Jo Rayson from the Money Advice Team shares valuable advice for managing your finances as a student

Starting university can feel exciting, stressful, motivating, and overwhelming — sometimes all at once. And no two students arrive here in the same situation.

Some of you might be commencing your course straight from school or college. Others may be returning to education after years away, changing careers, studying around work or family life, or balancing university alongside caring responsibilities. Many of you will be studying on campus, while others will be joining us as distance learners.

You may be receiving student finance, working part-time, self-funding your studies, receiving employer support, or managing a combination of these. Whatever your situation looks like, worrying about money at some point during university is completely normal.

The good news is that managing your money isn’t about being perfect with finances or never treating yourself. It’s really about understanding what’s coming in, what’s going out, and making choices that work for you.

Start with a budget that works for real life

Budgeting can sound boring, but it’s one of the best ways to reduce stress around money.  Use the UCAS Budget Calculator to help.

A good budget isn’t about cutting out everything you enjoy — it’s about being realistic. 

Start by looking at:

• What money you have coming in — student finance, wages, benefits, savings, bursaries, or family support etc
• Essential costs — rent, bills, food, travel, childcare, course materials, and daily living costs
• Extras — coffees, takeaways, socialising, hobbies, subscriptions, or anything else important to you

Everyone’s budget will look different, and that’s completely fine. 

If you create a budget where you never socialise or do anything enjoyable, chances are you won’t stick to it. Building in a bit of flexibility makes it much easier to manage.

Pause before spending

University life can make it easy to spend money quickly without really noticing. Meals out, nights out, online shopping and subscriptions can all add up.

That doesn’t mean you should never spend money on yourself, but it helps to pause occasionally and ask:

• Do I need this?
• Can I afford it right now?
• Will I still think this was worth it tomorrow or next week?

Even waiting 24 hours before buying something online can help avoid impulse spending.

Small savings make a difference

A lot of students work while studying, whether that’s part-time jobs, freelance work, placements, or seasonal employment.

For some students, working provides extra spending money. For others, it’s essential for covering bills and responsibilities.

If you do work alongside university, try to find a balance that’s manageable for you. Your wellbeing and studies matter too.

Don’t struggle alone

If you’re worried about money, try to ask for support early.

Financial stress can affect sleep, concentration, confidence and mental wellbeing, and many students feel they have to deal with it on their own. You don’t.

The Money Advice Team is here to support all students, whatever your circumstances. Whether you need help understanding funding, budgeting, bursaries or emergency support, there’s advice available.

Sometimes a quick conversation can make things feel much more manageable. Visit Money & Finance | MyCumbria for more information.

Progress over perfection

Most people don’t arrive at university already knowing how to manage money perfectly. It’s something you learn over time.

There will be times where everything feels organised and times where unexpected costs appear. That’s normal.

The important thing is being aware of your finances, asking for help when you need it, and not being too hard on yourself while you figure things out.

Looking after your money is part of looking after yourself. Live well, learn well, and give yourself the best chance to enjoy your university experience — whatever your journey into higher education looks like.