Living costs and budgets
It's important to understand the costs associated with studying at university and to plan your budgets accordingly. All students have different lifestyles and spend money in different ways, so it’s difficult to provide an accurate figure that applies to everyone.
Our money planner is an interactive tool that allows you to generate your own budget for the year. You can input your own weekly or monthly figures for all costs including accommodation, general expenses, living costs and study costs and it will help you understand how much money you may need. You can use this to budget for the coming year and identify any potential difficulties or shortfalls in advance of starting your course.
Planning your budget
Get the most out of your money with our interactive money planner tools.
Our timeline feature has all the important dates and deadlines in one place: when to apply for loans and scholarships, when your rent is due, when your bursary is paid into your account, and so on.
Here are some figures to help give you an idea of what you could expect to spend on accommodation in Sheffield.
University accommodation charges are based on the standard 42 week contract, although 51 week contracts are available. With the standard contract, you don’t pay for accommodation over the summer break. Generally, with private accommodation, your contract is for the full year.
Please note that all figures are approximate and should only be used as a guide. Prices are averaged and based on 2017 entry. University accommodation rents will be updated in March 2018.
|Cost per week||Cost per month||Cost per year (42 weeks)|
|Rent (all bills included)||Rent From £102||From £429.00||From £4,292|
Included in your rent are:
- All your utility and internet bills
- Room contents insurance
- Residence Life events and sports activities
- Customer services and welfare support
- Security and CCTV
|Cost per week||Cost per month||Cost per year (52 weeks)|
Living at home
If you choose to stay at home during your studies, the amount you can borrow for living costs is reduced. The amount of any bursary you’re entitled to is not affected.
On top of your rent, bills and landline/internet charges there are your general day to day expenses. All students have varying costs and spend money in different ways, but such things as food and toiletries may cost you an average of £35 per week (£1,820 per year). On top of this there are your mobile phone charges, TV licence, laundry costs and general study expenses (stationery, books, etc).
As all University accommodation is within walking distance, travel expenses should not be a major factor. Any costs incurred should only apply if you decide to visit family and friends in other cities.
It would also be wise to budget for any society or gym memberships you have, as well as setting aside some money for socialising.
Many of our students work part-time to help with living costs.
Tips for your finances
- Students don’t pay council tax.
- Students get discounted travel.
- NUS/student discounts: money off everything from meals to haircuts. Some shops don’t advertise it, so don’t forget to ask.
- Open a student bank account. Some give you a free Railcard, and most will give you an interest-free overdraft (which can be paid back at a later date). Shop around to find the best benefits to suit you.
- Make a budget before you arrive and try to stick to it. This will stop you from having no money for the last few weeks of term.
- You’ll need a TV licence when you’re at university. If you go home in the summer, remember to claim back any months you’ve overpaid.
- Aim to buy any books on your reading list second hand from last year's students.