Budgeting for Students: Our Top Tips

By Izzy Piper – Student at University of Sussex and Communications & Community Engagement Intern

Are you a student moving into private-rented accommodation? 

Budgeting at university can be really tough. Between managing rent, your student loan, and all the day-to-day expenses like food shops or nights out, it’s easy to lose track and dip into your overdraft a little too much. Sound familiar? You’re not alone. 

In first year, most student halls include bills in the rent, which makes things simple. But when you move into a student house for the first time, it’s up to you. Suddenly, you’re juggling multiple bills and other expenses that no one really prepares you for. 

What will I be paying for?

Here’s a quick breakdown of what you’ll likely need to pay for: 

• Rent 

• Water  

• Gas & Electricity (often paid together, although best to check) 

• Wi-Fi 

• TV Licence (only required if you watch live TV or use BBC iPlayer – not needed for Netflix or Prime Video) 

• Council Tax – As a full-time student, you’re exempt. But you still need to notify your local council and provide your student ID number. If you’re living with someone who isn’t a student, they may need to pay – though often at a discounted rate. This varies, so it’s worth checking with your local council. 

It is important to avoid overpaying. When you are moving in and moving out you need to take a reading of your water/electricity meters. You will also need to inform the utility companies of your moving (whether that is in or out). Use our website to find out your gas and electricity supplier, typically in West Sussex we’re covered by Southern Water, but it is best to check

These bills are often paid at different times and from different providers, which can make managing them confusing. And with maintenance loans coming in just three instalments a year, spreading that money out evenly is no small task. 

What tools can help with budgeting?

I use the Citizens Advice Budget Calculator. 

It’s a free, easy-to-use tool that helps you track your income and spending. You can input your rent, bills, and even smaller daily expenses like: 

• Coffee 

• Sweet treats 

• Nights out 

• Transport 

• Memberships 

• Clothes 

What makes this calculator especially useful for students is that you can set the time frame for each payment – weekly, monthly, or even termly – so it gives a realistic picture of what you’re actually spending and where your money is going. It helps making that maintenance loan last longer and feel like you can manage your money better! 

If you’re feeling unsure about your finances or just want to stay on top of things, the budget calculator is a great first step. If you need any further advice visit our website for more information.