Student budget calculators
Need help creating a budget whilst you're at university? There are some great online budget calculators out there that will help you save money and keep track of your finances.
Why do I need to budget?
When it comes to your finances, planning ahead will help you in the long term. It’s important to know that your maintenance loan is unlikely to be enough for you to live on.
There are different tools out there to help you budget and manage your finances. The main two types are:
Budget calculators and planners are useful if you want to estimate your costs for the next month, year or semester. Planning helps you breakdown what you're spending and plan ahead for big expenses.
Calculators can help to identify issues before they arise. For example, they might make you consider getting a part time job or highlight where you could make cutbacks.
Best budget calculators
UCAS budget calculator
The UCAS budget calculator helps you work out your monthly income and what you'll spend. Simply select the university you're studying at and it will create a breakdown of how much you can expect to spend each month on living costs. This will help you create a realistic budget for the following year.
Budget trackers give you a real-time updates on what you are spending and where. Getting into the habit of using a budget tracker takes time and effort, but it will help you save money in the long run. It will also help you to identify where you can make cutbacks.
Best budget trackers
Save money via app-based bank accounts
A lot of app-based banks allow you to set a monthly budget. Here you can specify how much you want to spend on food, rent socialising and bills. The apps will send you notifications if you are over or under spending.
Some app-based banks have features that will set you aside some money in a pot each month. This can help to save towards something big like a house deposit in the future or a holiday.
Not sure which app-based bank to use? Take a look at Save the Student's guide to app-based banks.