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This is a handy tool developed by Study Higher which will give you an idea of your monthly living costs at uni, and areas where you might need to budget.
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You only need to fill in the YELLOW BOXES - everything else will update automatically and provide your expected monthly savings/loss in the 'Your Results' box.
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To help you fill it in, you might find it useful to get information from the following links:
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1) For an idea of your INCOME, please use this link:SFE Student Finance CalculatorThis link will calculate the maintenance loan amount you are entitled to - you might not know all the information for definite (e.g. household income), but you can estimate for now!
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2) For an idea of some of your EXPENDITURES, please use this link:Which? Student Budget CalculatorThis link gives you can idea of the average costs at each uni - if you know that you would spend more/less in certain categories then be realistic and use your own amounts
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Before you fill it in, please note that:
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1) The categories below might not all be relevant to you - if so, you can just leave them blank. There might also not be enough categories, but this tool is designed to cover most living costs. You might not know all the amounts for definite now, but fill in what you can using averages (e.g. from the Which? Student Budget Calculator) and you can update with real figures later
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2) This will only produce an average monthly breakdown - please bear in mind that some months you'll be at uni, and some months you might return home (which might be cheaper) or go away on holiday (which might be more expensive!). For a more complex breakdown for individual months, there is a tool from Save The Student which you might find useful:Save the Student Budgeting Tool
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INCOMEEXPENDITURE
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The money coming in to your accountThe money going out of your account
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Approx. monthly amount =
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Maintenance loan£0.00
Accommodation
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(enter the yearly amount you’re entitled to)
Bills (e.g. water, energy, TV licence)
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Approx. monthly amount =
(If you live in uni halls/a house share, bills are usually part of accommodation costs)
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Bursaries/grants/scholarships£0.00
Contents insurance
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(enter the yearly amount you’re entitled to)
Mobile phone and internet
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Public transport
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Part time job
Food shopping
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(enter average income per month)
Takeaways and snacks
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Coffee and tea
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Money from family members
Eating out
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(enter average amount per month)
Nights out
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Books and stationery
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AVERAGE MONTHLY INCOME£0.00
Interests and hobbies
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Subscriptions (e.g. Netflix, Spotify)
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Sports and gym
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Alcohol and cigarettes
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YOUR RESULTSClothing
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Laundrette
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Your expected monthly savings/loss will be:
£0.00
Beauty/personal care (e.g. haircuts, toiletries)
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Holidays and flights
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If the box turns GREEN...
Gifts for others
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Congratulations, you are working within budget and your income should cover all your expenditures! However, it's always handy to have as much left over as possible in case of emergencies, or just to put aside at the end of each month in a savings account. Can you see any expenditures you could save on?
Bank charges and fees
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Other expenses
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(e.g. furniture, appliances or household items not provided by your accommodation)
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If you have/are planning on getting a car, please also consider the below:
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If the box turns RED…
Petrol
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This means you're not quite working within your budget, but don't panic! This doesn't mean you can't afford uni, just that you need to budget a little more carefully. Firstly, look at your expenditures - is there anything you could cut back or compromise on? Once you've saved as much as you can here, think about your income and ways in which you can make more money - can you take on a part-time job? Have you checked what grants/bursaries/ scholarships you might be entitled to? Contact the unis you're interested in to see how they can help, and look at the other tips provided in this session.
Insurance
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Road tax
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MOT
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Servicing and maintenance
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AVERAGE MONTHLY EXPENDITURE£0.00
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