From food bills to course materials and transport, here are some tips on how to budget and save money as a student.
Your outgoings may include:
It’s worth taking expensive periods, like Christmas and holidays, into account as well as one-off purchases, such as a laptop. Make sure to include some money for the occasional treat too, and anything you want to save for.
Your student loan is usually paid into your bank account at the start of each term (or monthly in Scotland). But remember, that money needs to last – so think about your spending over the longer term. Looking for ways to reduce your outgoings and save money can help keep your budget on track.
Find out what your spending personality is, so you can stay on top of your outgoings.
Explore: How to save money at the supermarket
Remember to make the most of any student discounts available and TOTUM – the new name for NUS extra.
Opening a student bank account can help you manage your finances. You’ll be able to set up Direct Debits for your bills, and keep an eye on your spending. If you use mobile banking, you can check your balance on the go and receive notifications if your balance dips below a certain amount.
If you’re an HSBC customer, you can also use Balance After Bills, in the HSBC Mobile Banking app on compatible devices. It shows you how much you could have left, once your bills (scheduled Direct Debits and standing orders) have been paid.
We have more mobile money management tools in our app to help you keep an eye on your spending and stay on top of your finances. Not only could they help you keep within your budget and improve spending, they may also help you grow your money and achieve your financial goals.
Most banks offer student bank accounts, which may include an overdraft. It’s worth checking what happens if you go over your overdraft limit, and if there is a charge.
Some student bank accounts also come with a credit card, which can help pay for necessary expenses or give you protection on big-ticket items, but be careful not to overspend. Anything you buy on a credit card will need to be repaid.