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.

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 events, cinema.
• Childcare, nursery, after school costs etc.
• Tuition fees if appropriate to you.
• Other credit card repayments etc.

Money management: student budget

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. If you feel that you will have a budget deficit, do not hesitate to contact Joyce Lapeyre, Money Adviser, email moneyadvice@st-andrews.ac.uk to discuss your individual situation as there may be funds available.