Managing your money can feel overwhelming, especially when that maintenance loan payment hits your account. It might look like a lot at first, but without a plan, it can vanish quicker than you think. With the cost of living still rising in 2025 and essentials becoming more expensive, starting the term with strong financial practices is more important than ever.
Budgeting might not sound fun, but it gives you control, peace of mind, and makes those occasional takeaways or nights out more enjoyable, because you know you can afford them.
Where to Start: Build Your Budget
1. Know What You’ve Got Coming In
Add up all your income for the term or month. This includes your maintenance loan, part-time job earnings, bursaries, scholarships, family support, and savings.
Tip: Divide your total term income into a monthly or weekly budget so you know what you can realistically spend.
2. Understand What’s Going Out
List your essential expenses first — rent, utility bills, groceries, travel, course materials, phone bills, medications, and any subscriptions you need (not just want). Then add your non-essentials: social events, eating out, new clothes, or subscriptions you could live without.
Tip: Not sure where to start? Use this– it’s free and easy to use. Or alternatively, contact our Money & Budgeting Advisors for 1:1 support 😊
3. Make Sure It Balances
Try to ensure your income covers your essentials. If you’ve got some spare after that — great! You can decide how to use it wisely. If not, you might need to adjust what you are spending now, before money gets tight.
Don’t Get Caught Out by Scammers
Students are often targeted by scammers, especially when loan payments arrive. Stay cautious:
- Never share personal or banking information and always check with your banking provider if you are unsure
- Be wary of texts or emails claiming to be from Student Finance — always double-check the source
- Follow advice from the Student Loans Company and Action Fraud to stay scam-savvy.
What If You're Already Overspending?
Review & Reduce
Track where your money is going. You might be surprised how much gets spent on things like daily coffees, takeaways, or impulse shopping. Look for cheaper alternatives for food shops or essentials and cut down on unnecessary subscriptions.
Tip: Cancel that gym subscription you’re not using and check if your phone contract is still the best option for you, using price comparison sites.
You can also buy second-hand where you can — from textbooks to kitchenware, and even clothes. Apps like Vinted, Depop, and Facebook Marketplace are your best friends.
Boost Your Income
If your budget still doesn’t stretch far enough, consider part-time or freelance work, or check out any grants, bursaries, or scholarships you might be eligible for. You could also sell things you no longer use — like clothes or electronics.
Money Worries? You're Not Alone
If you’re stressed about money, talk to someone. Our Money & Budgeting Advisors are here for confidential, non-judgmental support: su.advice.money@ucl.ac.uk
They can help you make a budget, review your spending, and explore your options.
Thinking of Borrowing?
If you need a short-term solution while waiting for income, consider using your student overdraft — but use it wisely. Most student accounts offer 0% overdrafts, but you’ll eventually have to pay it back. For more information on student bank accounts read our article. Only borrow what you really need and get advice if you’re unsure.
Final Thoughts
Budgeting takes practice, and it’s okay if you don’t get it perfect right away. But the earlier you start, the easier it gets and the better you'll feel about managing your money throughout the year.
For help, advice, or just a friendly chat about your financial situation, drop us a message at su.advice.money@ucl.ac.uk — we’re here to help.