Students across the country are confronting one of the toughest financial environments in recent memory, as the cost of living crisis continues to erode their budgets. According to Tom Allingham, communications director at Save the Student, soaring prices for essentials such as food and energy bills have disproportionately affected students, while maintenance loans intended to cover day-to-day costs have failed to keep up with high rates of inflation.
«It is one of the most difficult times to make ends meet as a student,» Allingham said, highlighting the widening gap between available support and actual living expenses. The result is that many learners are being forced to make hard choices about spending, often at the expense of their studies or wellbeing.
Financial advisers say the first step is simply to know where money is going. Tracking spending, even loosely, can reveal patterns that are easy to overlook. «Just be aware of what you're spending,» is the core message, and it applies to everything from daily coffee habits to subscription services that quietly renew month after month.
Planning ahead is equally important. Drawing up a realistic weekly or monthly budget, based on actual income from loans, part-time work or family support, helps students avoid the trap of running out of money before term ends. Setting aside a small buffer for unexpected costs — a broken laptop, a last-minute train ticket, a medical expense — can prevent a minor setback from becoming a financial crisis.
Self-discipline plays a role too. While it is tempting to join every social outing or order takeaway during busy periods, small savings add up. Cooking in shared kitchens, buying own-brand groceries, and using student discounts are long-established tactics that remain effective. A sharp eye for a bargain — whether on textbooks, clothing or travel — can stretch a tight budget further.
For those who are eligible, bursaries and additional financial support can make a significant difference. Many students do not realise they qualify for means-tested grants, hardship funds or departmental awards, and advisers encourage checking eligibility early rather than assuming support is out of reach. Universities and student unions often provide dedicated money advice services that can help with applications and appeals.
The broader context is a labour market and welfare system that many argue has not adapted to the realities of student life. Maintenance loans are calculated on household income and historical assumptions about costs, but rents, energy and food have risen sharply. Part-time work can help, but it can also compete with study time, creating a difficult trade-off for those trying to keep up academically while staying solvent.
Despite the pressures, the advice remains practical rather than pessimistic. Being savvy with money has long been part of the university experience, alongside late-night study sessions and communal cooking. The difference now is that the stakes are higher, and the margin for error is thinner. Students who plan, track and prioritise are better placed to weather the squeeze — and to focus on why they are there in the first place.