debt. 

Last updated 3 months ago Read time 4 mins