Managing your money at university is down to you, and you’ll have to decide how you save and spend. As this is all probably new, you might want to create a budget. Use our budget sheet to give you an idea of your income and expenditure.

Creating a manageable plan can help you keep your finances in check. Consider these few steps when creating your own budget:

1. What is your total income?
2. How much do you need to put aside to pay for essentials like rent, bills, your mobile phone, transport, groceries or university materials?
3. How much money do you have left if you take away these expenses?
4. How much is left to spend on socialising, eating out, going to the gym, or holidays?
5. Now, you can work out your weekly budget. Divide your remaining income by 52 and this will give you an estimate of what you will have left to spend per week. 

Once you’ve worked out your average spend, and you’ve compared this to your weekly budget, you can look at ways to save money by reducing your spending or boosting your income.

Budgeting apps

• Money Lover – Brings together all your accounts and notifies you of recurring transactions such as rent and bills.
• HyperJar – offers a shared function for group expenses – really handy if you and your housemates split bills or food costs.

Budgeting websites

• Money Advice Service – their online tool is a quick way to save cash and it only take a minute.
• Use the online student finance calculator to estimate your student loan.
• The Money Saving expert website includes a list of 50+ ways to make the most of your money – and it’s aimed specifically at students.

To cut down your weekly food costs, you could:

• Browse reduced food aisles for bargains. Food is typically discounted later in the day, so try shopping in the evening for affordable meals.
• Check if items can be refrigerated or frozen to extend their best-before date.
• Buy things in bulk. Stock up on long-lasting items such as pasta and tinned goods as this works out cheaper.
• Make a meal plan and batch-cook meals.

Budget-friendly sites

• Use Which? to see what food shops are cheapest.
• Too Good To Go lets you buy food from businesses that would otherwise go to waste.
• Olio allows you to find people nearby who are giving away food to avoid waste.
• Approved Food sells food that is past its best before date (but not its use-by date) at reduced prices.

One of the advantages of higher education is the discounts and deals exclusive to you as a university student. Remember to keep your Unicard to hand, and always ask if student discount is available when paying in store.

Discounts include:

• TOTUM – Access a huge range of student discounts with TOTUM. There is now a Tastecard available, giving you reductions on food costs.
• UNIDAYS – By registering with UNIDAYS, you get access to lots of discounts for online and high-street retailers, as well as apps like Spotify and Deliveroo.
• Student Beans – Explore a range of discounts including low cost clothing, travel, food and drink, and entertainment.
• Save the Student – Not only does Save the Student offer great discounts, it also provides you with a wide selection of articles to help you manage your money at university.

If you’re living in our halls of residence, your bills will be included in your accommodation costs. If you’re renting privately, you’ll need to consider the cost of water, gas and electricity.

• The Energy Price Guarantee offers support with living and energy costs.
• Save the Student have lots of useful articles that cover ways to reduce your energy bills.
• Our Money Advice Team are always happy to help you understand your living costs and the ways you can reduce your utility bills. Book an appointment online or email the team directly.

When you study at Edge Hill, you’ll find lots of items donated by former students in Ormskirk’s local charity shops. Shopping in budget stores can help you locate the best products for low prices, meaning that you no longer have to miss out.

The Student’s Union also arrange ‘swap shops’ throughout the year for students to donate their old clothes for tokens and browse for new ones at the swap shop.

Check out apps and websites that offer second-hand buys for a fraction of the original retail price. You can also sell your unwanted items and make some extra cash.

Apps and websites to try: