Student Life – Finance and Budgeting

Going to university does cost money, but UK students are entitled to loans which make university affordable. In this section, you will be introduced to how this loan system works.

We will also explore a key skill that many students develop at university: budgeting. Starting university might be the first time you have been responsible for managing your own money. It’s an important skill to balance paying for the essentials e.g. rent, bills and food against other costs e.g. takeaways, socialising and clothes.

Luckily for students here, Sheffield is a fantastic city for students to grab a bargain, being the UK’s 7th most affordable student city (RBS Student Living Index 2019). Across the city, there are plenty of affordable places to eat and shop, many offering discounts for students.

Remember it’s common for students to get a part-time job whilst studying. Whether it’s retail, hospitality or working for the university as a Student Ambassador, there are a range of paid opportunities available for students in Sheffield. Part-time work is a great way to boost your income whilst gaining transferable skills and work experience for your CV.

Student Finance Video

This video below from The Brilliant Club starts by explaining some of the associated costs of going to university. It demonstrates how the student loan system works currently and how these loans are repaid.

The second part of the video will put your budgeting skills to the test! Can you resist the temptation of spending money? Do you know how much food items cost? Find out how you fare on the Brilliant Club budgeting challenge!