Here is a step-by-step guide to calculating 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
An example total income based on a household income of £30,000 and the student living away from the parental home would be:
|8 hours of part-time work a week||£41 per week, £1,681 across 41 weeks|
|Academic year total||£9,757|
|Budget for each week (41 weeks) ||£237|
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 2018/19) will help you to make an outline of things to include:
|Accommodation||£78 (bills not included)||£125 (en-suite)|
|Utility bills including telephone||£23||£5|
|TV License/contents insurance||£6||£3|
|Food and household goods||£38||£38|
|Essential clothes and laundry||£10||£10|
|Essential books and study-related costs||£10||£10|
|Total week incoming||£237||£237|
Follow advice and opportunities on the Leeds Trinity Student Money Advice Facebook group.