How To Budget as a Postgrad Student

How do you manage your money as a postgraduate student? With so many expenses to take into account, from rent, food and study materials to nights out with your coursemates, this question can feel overwhelming. We've put together a quick four-minute guide to help you plan out your finances and keep money-related stress to a minimum. The first step to creating your budget is to list all your sources of income. This could include postgraduate loan payments, any bursaries, scholarships or stipends you'll be receiving, and wages from any part-time work you'll be doing during your degree. Divide the total figure over the number of months you'll be studying to work out how much money you'll have each month. Now it's time to figure out how much you'll need to spend. Start by categorising expenses as either fixed or variable. Fixed expenses are non-negotiable expenses that will be roughly the same each month, such as rent, bills and groceries. Variable expenses might vary from month to month and include some non-essential extras. Examples of variable expenses include clothing, eating out, transport and entertainment. To work out how much this is all likely to cost you, there are a few sources you can look at. We have estimated accommodation and living costs in various popular study destinations on our website. We'll link to our UK living cost information below and you can find estimates for other popular locations in our study abroad section. Many universities have cost of living estimates for students on their websites and you can also find crowdsourced data on average expenses in every city worldwide on Lumbio. Now that you have a rough idea of how much income you'll have per month as well as an estimate of your monthly expenses, the next question is do your predicted outgoings exceed the amount of money you'll have available? If not, great, but if it looks like you're coming up short then you may need to do some reworking, either by looking at places you can cut down on your spending or brainstorming ways to bring in extra income. Your fixed expenses are probably going to be non-negotiable, but the variable ones are where you might be able to find some leeway, so start by taking a look at that second column and figuring out what small changes you might be able to make. Unfortunately this may require deciding to cut back on additional expenses, such as eating out. Maybe you'll need to make that a monthly rather than a fortnightly takeaway. Can you walk or cycle to campus rather than paying for the bus? Is there somewhere you can buy your textbook secondhand instead of splashing out on new copies? If you'll be living with housemates this is also an opportunity to discuss how you might work together to cut down the cost of food and household supplies. You could agree to share essentials such as bread and milk or even commit to taking it in turns to cook group meals. It's also worth taking a look at what student discounts are available. Many cities offer student passes for public transport, for example. We have plenty of blog content aimed at helping you save money as a postgraduate student. We'll link some highlights in the description. Next, consider whether you might be able to make some extra money alongside your degree. There are many on-campus jobs that are designed to fit around your course schedule. For example, you can work as a student ambassador, library assistant, create content for your university's social media pages or become a graduate teaching assistant if you're a PhD student. You could consider part-time casual roles off-campus, such as working in restaurants, cafes or supermarkets. An important consideration for off-campus roles is that they may not be as easy to fit around your studies. You should make sure that your manager is aware of your university schedule and that you only commit to a certain number of hours per week. Some students also take on zero-hour contracts so that they can work more during quieter periods and less during exam season or before an important deadline. Hopefully, through a combination of cutting back on non-essential spending and finding extra sources of income, you'll be able to find a monthly budget that fits. If you're looking for more financial information or money-saving advice, we have plenty of resources linked down below.