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Money tips for students

Bradford Life

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University of Bradford
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Student Life

Every student will have to look after their own budget at university, and that can be a new challenge for some. We've got tips and advice to help you along the way.

A mixture of different British coins

Starting university is full of firsts, and one of those will likely be budgeting your own money. Here are some things to think about when it comes to student money.

Student finance

As a student, you’ll receive two payments from Student Finance England, they are your tuition fee loan and your maintenance loan.

Tuition fee loan

The tuition fee loan covers your course fees for the whole time you’re studying. The payment goes directly to the university.

Maintenance loan

The maintenance loan comes in three installments throughout the year, so make sure to check which dates yours will come in. The amount you get paid depends on you and your household’s income.

Budgeting tips

It’s a good idea to split your maintenance loan payments into monthly spending amounts so that you can effectively plan your budget. Try to note down everything you’re likely to spend money on each month - after you’ve paid for your accommodation if you’re moving away from home - like:

  • bills
  • food
  • social activities
  • subscriptions
  • travel
  • toiletries and household items

If you’re not the writing down type, why not use your notes app or a spreadsheet to keep track of your monthly budget.

Next, it’s time to assign a budget to each element, and then comes the hard part, sticking to it!

Cooking smart

Food can end up taking a big chunk out of your monthly budget if you don’t make conscious choices about your shopping and what you’re eating. Why not consider:

  • making a packed lunch instead of buying it when you’re out
  • cooking bigger meals and freezing what’s leftover
  • freeze any food in your fridge that you won’t eat in time (make sure it’s freezable first)
  • avoid branded food products, the non-branded items taste so similar and are a lot cheaper

Person pouring spices into a frying pan

If you need some meal inspiration or recipes to help you on your cooking journey, have a look on BBC Good Food, Student Recipes or Pinterest.

Student discount

One of the joys of being a student is the student discount. Signing up to student discount sites allows you to unlock discounts on hundreds of different things such as clothing, travel and food. Here are some sites to sign up for:

Some places just ask to see your student card to give you the discount. Make sure to carry it around with you and ask retailers if they give student discounts.

Part-time jobs and other incomes

For some people, the maintenance loan and help from family is enough to give you your perfect university experience. For others, that might not be enough. If this applies to you, it might be worth thinking about a part-time job.

The Careers and Employability Service at Bradford can help you write your CV if you need some guidance and find a part-time job.

Managing your own budget for the first time can be a little daunting, but remember, the University of Bradford’s Student Life Team are here to help and give advice if you need support.

Student serving customer in the on campus shop

For more information on the cost of living and student finances, listen to our podcast

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