Here is a basic example of how to calculate your expected income over the academic year. This is based on a 41-week academic year, including the Christmas and Easter vacations, for three year undergraduate honours courses.
Calculate your total income
Based on a household income of £30,000 and a non-final year student living away from the parental home:
|8 hours of part-time work a week||£49.20 per week (£2,017 across 41 weeks)|
|Academic year total||£10,320|
|Budget for each week (41 weeks) ||£251|
Calculate your essential expenditure
Try to be realistic and as accurate as possible when you think through your weekly expenditure figures. You can adjust your figures as the situation changes.
The below example of a basic student budget (based on figures from 2019/20) will help you to make an outline of things to include:
|Accommodation||£82 (bills not included)||£129 (en-suite)|
|Utility bills including telephone||£25||£5|
|TV License/contents insurance||£7||£4|
|Food and household goods||£38||£38|
|Essential clothes and laundry||£10||£10|
|Essential books and study-related costs||£10||£10|
|Total week incoming||£251||£251|
For information on useful spreadsheets and apps to
help you budget visit www.moneysavingexpert.com/students/student-budgeting-planner and tips on managing, saving and making money visit www.savethestudent.org/takeaway.
Follow advice and opportunities on the Leeds Trinity Student Money Advice Facebook group.