Managing your money as a student

Budgeting for university

Living costs

When you start university, we would encourage you to set out a budget to work out rough costs for your spending on things such as:

• rent
• food
• utilities (gas, electricity, internet, and phone)
• travel (you can save money with a local bus pass)
• socialising
• clothing (Dundee has many charity shops where you will find a bargain)
• toiletries
• household goods
• costs related to your course (lab coat, books, laptop, digital software)

You will also need to work out how much you have coming in each month from:

• funding
• loans
• any employment

If you receive your student loan monthly and you have quarterly bills, you should cost this out per month and keep the money aside. 

If you receive your loan in three instalments, it may be easier for you to deduct expenditure like rent, utility bills and books from your loan when you get it and survive on the rest.

Where to find information about managing your finances

The Scottish government has created a student information portal for you to find out all about their funding. It also provides advice and guidance, including budgeting. 

Another useful source of information is Blackbullion which offers more general student advice and guidance on matters such as budgeting, borrowing, credit cards, and banking.

Advice with legal agreements

Many companies can offer a great deal on telephone, internet, and television packages. You will be signing a legal agreement if you accept these offers, so please ensure you take advice from an expert – the Citizens Advice Bureau is a good place to go as it is free and confidential. The CAB in Dundee has an outreach provision on campus. You can also get updated information via Twitter @DundeeCAB.

Please go to the Enquiry Centre to make an appointment for advice. 

Here's a video from the Money Advice Service where students discuss how they manage their money.