A full guide to managing bills and budgeting as a student

Many factors, including the student accommodation type and room size, may affect the overall rent cost. Regarding university halls of residence, a 2023 survey found that the average monthly rent for students is £535, averaging between £125 to £135 per week.

The cost of private student accommodation in the UK averaged £155 per week for an ensuite room, and £228 for a studio. However, this price range can vary widely based on location, the quality of the accommodation, and the services included.

Private student accommodation often provides more flexibility and a wider range of living arrangements compared to university halls. Students might find options that offer better facilities, such as modern kitchens, gyms, and social spaces. Additionally, private landlords and companies sometimes offer shorter lease terms, which can benefit students looking for flexibility.

For more information, read our guide on the average cost of student accommodation here.

Make sure you check your tenancy agreement before booking student accommodation so you are not surprised by any fees. The main bills that you may have to pay as a student include electricity, gas, water, broadband, and contents insurance.

A well-organised checklist can ease the transition into student accommodation, ensuring you have everything to settle in and prepare for the future. Prior to moving day, make a detailed inventory of all the items you plan to bring. 

Check out our helpful checklist when you get to your student room below:

Find out more about setting up and budgeting bills as a student with our expert guide here.

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. Typically, this will include:

·        General university costs – tuition fees, rent

·        Utility bills – electricity, water, gas

·        Other expenses – phone bill, streaming services, insurance, transport

Discover more about the different student bills you may have to consider when managing accommodation with our guide here.

To help simplify this process, consider all-inclusive student accommodation that encompasses all bills into one simple payment. At Mansion Student, our student accommodation properties include utility bills, so our tenants are only responsible for their rent. This also includes free Wi-Fi, in private rooms and modern communal spaces, and contents insurance.  

Browse our properties or arrange a viewing at one of our student accommodation locations here.

Deciding how to pay your rent and other bills is another important consideration. Many landlords or accommodation providers offer payment plans that allow you to spread the cost of rent over the term or academic year. For utility bills, using bill-splitting apps can help manage shared expenses by tracking who owes what and sending reminders.  

Once you move into student accommodation, check the current providers for energy, water, and broadband. Depending on your specific needs, you may need to set up an account for your personal use or move to a different supplier.

Find out more about setting up student bills, including accommodation rent , with our expert guide here.

Mansion Student accommodation properties are inclusive of bills, and our tenants do not need to set up any utilities (such as broadband or electricity). For our communal TV and cinema rooms, you do not need to pay for a TV licence – only if you intend to watch live TV or BBC in your private room.

Once you receive your university offers and decide where to study, you should set up an online account for Student Finance England. If you are live in Scotland, this is the Student Awards Agency Scotland and has its own process, which you can view on their website here.

Your student loan is split into two parts:

·        Tuition fee loan – paid directly to your university or college and covers course fees.

·        Maintenance loan – paid directly to you in three instalments (September, January, and April) to cover living costs like student accommodation.

Whatever student accommodation type you choose, the maintenance loan will help cover this cost. Mansion Student provides private student accommodation across the UK. If you are paying with student finance, you have the option of changing your rent payments in accordance with your loan. 

To do this, you will need to send a screenshot of your maintenance loan dates and amounts, as well as your entitlement summary, to deferments@mansionstudent.co.uk. This information should be submitted along with the name of the student accommodation property.

Effective budgeting as a student requires a combination of discipline, awareness, and strategic planning. Here are some top tips to help you manage your finances:

·        Look out for student discounts

·        Cook at home

·        Utilise freebies and free resources

·        Working part-time

·        Monitoring incomings and outcomings

Mansion Student provides purpose-built student accommodation across the UK in locations such as Leeds, Durham, and Nottingham. Our properties are all-inclusive of bills, and tenants are expected to pay one lump sum in an agreed-upon payment plan. Our rent also includes Wi-Fi and contents insurance and other features such as CCTV, security, and modern communal spaces.

Contact Mansion Student today to speak to our hospitality teams for more information.   

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What is the Average Cost of Student Accommodation in the UK?

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What Are the Different Student Bills to Consider?

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