One of the hardest things to do when going to University is budgeting. Living on a Student Budget can be tough but it needs to be done. Being let loose with your Student Loan is a great thing in the beginning but you will soon realise that the money disappears rather quickly. Speaking from experience, if you do not plan where your money is going then soon enough you won't have any at all. If you are not lucky enough to have your parents pay for your rent then that will be your biggest outlay - for most people this will leave next to nothing left in your Student Budget.

Cost of studying

The cost of studying is initially met by the Government in the form of a tuition fee loan which you will have to pay back when you are earning more than £15,000 a year. For 2010 the tuition fee for the year is roughly £3225.

Student Budgeting

This is the key to not running out of money at University - as a Student if you are unable to Budget then you are heading for disaster. In the beginning you will think it is great, you are given your Student Loan, your tuition fees don't have to be paid until you leave and your parents are giving you money every week. You may think it's a great idea to go shopping and out for dinner, especially when socialising can be so important during the first few weeks of your course, but as you know, the money you have will eventually run out. If this happens, you may find that you can't even afford the basic costs of living.

Look at our tips below on how to manage your Student Budget and make the most of the money you have.

1. What money do you have?

- Add up all the money you are starting off with. Make sure you take into account your Student Loan, and grants and bursarys you are given, sponorships and scolarships you may have been awarded, parental contributions, your own savings and even any income from a job.

2. Where do you have to spend money?

-Add up all the essential costs which you will have to meet no matter what happens. These may include tuition fees, rent, travel, contents insurance, bills, car payments, TV licence and food.

- You need to also consider other costs such as course books, clothes and shoes, household goods, toiletries and social events and occasions.

3. What is your overall Student Budget?

Now you have added up what is coming in and what is going out you will have a rough idea of what money you have left over. If you have come to an amount which is left over for the year it may be best to divide it into a week by week budget. If you find that you do not have enough money in your Student Budget to meet your essential costs then seriously consider getting a job. Take a look at our Student Employment section to look at how to go about getting jobs.

*Take a look at the Student Budget calculator on the UCAS website to help you further plan your Student Budget.