Different types of student bills to consider | Managing finances and accommodation
Living on your own for the first time and managing your own bills can be both exciting and daunting. For many students, this experience marks their first significant step into adulthood, bringing a new level of financial responsibility. Understanding your student bills and how to manage them before moving to student accommodation is crucial to ensuring a smooth transition into university life.
This guide will explore the various types of student bills, highlight the importance of choosing the right student accommodation, and offer insights into budgeting efficiently.
What types of bills may you have to pay as a student?
Many first-year students may face challenges when managing the various bills and expenses they must pay. It’s important to remember that this is not a set list and will vary depending on your lifestyle and where you live.
General university costs
The main financial responsibility you will take on as a student will be your tuition fees and living costs. Your tuition fees may depend on the type of course (full-time or part-time) and will cover all lectures, tutorials, course admin, and access to university resources. If you are studying in England, expect to pay fees up to £9,250. Tuition fees are free if you are studying in Scotland (such as Dundee) and are from the region.
Your student finance (and maintenance loan) should help cover these costs, which you must repay after graduating and earning over a certain income threshold.
· Tuition fees
· Rent
Utility bills
Utility bills include several essential services needed for daily living. Sometimes, these student bills may be included in your rent, but in some accommodations (such as a shared student house), you will often need to set them up and manage payments yourself.
Broadband is essential for students, for studying, socialising and entertainment. Consider looking for student accommodation that not only includes Wi-Fi in the total rent cost, but also offers high-speed connectivity – vital for those last-minute revising sessions.
· Electricity
· Water
· Gas
· TV licence
· Broadband
Other costs
In addition to utilities, students need to budget for other recurring costs. These vary from student to student, depending on their preferences and what will help them during their time at university. Other costs to consider include:
· Phone bill
· Streaming services
· Insurance (home or contents)
· Car permit
· Transport
Comparing non-inclusive and all-inclusive private student accommodation
Choosing the right student accommodation is a crucial decision that affects your overall financial management. University halls of residence typically include all bills, simplifying budgeting for first-year students. However, for second—and third-year students, private accommodation is often a more popular choice, offering a variety of payment structures.
Non-inclusive student accommodation
Non-inclusive student accommodation, often privately rented from landlords, is popular among second and third-year students who seek cheaper rent and more independence. These properties are usually further from the city centre, offering lower rental costs. A significant advantage is the flexibility to choose your utility suppliers and use splitting bills services to manage shared expenses.
However, this type of accommodation requires sharing responsibility for bills with flatmates. If one housemate fails to pay their share, the financial burden falls on the others. This can be challenging if your flatmates are unreliable or if there is a lack of communication.
All-inclusive student accommodation
All-inclusive student accommodation, which covers all utilities in a single payment, simplifies the financial process and makes it more convenient. This type of housing is often more modern, with better facilities and a single, predictable monthly cost. There is also a lower risk of financial discrepancies and issues when sharing bills, as you are only responsible for yourself.
The main downside is that all-inclusive accommodation tends to be more expensive than non-inclusive options. However, this often correlates with the property's condition and bill-splitting facilities.
Below is a comparison table of non-inclusive vs all-inclusive student accommodation with their advantages and disadvantages:
| Non-Inclusive Student Accommodation | All-Inclusive Student Accommodation | |
|---|---|---|
| Pros | - Often cheaper rent - Can use bill splitting services - Can choose a specific supplier | - Single payment - Helps simplify the process - Often more modern facilities |
| Cons | - Share responsibility with flatmates – may need to cover their share if they fail to do so - Requires coordination for setting up and managing bills - Potential for disputes over bill payments and usage | - Often more expensive - May be stuck with a bad supplier depending on what the accommodation uses |
| Cost | Generally lower rent but requires budgeting for separate utility bills which can vary monthly. | Higher rent that includes all utilities, providing a predictable monthly cost. |
| Financial Management | Requires active management of multiple payments and coordination with housemates. | Simplifies financial management with a single payment for rent and utilities. |
| Risk | Higher risk of financial disputes and potential liability for housemates' unpaid shares. | Lower risk of unexpected costs or disputes over utility payments, but at the expense of higher rent. |
| Convenience | Less convenient due to the need to set up and manage multiple utility accounts. | More convenient with all utilities included in the rent, reducing administrative tasks. |
| Facilities and Amenities | Often older properties with fewer amenities, depending on the rental market. | Typically newer buildings with modern facilities and amenities included. |
For more information, read our guide on whether you should live at all-inclusive student accommodation here.
What to consider before choosing a student accommodation provider
Finding student accommodation is one of the major steps in starting university (if you decide to live away from home). So, you must consider certain factors to ensure the accommodation provider will meet your needs and budget requirements. Consider the following:
· How long is the tenancy contract?
· What is their broadband speed?
· Any student discounts or offers?
· Your budget
· Do they have any positive testimonials or reviews?
Your budget will ultimately guide your decision. Ensure the accommodation fits within your financial means while providing the necessary amenities. Though all-inclusive often means a higher rent, you do not have to worry about setting up student bills, like water and electricity, and there is only one payment.
What does Mansion Student offer?
At Mansion Student, our student accommodation properties are all-inclusive of bills, so our tenants are only responsible for their rent payments. This also includes free Wi-Fi, in private rooms and modern communal spaces, contents insurance, and utility bills (electricity, water and gas).
Browse our student accommodation locations here.
Each of our properties has an on-site hospitality team to help with any financial issues and support throughout the tenancy agreement. Make sure to arrange a viewing for the room of your choice to get an opportunity to speak to current tenants and staff and get full clarity on the property.
For more information, contact the Mansion Student team today.
Frequently asked questions
What should international students consider when managing bills and budgeting?
International students should familiarise themselves with the currency of the country they want to study and exchange rates. Fluctuating rates can affect their budget. Setting up a local bank account can help them manage payments more efficiently and avoid international transaction fees. There are usually financial advice services or support aid to look into as well.
