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
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.
This is Money student budget calculator
This Is Money's student budget calculator will help you calculate your income and living costs whilst you're at university.
If you complete the budget calculator, it will tell you if you have a shortfall or excess of cash to cover you during each year on your course.
Save the Student rent budget calculator
Save the Student's budget calculator shows you how much you're able to afford to spent on rent to stay within your budget. You can tailor it to wherever you're studying in the UK.
All you need to do is:
- Add your income (this can be your maintenance loan or part-time job salary)
- Add your monthly living costs
- The calculator will tell you how much you have left over to use on rent
This will help you to decide what accommodation to choose when you're at university.
Budget trackers
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.
Save the Student's budget spreadsheet
Save the Student's budget spreadsheet makes it easy to calculate long-term costs and monthly budgeting. Simply add your income and outgoings to keep on track of your budget.
UCAS budget planner
UCAS' planner helps you work out what you need to budget for and how to balance your budget against your income. The planner also has helpful hints and tips on how best to manage your finances whilst at university.
Create your own budget
If you would prefer to create your own budget calculator or budget plan, you'll need to include:
- Income - this could include loans, wages, bursaries and grants.
- Outgoings - this could be your rent, any bill payments or direct debits you have.
- Variable outgoings, these are outgoings that may vary month on month. Variable outgoings include things like transport, fuel, food and socialising.
There are plenty of templates online you could follow to create your own version. Tools like excel or google sheets will help you calculate costs in an organised structure.
Useful information
ArticleMoney saving tips
ArticleJobs for students
