Living at home still needs a proper student budget

Living with parents or other family members while attending university can reduce accommodation costs significantly, but it does not mean you have no student expenses.

You may still have travel costs, food expenses, course materials, social spending and possibly a contribution towards household bills.

If your family expects you to contribute financially, agree the amount before building your budget. A predictable regular contribution is much easier to plan around than occasional requests for money.

Travel may become one of your largest costs, particularly if you commute to university several days each week. Compare individual fares with season tickets, student discounts and other transport options.

Living at home can also make it easier to underestimate everyday spending because some costs are absorbed by the household. Your budget should still reflect the money you personally need throughout the term.

Do This Now

• Agree any household contribution with your family.
• Calculate your realistic weekly commuting cost.
• Include food purchased while at university.
• Give yourself a separate allowance for social spending.

Common Mistake

Assuming that living at home means your maintenance loan is mostly disposable income.