Uni life can be expensive, and the cost-of-living crisis has significantly impacted students. Between rent, groceries, nights out, and spontaneous takeaway cravings, your student loan can vanish faster than you’d think. 

If you're new to university, managing your finances is something you’ll need to get the hang of—and fast. Research from our Students’ Union shows that financial pressures rank in the top three concerns affecting students’ well-being and mental health. 

Typically, students have five main sources of income: 

• • A maintenance loan
  • Bursaries
  • Financial support from parents or guardians
  • Income from a part-time job
  • Personal savings 

Not all of these will apply to everyone - everyone’s financial situation is different. 

But here’s the good news - budgeting doesn’t mean boring. It’s just about knowing where your money’s going so you stay in control (and still have fun). Here are a few tips to get you started: 

Step 1: Know What’s Coming In 

Start by calculating your total income. This includes your student loan, bursaries, part-time job wages, support from family, and any savings. Once you know what you’re working with each term, you can stop guessing and start planning. 

Step 2: List Your Outgoings 

Your spending falls into two categories: 

• • Essential: Rent, bills, food, travel, course costs
  • Non-essential: Takeaways, nights out, subscriptions, clothes 

Be honest with yourself. You don’t need to cut out everything non-essential - just be aware of where your money goes. 

Step 3: Work Out Your Weekly Budget 

Take your total income for the term, subtract your essential expenses, then divide the remainder by the number of weeks in the term. That gives you your weekly spending limit. 

➡️ For the 2025/26 academic year: 

• • Semester 1: 13 weeks
  • Semester 2: 11 weeks
  • Easter break: 3 weeks
  • Semester 3: 7 weeks 

Check the semester dates to calculate your budget accurately. 

Step 4: Use the “Fake Payday” Hack 

Set up a separate bank account and transfer your weekly budget into it every Monday. It’s like giving yourself a mini payday and helps you avoid blowing your whole loan in Freshers’ Week. 

Step 5: Track Your Spending 

Budgeting is easier than ever thanks to apps and tools. Banking apps often offer features that track your spending by category. If you're into spreadsheets, give Excel a try. 

Save the Student even offers a free Student Budget Spreadsheet online to help you start tracking. 

8 Ways to Stretch Your Cash Further 

• • Cut the little leaks – Daily coffees and takeaways add up fast. Bring your own or cook at home.
  • Budget for fun – Yes, go out and enjoy yourself - but set a weekly limit so you don’t dip into rent money.
  • Use the One Elmwood Pantry – A free food refill station in One Elmwood, part of our SU and University initiative to support students during the cost-of-living crisis.
  • Recycle and resell – Sell or swap items you’re done with, from clothes to textbooks.
  • Switch & save – Compare energy, broadband, and phone contracts. Switching could save you £100s.
  • Borrow before you buy – Library books, shared streaming accounts, second-hand clothes—use what’s available!
  • Find a side hustle – A part-time job or freelance gig can give you extra financial breathing room.
  • Build a mini emergency fund – Even saving £10/month adds up. It can cover things like a cracked phone screen or emergency travel. 

Cracking Advice from Save the Student and Queen’s Students’ Union: 

• • Sign up for Blackbullion – A free financial wellbeing platform available to all Queen’s students. It helps build your money skills with bite-sized lessons and practical tips. (Register using Queen’s Students’ Union as your institution.)
  • 24 Ways to Save Money on Renting 
  • Weekly Meal Plan: 28 Cheap and Healthy Ideas 
  • 16 Simple Ways to Save Money on a Night Out 
  • 13 Ways to Save Money on Takeaways 

Final Word 

Budgeting = adulting (but with better vibes). 

It’s not about saying no to fun - it’s about saying yes to the things that actually matter. Be smart now, and your future self (and your bank account) will thank you.