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The Financial Support Teams Budget Sheet
Our budget sheet is a great place to start with managing your money
Having a budget – a basic financial plan that helps you manage your everyday costs – is essential to your financial wellbeing. A written budget gives you a sense of control, helps you focus on your goals and track your spending, makes it easier to prepare for emergencies and provides an opening to talk about money. Whether you’re new to budgeting or just looking to revise your current plan, there are a few simple steps you can take:
Choose a format that works for you
Save the Students downloadable spreadsheet
Use this tool to help you budget and calculate your rent costs
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Blackbullion: The ultimate guide to student budgeting
Understand the importance of budgeting and creating your own budget
List your income
- Income includes your maintenance loan, savings, parent contributions, wages, bursaries, grants, scholarships and any other money you expect to receive during the year. Online budget calculators can convert your income into monthly or weekly figures.
- Students with home fee status can apply to Student Finance (UK) for a household income assessment to get the highest maintenance loan for which they are eligible. ( A household income assessment is required for home students applying to the Student Support Fund.)
- If you believe that your household income for the current tax year (2024-25) is at least 15% lower than the details you provided to Student Finance (UK) (typically 2022-23), then you can apply for a reassessment
- If you do not receive the full Student Finance maintenance loan,there is an expectation by the government that you will source other income, which might include support from parents, savings and part-time work.
- Remember, your SF maintenance loan is meant to provide 52 weeks of support, so this includes the summer months, unless you are final year.
- See if you can increase your income through part-time employment
- Check with your faculty about course-specific funders, such as the Royal Medical Benevolent Fund, BMA Charities and the NHS Bursary Hardship Grant for Medicine students, and the NHS Exceptional Support Fund for Health Science students. Also visit the Scholarship Hub.
- Lots of banks offer student accounts with benefits like an interest-free overdraftAn overdraft can help you manage unexpected costs, and you typically get up to two years after graduation to repay it. Find the top student bank accounts at MoneySavingExpert.com
- We strongly recommend that you do not take out pay day loansor pursue other high risk schemes
List your expenses
Your expenses are your everyday costs such as housing, phone, travel and food - as well as one-off costs like birthday gifts and charitable donations. Online and spreadsheet budget templates (like those above) will walk you through the common expenditure categories. Be honest about how much you spend and look over your last month of bank statements to ensure your budget is accurate.
- Find average living costs for University of Southampton students on our Cost-of-Living webpage.
- Accommodation will be your biggest expense. If you are in University Halls and are struggling to pay for your accommodation, then talk to the Student Hub about your options. If you are in private halls or a privately rented flat, we recommend speaking to SUSUs Advice Centre before you consider a new contract elsewhere.
Adjust for surplus or shortfall
Does your income equal more than your expenses? Brilliant, that means you have a surplus and you can set aside money for savings. Or is your income less than your expenses? In that case, you have a shortfall, and you will need to boost your income or make some cuts.
- Visit Save the Student for money-saving tips for everything from food shops to dating apps
- Consider opening a student bank account. Offered by a lot of high street banks student bank accounts come with benefits like an interest-free overdraft. An overdraft can help you manage unexpected costs, and you typically get up to two years after graduation to repay it. Find the top student bank accounts at MoneySavingExpert.com
Check your bank statements regularly
Review your bank statements and budget every month to make sure your spending is on track. This way, you will stay in control of your finances. You will gain peace of mind and have the confidence that you can deal with anything unexpected that comes your way.
Get a finance freebie
Blackbullion are on a mission to help students develope financial skills and confidence for life. Whether you are new to uni or already on your student journey, explore personal finance concepts like budgeting, working part-time and understanding student debt.
There are many Blackbullion blog posts available and we recommend the following:
How to meal plan as a student on a budget
Student finance and working part-time - what you need to know
The good, the bad and the ugly of student overdrafts
Spend Stories: being more transparant around our money
The ultimate guide to student banking
If you are stuck in a budgeting rut, the team have also developed their own Blackbullion Money Manager app! Built with student feedback, the app is free to download and you can customise your experience.
Still need help?
Make an appointment with the Financial Support Team to discuss your situation, or apply directly to the Student Support Fund to be considered for a non-repayble grant to help with living costs.
Contact SUSUs Advice Centre to make an appointment for one-to-one budgeting support. They can be reached at 023 8059 2085 (Monday-Friday 9am-5pm) and at advice@susu.org
International students are welcome to contact international@soton.ac.uk for guidance, information and support. The international team would be happy to have an informal chat or discuss your situation in more detail.
I know my budget is working, because of how I feel.