Raj Singh – Durham University
“A budget isn’t about saying “no” to everything, it’s about making sure you don’t run out of money halfway through the term”
“What matters is staying aware, planning ahead, and asking for help when you need it”
Starting university is exciting, new friends, new independence, and a whole new way of living. But it also comes with something many students don’t expect: the challenge of managing money for the first time.
The good news is that with a few simple habits, you can make your first term feel a lot less stressful and a lot more manageable.
- Know When Your Money Is Arriving
Before you start planning nights out, buying supplies, or stocking your cupboards, make sure you know exactly when your student loan will be paid. Your online Student Finance account is the only place that shows your confirmed payment dates.
If you’re not sure what support you’re entitled to, you can read more here:
- UK Government student loans: https://www.gov.uk/student-finance
- Maintenance support explained: https://www.gov.uk/guidance/understanding-student-living-costs
Once you know your income, you can plan your term with confidence.
- Build a Budget That Fits Your Life
A budget isn’t about saying “no” to everything, it’s about making sure you don’t run out of money halfway through the term.
Try breaking your spending into three simple groups:
- Essentials: rent, bills, food, travel
- Study costs: books, equipment, printing
- Lifestyle: socialising, hobbies, subscriptions
A helpful trick is to divide your loan instalment into weekly amounts. It gives you a clear idea of what you can spend without worrying later.
If you want personalised help, your university’s money adviser is a great place to start.
- Don’t Let Freshers’ Week Drain Your Loan
Freshers’ Week is fun, but it’s also when many students accidentally spend far more than they planned.
A few ways to stay in control:
- Set a Freshers’ Week budget
- Choose free or low‑cost events
- Don’t feel pressured to go to everything
- Keep an eye on small purchases, they add up quickly
Remember: the term is long, and your money needs to last.
- Save Money on Food Without Feeling Like You’re Missing Out
Food is one of the easiest places to overspend, and one of the easiest places to save.
Try:
- Planning meals for the week
- Cooking with flatmates
- Buying supermarket own‑brand items
- Shopping in the evenings for reduced items
- Using your freezer to avoid waste
These small habits can save you £10–£20 a week.
- Make the Most of Student Discounts
Being a student comes with perks. Use them.
You can get discounts on:
- Travel
- Clothing
- Technology
- Food and drink
- Subscriptions
Apps like UNiDAYS and TOTUM make it easy to find deals.
- Ask for Help Early If You’re Struggling
Money worries can creep up on anyone. If you’re finding things difficult, whether because of unexpected costs, delays in funding, or personal circumstances, reach out sooner rather than later.
Universities often offer:
- Hardship funds
- Emergency short‑term loans
- Food‑pantry or community‑fridge schemes
- Rent‑deposit support
- Financial‑wellbeing guidance
You’re not expected to manage everything alone.
Final Thought
Your first term is a learning curve, academically, socially, and financially. You don’t need to get everything perfect. What matters is staying aware, planning ahead, and asking for help when you need it. With the right habits, you can enjoy your first term without money worries taking over.
