As a student it’s important to know what money you have coming in and how much money you have going out. It is advisable that you check your bank balance regularly, you may want to download your bank’s mobile app to make this easier. Using a budget planner will enable you to see where you can save and help you to monitor your spending. You can use our template, or you may prefer to make your own spreadsheet. The Money Advice Service also has a free online budget planner that you might like to try.

 

Student Finance

If you’re receiving Student Finance your Tuition Fee Loan will be paid directly to the University, but Maintenance Loans will be paid directly into your bank account at the start of each term. You must update Student Finance at the earliest opportunity if your circumstances change.

 

Utility bills

One of the biggest outgoings for students are utility bills such as gas and electricity. You can discuss switching your supplier with your letting agent or landlord. Using a price comparison site like Compare the Market will help you to find the best deal. You can reduce your electricity usage by switching off electronics and appliances at the mains socket when not in use, rather than leaving them on standby, and switching to energy-saving LED lightbulbs.

You could also request a smart meter from your energy provider to help you track your electricity usage and provide accurate meter readings. Many suppliers install these for free. And it may sound obvious but wear warmer clothes around the house instead of turning the central heating on unnecessarily, and set a schedule on your central heating, rather than heating an empty home all day while you’re out.

 

Broadband and bundle deals

When it comes to TV, broadband and landline, many providers offer a bundle deal, with optional bolt-ons. This might seem like a cost-effective option, but bear in mind that you probably won’t use the landline, and TV providers like Sky and Virgin both charge a monthly fee to access their channels, but a Freeview box provides a wide range of TV channels free of charge. The cheapest option is likely to be choosing a broadband-only contract, look out for special discounts and offers as companies offer these to stay competitive. Consider whether you need ultra-fast or fibre-optic broadband, which will speed up your upload and download speeds but will be more expensive. Often the fastest broadband speed advertised isn’t an accurate representation of the true speed you will get.

 

TV Licence

You’re legally required to obtain a TV licence if you or anyone else in the property watches or records programmes as they're being shown on TV or live on an online TV service, such as All4, SkyGo or YouTube. You will also need a TV licence if you download or watch BBC programmes on iPlayer – live, catch up or on demand. A standard TV Licence costs £154.50 per year, otherwise you risk prosecution and may be fined up to £1,000, plus any legal costs.

You don’t need a TV Licence if you only ever watch subscription services like Netflix, Amazon or Now TV. At just £5.99 per month, a basic Netflix subscription works out at £71.88 per year – a saving of £82.62 compared with a standard TV licence.

 

Water

Water bills in each area of the country are covered by a single supplier. In Winchester, the water supplier is Southern Water. If you’re on a standard tariff, you’ll be billed a fixed amount depending on the value of the house. You can pay the entire annual bill upfront or pay it throughout the year. If your house is on a water meter, you only pay for the water you’ve used. You can save water by turning the tap off when you’re brushing your teeth, and limiting showers to five minutes – buy a waterproof shower timer and get everyone in your house on board. And finally, try to only run your washing machine on a full load so that you’re not wasting water, schedule a wash day with your housemates.

 

Council Tax

Council Tax is calculated in brackets based on the value of the house you live in. Households where everyone is a full-time student don’t have to pay Council Tax but you’ll need to prove you’re exempt. To count as a full-time student your course must last at least 1 year and involve at least 21 hours of study per week. You’ll get a Council Tax bill if there’s someone in your household who isn’t a full-time student, but you may still qualify for a discount.

 

Budget planner