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Is This Where Your Money Goes?

Money Freshers

As thousands of students start their new University life GRB takes a look at the costs involved. The cost of an average degree is estimated to be ?50,000 leaving today's graduates having up to 30 years in debt. The value of a degree is not in question - the right course, at the right Uni plus maximum effort is a passport to some fantastic careers.

What we want to do at GRB is raise awareness of proper budgeting through a student's University life to ease the pressure. According to a survey by Save The Student, students on average spend £763 a month. The figures breakdown as follows:

  1. Rent - £358. Yep this will be the biggest expense and unavoidable. Even higher in London of course. Maybe you can persuade your parents to pay or if you lived at home that would wipe this out perhaps?!
  2. Food - £143. This works out as approx. £4.77 per meal. Buying in bulk, cooking together and keeping an eye out for discounts can help get this down easily.
  3. Bills - £67. We wouldn't suggest turning the water, gas and electricity off but instead just keep an eye on it and if you are in a shared house work together to make efficiencies where possible.
  4. Social - £45. Okay, you have to go out and party sometime so actually surprised this is so low!
  5. Travel - £40. Walking or cycling to Uni should be your go-to form of transport and when travelling home try booking in advance or car sharing.
  6. Clothes - £32. Use your NUS card for discounts in the high street stores and don't forget the student staple of charity shops.
  7. Mobile - £27. This is a must have really so just shop around for the best deals.
  8. Books - £22. Again you are going to need to study after all so try and buy second hand if you can.
  9. Other - £19. There's always an "other" category, so little things that add up I guess!

All in all studying and living at Uni isn't cheap so unless your parents are loaded finding a part time job is pretty essential. Just make sure you don't burn out and take care of yourself by eating well, getting enough sleep and exercising and you'll look back on the experience positively. We can guarantee that!