According to the National Student Survey 2024, 74% of students arrived at university with less financial education that they would have liked. So, if you’re struggling to manage your finances, or want to know how to budget effectively, you’re in the right place.

Why budgeting at university is important? 

Getting your student loan or funding at the start of each term can feel like a big payday. But while that initial lump sum might look like a lot, making it last and keeping track of where it’s going can be challenging for some students.  

By budgeting, you will have a better grasp of your spending habits so you can spot areas to cut back and make smarter choices with your money. Learning to budget can also take a lot of the stress out of managing your finances, allowing you to focus on what really matters – your studies and enjoying university life.  

Three steps to create a budget 

1. What’s your income?

Before setting a budget, you first need to work out how much money you have coming in.  

Maintenance loans are typically paid in three big instalments at the beginning of each semester. You then need to divide this money to make it last until your next instalment. Once you do that, add any additional income you have on top such as a part-time job, bursary or money from your parents.  

2. What are your monthly outgoings?  

Now, work out where all your money is going. You can do this by reviewing your bank statements or making a rough estimate of your monthly spending. 

Consider your necessary expenses such as: 

• Groceries
• Bills (e.g., gas, electric, TV licence, broadband, phone)
• Transport (train, fuel, car payments, insurance)
• Course-related expenses (textbooks, equipment) 

Then, think about non-essential expenses like: 

• Nights out, takeaways, eating out
• Clothes and shopping
• Subscription services
• Gym memberships   

It's also important to set aside a small portion for emergency savings every month to cover unexpected expenses. 

3. Tracking and setting a budget 

Once you have a clear idea of where your money is going, you need to think about how much you will need to set aside for your necessary and non-essential expenses. You may want to set a weekly, fortnightly or monthly budget depending on your personal preference.  

When budgeting, it’s important that you find a way to track your spending. Some banks will give you an overall breakdown in their mobile banking app, or you may choose to do this in a spreadsheet or budgeting app. Another way to keep on top of your money is to use separate accounts for different purposes (one for fixed, one for savings and one for non-essential expenses).  

By tracking your spending, you will be able to identify any areas where you’re overspending, have full visibility of where your money is going every month and develop healthy spending habits.  

Student Money Saving Tips 

Once you have created your budget, you’ll want to do your best to stick to it. Here are a few ways you can save money as a student:  

Student Discounts  

Student discounts are a great way to help you save money. As a student, you will already be familiar with apps such as UniDays and StudentBeans to help save money when shopping online and instore. Don’t be afraid to ask local retailers if they offer student discount! 

Translink offers free yLink smartcards to all 16-23 year olds using their bus or rail services within Northern Ireland. This card will get you 1/3 off bus and rail travel, and up to 50% off Enterprise travel.  

As a Queen’s student, you will be able to download Microsoft 365 for free to your personal laptop or desktop. If you’re thinking of getting a device for university, be sure to check out Dell, Lenovo, HP, Microsoft and Apple for student discounts.  

Read more on how to make the most of student discounts.

Charity Shops and Buying Second-Hand 

Visiting charity shops is a great way to help spend less, shop sustainably and find bargains. Around campus, there are a few charity shops that sell records, books, clothing, furniture and more.   

Textbooks can be expensive, but you can often find used ones for sale. Whether that’s through marketplaces such as Vinted, Depop or eBay, or through students on your course who have completed that module. Alternatively, the university library will have a few copies of the textbooks you need but it is on a first-come, first-served basis.  

Supermarket own brand and discount stores

Another great way to save money is by buying supermarket own-brand items. Lots of own-brand food tastes the same as their far more expensive counterparts and can be a great way to cut down the cost of a weekly grocery shop.  

Many supermarkets will also have great reductions on short-date items. Be sure to look out for the bright yellow stickers should there be anything that can go in your freezer for later in the week or to eat the same day.  

Your essentials such as toothpaste, toilet roll, shower gel and cleaning products are generally much cheaper in discount stores like B&M and Home Bargains than in the supermarket or the local shop. It can be worth stocking up while you’re there!  

Meal plans

As a student, it’s tempting to get takeaways and eat out most nights, but making home-cooked meals is a cheap and easy way to save money. Not only does it cost less, but cooking for yourself is healthier.  

Websites such as BBC Good Food can give you cheap, budget friendly dinner ideas or you could use Chat GPT to create a weekly meal plan for yourself. 

If you have random ingredients left in your cupboard, just enter them into ChatGPT and ask it to come up with a recipe—it's a fun and resourceful way to reduce food waste.  

Don’t forget to cook in bulk and freeze portions for later; this way, you always have a homemade meal ready for busy days without the temptation of ordering in.  

Part-time and casual jobs  

If you’re looking for an additional source of income and have time to spare, it could be a good idea to take on a part-time job. This is a great way to earn some extra cash between classes.  

Here at Queen’s, we give students the opportunity to find part-time or casual work in the university and feedback from student workers has shown that working for university departments can be beneficial as we can work with you to help balance your studies.  

QWork will limit all students to working no more than 20 hours per week. Some workers may be restricted to less than 20 hours due to their individual circumstances such as Studentships and Visa restrictions. 

Work at Queen’s  

Talking to somebody if you have financial worries

If you’re struggling with money, it’s important that you speak with someone. We know from our own that one of the top stressors for Queen’s students is a lack of money and coping with financial pressures.  

That’s why the Students’ Union has teamed up with student money experts, Blackbullion, with the aim of helping you gain essential money skills that will last a lifetime. 

Blackbullion is a free online learning platform created to help you get to grips with all things money-related. It’s filled with animations, articles, blogs and quizzes covering different money-focused ‘pathways’ all designed to empower you to make more informed financial decisions. 

Sign up for free with your Queen's email address and select 'Queen's Students' Union' as your institution. 

SU Advice is also here to help you with any student money queries or concerns you may have. 

Zoe Brankin Staff Writer | Queen's Global Hi, I'm Zoe, and I'm proud to be part of the Queen's Global team.     Over the past six years, I've held roles that let me create content for a variety of audiences, from start-ups to larger organisations. At Queen's, I'm always exploring new and creative ways to bring fresh content ideas to our main website.   Outside of work, I love reading (I even run a local book club), spending time with my dogs, and never missing an opportunity for a coffee or brunch outing.