I thought it would be interesting to have a little look at my finances at university. I have not included my spending between semesters, mostly because it varies a lot depending on whether I get to go on holiday or just chill at home.

To give you some context, I had very little saved before I came to uni because I had only done odd bits of waitressing or tutoring. So I borrowed all the money I needed to live from my student loan. My university is in quite a high cost of living area, but as a student, you make it work.

Sources of Income at Uni

It was difficult for me to estimate my costs in my first year so I borrowed as much as I could, figuring that any extra could go into my emergency fund. Luckily, I haven’t needed to use any of it yet, but it’s there if I need it. However, there’s a big price for this emergency fund: 6.3% a year in interest, to be exact.

So far, I have to repay £31,143.72 (~$39,000) – with a few more years to go before I graduate.

I then qualified for some scholarship schemes, which supplemented my bank account with over £3000 per year that I didn’t need to repay. This meant that I could borrow less money the next year and not have to worry about money at uni. This reduction in stress is one of the biggest advantages of the scheme.

My dad then insisted on gifting me £300 most months, which I feel obliged to take but I am loath to spend. Again, this is money that I didn’t earn, and I don’t have to repay. I am so lucky that I have financial support from my family. He has stopped now, but this has averaged out to about an extra £1000 a year.

Total income a year: £9250 that I don’t see and goes straight towards tuition fees; £8000 a year to live.

Spending at Uni

Here is the breakdown of my spending at university. Your spending may look different from mine because your lifestyle is different.

• Rent is by far my biggest expense at £4000 (😭) or 55% of total spending – I only pay for term-time accommodation
• I spend about £1500 (20% of total expenditure) on food
  • About 15% of this is on eating out or coffee shops
• About £200 (3% of discretionary expenditure) is spent on essentials like lined paper, books, essential toiletries
  • This year I had to spend an extra £100 on dental care thanks to a dodgy filling that they still haven’t reimbursed me for
• I spend about £100 (1.5%) on alcohol and £200 (3%) on nights out (which don’t always happen together)
• I spend about £120 (2%) on gifts for other people
• My final guilty spending habit is £350 (5.5%) on clothes (mostly from charity shops, but it’s still terrible)
• Total spending whilst I’m at uni: ~£6500 (don’t forget I also spend during the holidays that I haven’t included here)

Here is a pie chart for people like me who prefer visuals:

If I have exams one year, that severely decreases my spending; similarly, if my friends have exams, I also don’t spend nearly as much going out.

So there you have it: a breakdown of what my financial situation at university is like. Next week, I’ll outline why I find it so hard to cut out the fatty spending from that pie chart.

How were your spending habits at uni? Do you have any tips for living in a high cost of living area? Let me know in the comments!