Money Matters

Becoming a full time student means managing your money, and it can be a challenge to budget for everything you need throughout the year. Many students underestimate the amount of money they spend – and overestimate how far their student loan will go!

 

If you expect to live solely on your student maintenance loan all year round, you will have a maximum of £95 per week to spend. However, the 2008 Natwest Student Living Index survey (published on 4 August 2008) shows that, according to student interviews, the average weekly expenditure for undergraduates – excluding rent - during term time was as follows:

 

Type of spending

Average amount spent
per week in 2007/8 (£)

Alcohol (all consumed at home and while out)

£28.06

Supermarket food shopping

£21.48

Buying clothes

£16.62

Going out (cinema/clubs/gigs)

£15.97

Eating out (inc café, restaurant, canteen food etc)

£15.22

Cigarettes

£14.29

Utility bills (gas, electricity and water)

£13.53

Transport costs for longer trips

£11.75

Day-to-day travel (inc taxis)

£10.58

Telephone/mobile phone bill (inc internet connection)

£9.82

Books and course materials

£9.04

Buying CDs, DVDs and videos

£8.69

Laundry/dry cleaning

£4.03

Photocopying/library costs, fines etc

£3.88

Total Student weekly spending

£182.96

 

Of course, these costs are much lower if you do not drink or smoke. Costs may also be lower outside term-time, depending on your social life and how much you travel. It is a good idea to calculate your own expenditure pattern, perhaps using the table above as a starting point.

 

You do need to consider your finances, but don’t panic! AUCB’s Student Services have registered Money Doctors to provide you with lots of help and advice. Accredited by the Financial Services Authority, the Money Doctors scheme can offer you 1-1 support with planning your budget or managing any debt.

 

The following pages will also give you lots of information about the financial support available to you during your time as a student.

 

For more information or to make an appointment to see one of our Money Doctors, please contact Student Services on:

Email: studentadvice@aucb.ac.uk

Telephone: 01202 363242 or 363031