Finance
6 min read

Looking after your financial health in student accommodation

18th October 2023
Last updated 26th January 2025
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Want to make your student loan go further? Hoping to graduate with as little debt as possible? Get your financial health at uni off to a great start with some helpful tips on how to keep on top of your outgoings during your university years.

Student saving money COVER

Money matters. You matter.

University is expensive. It’s the unavoidable truth of higher education, but equally an investment into your own future that makes it all worthwhile.

We know it can be tough to navigate your finances when you’re in the thick of university life, and that money worries can impact your studies and mental health. We hope this blog provides you with some tools and approaches to consider, so that you can get on with studying and the fun parts of student life rather than stressing about your bank balance.

1. Set yourself a budget

It might sound boring, but sitting down and budgeting (either solo or with your flatmates – or both!) helps to provide stability to the weeks and months you’ll spend living at uni in student accommodation. Setting aside a set amount of cash, for everything from meal prep and textbooks to going out and enjoying yourself, means giving yourself a roadmap for financial wellness. If you stray from it and spend more one week, try not to give yourself a hard time and just plan to be a bit more thrifty the following week – it’s all about balance!

2. Factor in your income and any student loan payments

Knowing when you’ll have money in your bank will help you to plot a course for the month and even year ahead. You might be relying on savings, supporting yourself through uni with a part-time job, or depending on a student maintenance loan – or a combination of all these, and more! Whatever this looks like for you, managing the flow of money over a period of time is crucial to a sound financial footing. Waiting for your maintenance loan to drop? Depending on your start date, you can expect to receive three payments over the academic year – starting from approximately September. Knowing when these are will help you to prioritise your spending, starting with your biggest outgoings (e.g. rent – more on that below!) and working your way down.

3. Stay on top of rent payments

Your biggest expense outside of tuition fees (which you won’t have to pay for until you’ve graduated and are earning over a certain amount each year) will probably be your student accommodation costs. Because of this, we highly recommend paying your rent instalments as soon as you can after receiving your maintenance loan, or ring-fencing part of each loan instalment to cover future payments. Future you will thank you for not putting off paying when you have the finances to cover the cost, and ending up behind on payments can be a mentally draining distraction when you have essays or exams to prep for. Enjoy the peace of mind that comes with paying upfront.

4. Bills or no bills?

Depending on your student accommodation, you may or may not have utility bills to pay. If your bills aren’t included and you’re living in a shared flat or house, then having transparent conversations early on in your living arrangement could save you a headache later on. You don’t want to end up footing the bill for your housemate, or struggling when a gas bill is higher than you’d expected – so planning together is a good strategy. At Student Roost properties, all bills are included whether you live in a studio or shared flat. So, when you pay your rent, you’re all paid up bills-wise too! Happy days.

5. Avoid unnecessary costs

There are so many savvy choices you can make to help you save money. Getting into this mindset during higher education is a good learning experience, and will help you to take steps toward graduating with a positive attitude towards money. For example, do you really need that credit card? And if you do, are you paying it off every month? Smaller adjustments like buying second-hand versus brand new, always asking in shops if they offer student discount, and spending some time researching the best price for higher value items (like laptops) will help you save money long-term and set you up for financial wellness during – and after – your studies.

Want to read up on more ways you can save money as a student? Check out our top money-saving hacks for students. And if you are worried about money, don’t stay silent: you can find resources in your local area through the Hub of Hope app – find out more on our wellbeing hub.

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