Your Budget

Preparing your budget before choosing your housing is crucial, as what you can afford will directly influence where you can live.

Creating a budget is simply itemising all of your expenses and all of your income.

Many students experience difficulties balancing their budget, and find they need to increase their income and/or reduce their expenses.

Be realistic about the amount of money you can spend on housing. As a general rule, your weekly rent should not exceed 30% of your weekly income. If your rent is more than this you may find yourself in financial trouble.

Whilst rent is becoming increasingly expensive, it’s important to avoid financially over-committing yourself. If you are concerned about budgeting issues, it is probably worth speaking with an Adviser in the Student Financial Aid service.

Different housing options allow you to manage your rental payments differently.

Colleges, hostels and private board/homestay will allow you to pay a set amount of money each week or month for rent, bills and possibly food.

Living in a rental property or share house will allow you to control your monthly expenses yourself.

Advice on planning your budget is available on the Financial Aid website.