Starting uni or college is an exciting time. You’re meeting new people, maybe moving to a new city, or maybe it’s your first time away from home, so making a budget might not be top-of-mind.
On the other hand, budgeting might be all you can think about. And maybe it’s taking away from being able to get excited about this new start. Knowing what to expect money-wise during Freshers' Week and the start of term will help you not only feel more financially prepared but allow you to create the mental space for the best parts of uni and college life.
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Accommodation
Depending on the location, accommodation costs can vary significantly. On-campus halls and uni/college-owned accommodations are often cheaper, while private rentals may be more expensive. Student halls are also often all-inclusive, so you can save on bills like heating, water, and internet. You can estimate between £115 and 175 per week. -
Course materials
Textbooks, stationery, and other course-related materials are inevitable expenses as a student. These costs can range from £100 to £300 per academic year, depending on your course and whether you buy new or used books. Using second-hand book sites like World of Books, Amazon, or joining course groups on social media are a good idea, as students might be selling books from previous years. -
Transport
If your campus isn’t within walking distance, consider walking, cycling, or taking the bus. You might want to look at options like a 16-25 Railcard to save on transport, or an Oyster Card if you’re in London. Budget around £20 to £40 per month for travel expenses.
Being financially prepared for the start of term will help make the transition to uni and college life much easier. Be sure to outline a financial plan for the year based on these average spends to have an idea of what you’ll need to start your term.
If you're struggling financially, you might want to seek advice from Citizens Advice or StepChange, a leading debt charity.