Money Matters > Budgeting
Information on budgeting
Income and expenditure
Balancing your income and expenditure is going to be difficult during your time as a student and sensible budgeting may help you to graduate with a minimum of debt outstanding.
Your budget should be based on your guaranteed income, with occasional/ vacation work being a bonus. A blank budget sheet is displayed.
How to budget
Detail your income on a monthly/weekly basis for the period to be covered, for example nine months is the academic session.
| INCOME | MONTHLY/WEEKLY |
| LOAN | £ |
| GRANT - E.G. DEPENDANT | £ |
| PARENTAL CONTRIBUTION | £ |
| EARNINGS | £ |
| OTHER | £ |
| TOTAL | £ |
Now compare this to your expenditure per month or week. If you are not sure of some items try to make an estimate by asking friends or flatmates or parents.
Detail your expenditure on a monthly/weekly basis.
- Accommodation rent, associated bills e.g. heating, telephone, TV licence.
- Food shopping, lunches.
- Books, stationery, printing costs etc.
- Travel- weekly costs and trips home.
- Insurance for personal belongings.
- Clothes, shoes, toiletries etc.
- Socialising drinks, cigarettes, tickets to discos, cinema.
- Childcare, nursery, after school costs etc.
- Tuition fees if appropriate to you.
- Council tax only if living with non-students.
- Other credit card repayments etc.
Money management: student budget
| EXPENDITURE | MONTHLY/WEEKLY |
| RENT | £ |
| GAS | £ |
| ELECTRICITY | £ |
| TELEPHONE | £ |
| FOOD | £ |
| BOOKS/STATIONERY | £ |
| TRAVEL | £ |
| INSURANCE | £ |
| CLOTHES ETC. | £ |
| SOCIALISING | £ |
| CHILDCARE | £ |
| TUITION FEES | £ |
| COUNCIL TAX | £ |
| OTHER | £ |
| TOTAL | £ |
After doing this, you will see at a glance your financial situation and whether you have sufficient income to cover your expenditure. If not, you will have to consider alterations in your spending pattern. You may have to prioritise spending and cut down on spending in non-essential areas such as socialising. Alternatively you may need to consider increasing your income by finding a part-time job, or speak with your parents about increasing their contribution, or speak to your bank manager about increasing your overdraft.
What is important is that you know how much you have to live on per week/month and try to keep within those limits.
For information about the costs of being a student and other budgeting please see below.
Debt problems
If you are in difficulties with debt, particularly with credit cards, personal loans or bank debts please come in and see us. We may be able to help you financially. Also we can give you debt advice and if necessary refer you to a professional debt adviser who can negotiate with creditors for you. Do not be embarrassed about your problems. All our advice is confidential and non-judgmental.
Rough Guides to money and life in St Andrews
Check out these Rough Guides below to help you plan your finances:
Rough Guide of Living Expenses in St Andrews (PDF, 50 KB)
Rough Guide of Miscellaneous Expenses in St Andrews (PDF, 46 KB)
Budgetting Guide for Undergraduates (PDF, 53 KB)
If you are requiring further or different information contact Joyce Lapeyre or email Student Support Services.