To help you get started we have created some worked examples:Ī typical undergraduate budget: UG-Monthly-Budget-21-22.xlsx Īn example postgraduate budget: PG-Monthly-Budget-21-22.xlsx If you have a shortfall, once you know how much it is, you can think about what you can do to increase your income or reduce your spending. You then compare your income and spending to see if there is a difference between them: this is known as a shortfall in funding.
Planning a budget means calculating what your income and spending is over a set period of time such as nine or twelve months. Read on below to find out how planning a basic budget with a spreadsheet or an app can help you better manage the cost of living in London. SavetheStudent's annual money surveys show that most students worry about managing financially and very few have ever budgeted. If you're worried about money, you're not alone. A ‘careful’ budget is one which is intended to cover basic costs as well as occasional treats without being extravagant. In the sections below you will see examples of an average ‘careful’ budget for an undergraduate student and one for a postgraduate student which should help you see how much you might expect to spend. How much you spend is a very personal matter and will vary depending on your individual lifestyle. If you are thinking of working part-time to increase your income, some employers now pay the ‘ Living Wage’ which is higher than the minimum wage and is intended to meet the actual basic costs of living in London. The Student Finance Maintenance Loan is also paid at a higher rate for undergraduate students living away from home in London compared to students living outside of London, which acknowledges the higher cost of living in London.
#Budget planning ideas for free
There are also several websites devoted to activities you can enjoy for free in London such as Time Out’s London for Free. For example, there is a much greater range of shops and supermarkets in London from the very cheap to the very expensive than you would tend to find in smaller towns and cities. Although living in London tends to be more expensive than in other UK cities, this does not mean it is unaffordable and with careful planning, most students are able to manage on the income that is available to them.
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