Managing student bills can be tricky, but we’re here to help! From splitting costs with housemates to tracking your spending, we’ve got all the tools you need to stay on top of your finances.
Juggling uni life and finances can be tough, especially with continued rising costs. From rent and groceries to travel and nights out, understanding how to budget is key.
We'll help you navigate student living costs, income sources, hidden expenses, and utilities. Whether you're in halls or private housing, our tips will make budgeting a breeze, so you can focus on what matters most: enjoying your time at uni.
Student living costs - Are you prepared?
The excitement of starting uni often leads to spontaneous nights out, late-night takeaways (how are there so many places that deliver?!), and impulsive shopping sprees. Before you know it, your student loan is gone, and money worries start to creep in. If you're not prepared, financial difficulties can quickly become overwhelming.
While every student's lifestyle and financial needs vary, understanding average student spending can help you set realistic budgets. This year's Student Money Survey found that students typically spend around £1,104 per month on essentials - it sounds like a lot, but that includes rent, groceries, transportation, and social activities.
To manage your finances effectively, think carefully about your lifestyle choices and where there's potential for cutting back. Could you eat out less? Could you have one less night out each week? Have you reviewed your subscriptions and cancelled those you don't use frequently?
Know your budget
Your maintenance loan is divided into three payments: September, January, and April. These may not cover all your expenses, including rent and bills, so you may need additional income from a job, family, scholarships, bursaries, or savings. Make sure you prioritise essential expenses like rent and bills before splurging on non-essentials, so you don't fall short.
Use Save the Student's rent calculator to quickly see how much rent you can afford to pay, based on your current outgoings. It only takes 5 minutes and will help you budget better.
Bills-inclusive or individual?
When renting, you'll typically need to budget for utilities like gas, electricity, water, Wi-Fi, and potentially a TV licence. Your exact costs will depend on your usage and supplier, so it's worth shopping around for the best deals.
Organising individual bills can be more cost-effective, but it requires careful budgeting and monitoring of usage. Also, be aware of estimated bills which can lead to you underpaying (can leave you owing money and facing unexpected costs or even being disconnected) or overpaying (if you're overcharged it can be a pain to get your money back!).
Bills-inclusive accommodation is a simpler approach. You'll have a fixed monthly payment, simplifying budgeting and eliminating the worry of unexpected bill increases throughout the year. However, you might pay slightly more for this luxury.
Hidden/extra costs
When budgeting, always remember to factor in additional costs that can add up over time, such as your phone contract, insurance payments, and travel.
If you commute to uni by car, consider carpooling with friends or course mates or use Parkopedia to find cheaper parking options (parking fees can be expensive if you're in uni for several hours).
If you rely on public transport like buses, trams, and trains, try reducing costs by purchasing a railcard (gives you a third off fares), Travelmaster CityWide pass, or save with monthly travel tickets.
The Zoom Travel Pass, available to students aged 18-21, can also be a cost-effective option. Over 21? We're currently lobbying the South Yorkshire Mayoral Combined Authority (SYMCA) for cheaper transport options, including extending the Zoom Pass to students of all ages.
Making and saving money
Sheffield is one of the most affordable cities in the UK, and there are plenty of student discounts on offer. Download the HSU app to discover student deals across the city, or sign up to platforms like UNiDAYS, TOTUM, or Student Beans to access exclusive offers on loads of products and services.
If you're looking for a part-time job in Sheffield, many local bars hire students and Sheffield United's hospitality team often recruits part-time staff. Meadowhall and independent shops usually have positions available too, especially during the Christmas period. Make sure your CV is up-to-date to increase your chances of getting a job quickly.
You could also utilise your skills through freelance work in fields like photography, videography, or design, or earn extra money selling items on platforms such as Vinted or Etsy.
We understand life can get tough, and financial worries are a common challenge. Remember, we're here to support you whenever you need it.
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