Money Management

Money Management

Back to “Student Welfare Adviser”

Last Updated: October 31st 2023

Budgeting and money management

Most students live on a tight budget while at university, so learning how to manage your money is important. Creating a budget will help to prevent money worries and help you get the most out of your student experience.

students outside campus

Create a budget

It’s important to work out your budget before you start your studies to make sure your money stretches through the year! All you need to do is work out how much money you’ll have coming in and out of your bank account each month and what you will have left over!

Step 1 – Establish your income

Firstly, you need to work out how much money you’ve got coming in.

Your income may include

  • Your student loan
  • Salary from a part-time job
  • Money from parents
  • Any grants, bursaries or scholarships you’re eligible for

Step 2 – Establish your outgoings

Next you need to work out how much money you’ve got going out.

Your essential outgoings may include

  • Rent
  • Food
  • utility bills
  • travel
  • mobile phone & subscriptions
  • course essentials

Step 3 – Calculate a budget

To calculate a weekly budget, simply add up your essential outgoings and subtract them from your total income. Then, divide this figure by the number of weeks you have in a term.

campus front

Use a Budget Planner to help you stay on track

Improve your money skills


  • Book a Financial Health Check appointment with our Welfare Adviser
  • The Welfare Adviser can help you look into:
    – Maximising your income
    – Ways to reduce your spending
    – Creating your personal budget plan.
  • Contact to arrange an appointment

students outside campus

Top 10 money saving tips

  1. Always ask for a student discount, get yourself an official student discount card from Totum or download popular, free student discount apps such as Unidays and StudentBeans
  2. Sign up for online banking most banks have an app which you can download on your phone, this way you can easily keep track of how much you are spending. Make sure you log in every few days to check your account.
  3. Get the right bank account, Save the Student have reviewed the best student bank accounts.
  4. Consider working part-time, many students rely on part-time jobs to cover monthly bills and to pay for nights out and socialising. If you get a job, we recommend working no more than 16 hours per week.
  5. Use Save the Student’s tips to save money on your food shopping. Also try ‘downsizing’ to supermarket own brands. And get the Olio app to look out for free food
  6. Food shop in the evenings. After about 6pm, most supermarkets start heavily reducing prices on items they need to shift by the end of the day. You should still make a list. But, if you’re flexible on brands and flavours, you could bag fresh produce that’s still perfectly fine to eat, just a lot cheaper.
  7. Learn to cook some cheap, easy meals at home, check out some simple recipes on cooking on a bootstrap , the student food project and student eats.
  8. Make the most of travel discounts such as a Student bus pass and the 16-25 railcard.
  9. Save money by bringing your own lunch to campus, you could also buy a flask and bring your own drinks!
  10. If you get into financial difficulty, it’s important to ask fort help. Debts will only grow if you ignore them. You can discuss your finances with our Welfare Adviser, email to book an appointment. If you are experiencing financial hardship you may be eligible to apply for a grant from the Newman University Support Fund.







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