The most important thing you'll do as a new student in the UK is set up a Budget. Your budget will enable you to plan your costs and ensure you have enough money to live on.
So what is a budget? We define it as...
"A financial plan that estimates your income and outgoing costs over a specified period of time, and that enables you to keep track of your finances"
Benefits of Budgeting
Your budget will allow you to see exactly how much money you have and what you need to spend it on. It'll help you:
- Make sure that priority payments are covered
- Stay in control of your finances
- Know where you’re spending your money
- Help to plan for unforeseen expenses
- Help you stay out of debt
- Ensure your money lasts for the whole of your studies.
In addition, a well planned budget may even allow you to save some money so that you can afford to do the things that you most enjoy such as meeting friends, travelling and treating yourself.
Ready to Create your Budget?
Try learning the language first. There is a wide range of specific terms associated with budgeting, so it can help to learn the vocabulary before giving budgeting a go for yourself. We've developed a game to help you get your head around the words associated with Budgeting and Living Costs.
Simply click 'Start' below to hear the spoken word, then type what you hear into the white box - the clue is written next to the box. And don't forget you can 'replay audio' if you are unsure of the word:
Make Your Own Budget
Now that you've learned the vocabulary you're ready to create your very own budget. You'll need to begin by gathering up your Income and your Expenditure or outgoings. Read on to find out what these are:
Income This is all of the money you have coming in. As a student it'll likely include:
*Please note that as a student on a Tier 4 visa there are restrictions on how many hours you're allowed to work. See here for more info. |
Expenditure Also called 'Outgoings' this is all of the stuff you spend money on. For you this'll include:
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Now download our International Student Budgeting Spreadsheet and give budgeting a go! The spreadsheet is a ready-made, comprehensive budget sheet designed specifically for international students. Using the paperwork you've already put together you just need enter your figures and let it do the sums for you: Simple!
Click the link below to download your very own personalised budget planner:
Click the link below to download your very own personalised budget planner:
international_student_budgeting_cashflow_spreadsheet.xlsx | |
File Size: | 9453 kb |
File Type: | xlsx |
Click 'Next' to find out more about living costs in the UK:
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