Why budgeting really matters at uni

Going to uni is your big chance to strike out on your own for the first time, so you won’t want to miss a minute of it. So what happens when your money runs out?

Well, research from Santander has found that nearly two-thirds of undergraduates run out of money before the end of term.

And that’s forcing many to make tough choices and sacrifices.

For example, more than a fifth of those in this position (22%) said they’d been forced to miss social occasions.

Meanwhile, nearly one in five (19%) said they’ve skipped meals because they had no money left.

Students asking mum and dad to bail them out

Perhaps most embarrassingly for those who want to prove their independence, many young people are turning to their parents.

In fact, nearly eight in ten (78%) cash-strapped students have turned to mum and dad for financial help when money is running out.

Get on top of your budget

You want to show everyone that you can cope on your own, so you don’t want to be calling mum and dad asking for help.

But you can avoid this nightmare scenario by working out your budget and sticking to it.

Add up your expected income, such any grants you might be receiving, your student loan and income from a part-time job.

Then take off those regular expenses you can’t avoid, like rent, food and bills.

What you have left is the amount you can spend on everything else, such as going out with friends.

And if you break it down into a weekly or daily amount, you can manage your spending and know when you’re straying close to the line.

Find out more in our guide to how to create a budget.

Government acknowledges financial struggles among students

Speaking to the Financial Times, the Department for Education said it recognises that “too many students are facing real financial hardship”.

However, a spokesperson stressed that it is taking steps to help with living costs, such as increasing maximum maintenance loans this year, targeting the highest levels of support to students from the lowest-income families, and reintroducing targeted maintenance grants.

Check here for tips on how to stay on top of your finances at university.