Renting a property while studying can be a financial challenge, but with proper budgeting, you can make sure you stay on track. From rent payments to hidden costs like utilities and council tax, it's essential to understand where your money is going.  

Here’s how to effectively manage your rental budget as a student. 

1. Understand the true cost of renting 
When you look at a rental property, don’t just focus on the advertised rent price. Many landlords charge additional fees for utilities like gas, electricity, water, and broadband. Make sure to clarify what is included in the rent before committing. 

• Rent: Typically, students pay rent monthly, but some landlords may charge weekly or by term. Know the exact amount you’ll owe each month so you can plan accordingly. 

• Utilities: In most cases, utilities are separate from rent. It’s important to budget for these costs in advance. Ask your landlord for an estimate, and ensure the bills are fairly split if you have flatmates. 

• Council Tax: Full-time students are usually exempt from council tax, but if you're living with non-students, you may need to pay a portion. Double-check with your landlord to avoid surprises. 

2. Splitting bills with flatmates 
Sharing a rental property is common for students, and it’s the best way to keep costs down. To avoid confusion, agree on how you’ll split the rent and bills with your flatmates before moving in. 

• Equally divided costs: If you’re living with flatmates, splitting rent and utility costs evenly is typically the fairest way to go. However, be mindful of factors like the size of rooms or individual usage of resources. 

• Use apps: Apps like Splitwise or Tricount can help you keep track of who owes what. These tools make it easy to see the breakdown of shared costs and ensure everyone is paying their fair share. 

3. Budgeting for furniture and household essentials 
When moving into a new property, you'll need to budget for furniture and household items. Depending on your accommodation, some furniture may be provided, but you'll likely need to buy essentials like plates, bedding, and kitchenware. 

• Prioritise essentials: Focus on the must-haves first: a bed, desk, and kitchen essentials. You can always add decorative or non-essential items later. 

• Second-hand shopping: To save money, consider buying second-hand furniture from charity shops, online marketplaces, or local stores. You don’t need to spend a fortune to furnish your rental property comfortably. 

4. Plan for unexpected costs 
In addition to your regular rent and bills, there may be other unexpected expenses that come up during your tenancy. It’s important to have a buffer in your budget for these costs. 

• Deposit: Most landlords require a deposit when you move in, which is typically one month’s rent. It’s refundable at the end of your tenancy, as long as the property is undamaged. 

• Repairs and maintenance: While landlords are usually responsible for major repairs, tenants may be required to cover the costs for smaller fixes. Be sure to clarify your responsibilities in the tenancy agreement. 

5. Keep track with budgeting tools 
 

To manage your finances more effectively, consider using budgeting apps or tools. These apps allow you to track your income, rent, utilities, and other spending in one place. Popular tools like Yolt or Mint can help you stay on top of your spending and set savings goals, making it easier to manage your student budget. 

Start budgeting 

Budgeting for a student rental may seem challenging, but with some planning, you can easily manage your costs. Understanding all your expenses, splitting bills with flatmates, and budgeting for unexpected costs will help you stay financially on track. By being proactive about your spending and using helpful tools, you can enjoy your student life without the financial stress. 

 
Contact us for more student rental tips and personalised rental guidance.