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Posted July 16, 2025

Our top tips for budgeting during your postgraduate studies

Whether studying in London – one of the most expensive student cities in the world – or a more compact but equally vibrant town elsewhere, enjoying every part of postgraduate student life is vital. While money isn’t everything, it can make or break your experience, with the tuition fees alone enough to break the bank as explained on the UCAS website:

“What you pay will be determined by the duration of the course, its perceived quality and reputation, its level and how much it costs the university to manage. A doctorate costs more than a master's, a MBA more than a PhD. Tuition fees range from around £4,900 a year to over £30,000, with the average around £11,000 per year. Fees are normally higher for international students.”

With postgraduate students also having to foot the bill for rent, groceries, utilities, clothes, travel, leisure, mobile phone, and course costs (including equipment), expenses certainly add up. Getting the right finance and funding for postgraduate study is just the beginning however.

How you use it is all down to you and your ability to budget. To help you on your way to postgraduate budget success, we’re here to share our top tips…

Put pen to paper

Creating a monthly budget is a great place to start. With a realistic budget, you can track all your income (including grants, loans and any earnings from part-time work) and expenses (such as rent, bills, food and transport) with ease. A budget first and foremost helps you understand where your money goes, and it’ll work wonders for you if you’re prone to overspending.

When crafting a budget, be sure to prioritise the essentials. You should always aim to cover expenses like rent, utilities, food and study-related costs first. Eating out, subscriptions and other non-essentials are luxuries.

Budgets can be tracked digitally, with apps like YNAB and Monzo enabling you to monitor in real time and adjust where necessary.

Use your student status

Being a student pays, especially when stretching your budget to afford those little luxuries we mentioned previously. Student deals can be very generous, so take advantage of your status as a full- or part-time postgraduate student. You could save big on travel, software, books, gym membership and much, much more. Check out the latest student discounts to find the deal for you.

In most towns and cities, students also benefit from discounted transport. Get a railcard or student bus pass to save, or consider cycling or walking to campus to cut costs.

Make a few changes

When creating a budget, you’re certain to find a few unnecessary expenses, costs that you could really do without as a postgraduate student. According to Citizens Advice, as a nation, we wasted £688 million on unused subscriptions in the last year. Cancelling or pausing subscriptions and memberships that you don’t use regularly could save you a small fortune, and it’ll make all the difference to how you live life outside the classroom.

Swapping eating out for eating in is another small change that will make your budget go further. Prepare meals in bulk for added convenience as well as lower costs, and plan weekly meals in advance to make shopping more efficient.

Don’t forget your rainy day fund

Unexpected costs get the better of us all, but for postgrad students on tight budgets, dealing with these extras can be difficult, if not impossible. Set aside an emergency or rainy day fund. Even a small cushion can help deal with unexpected costs – like medical expenses, tech repairs or travel – if they crop up.

Top up your income

Exploring grants, bursaries and scholarships is a must for every postgrad student, with the funding opportunities available helping you embrace your studies with the right financial relief and without the burden of too much debt. Working part time can also help you boost your income without overwhelming your study schedule.

Apply for our Postgrad Solutions Study Bursary to boost your bank balance. There are five available, worth £2,000 each, and applications are open to all prospective postgraduate students. Click here to apply or for further details.

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