Plan your budget
We advise that you begin to estimate your future living costs, as this will help you budget for your experience during your studies.
Every budget is unique and will vary by person depending on your living situation, such as if you have any dependents, a job or are living in an off-campus flat.
Once you work out your expected income versus your expected expenditure, it’s easy to plan for what’s left - or seek help if there’s going to be a shortfall.
- Do you have money saved for University?
- Are you receiving any funding from anyone or an external company?
- Are you working or planning to get a part-time job?
- Do you know where all of your income will be coming from each month that you are at University?
- Do you know what your fixed monthly costs will be?
- Are you aware of all of the costs associated with studying your programme?
- Do you know when and how you will need to pay for bills?
Managing your budget
You first need to learn about your income and spending behaviours. We would recommend that you start by using one of the budget calculator tools below to start with:
Keeping a regular track of your spending is vital to be sure that you do not unexpectantly run out of money. You can keep a spending diary and write everything down. You can also take advantage of many helpful expense tracker apps to record your spending.
If your expenses exceed your income, you should start thinking about the difference between a 'need' and a 'want' - really considering the necessity of that purchase.
- Do I need it?
- Can I afford it?
- Can I find it cheaper elsewhere?
There are also other ways to adapt your spending to take advantage of student discounts and offers or to purchase less expensive branded goods.
Travel around the city for a discounted rate with Lothian Buses
1/3 off rail travel if aged between 16 - 25 years - great discount if commuting regularly.
Rent bikes by the hour as and when you need them to save you buying or storing your own
Buy second-hand books:
Be eco-friendly and save yourself some cash with the trove of amazing charity shops that Edinburgh offers
Save waste and buy only what you need
Advice on managing your budget
The Advice Place offers one to one budgeting support and advice and has a wealth of further information about helping you to plan and manage your budget. It also provides information about how to manage if you find yourself in financial difficulties.