parent helping student

How to manage your money

Keep track of your finances at university

It's a good idea to plan your finances before you start your course. By budgeting what you're likely to spend, you'll be able to successfully manage your money while you're living and studying in Portsmouth. Planning ahead might even make your money go that little bit further.

Planning a budget

Your exact costs will depend on your personal situation and lifestyle, but in most cases, you'll need to budget for £1,023 per month to cover your living costs, not including your tuition fees.

This should be enough to cover payment for your accommodation, food, clothing, course materials and items, travel and leisure activities. Please be aware that if you are living in private accommodation you may be required to pay an advance of one month for your housing when you arrive in Portsmouth.

Keeping your money safe

To reduce the risk of loss or theft, we recommend that you do not bring large amounts of cash with you when travelling to the UK. UKCISA advises students to carry only enough money for immediate expenses and to use a debit or credit card wherever possible, as the UK is largely a cashless society.  

Before you travel, you should: 

  • Pay your tuition fees and accommodation fees in advance where possible
  • Have access to approximately £350 to cover your initial expenses on arrival
  • Use a debit card, credit card, prepaid travel card, or currency card to access your money, rather than carrying large amounts of cash
  • Open a UK bank account as soon as possible and transfer additional funds electronically

Beware of scams!

Before applying, take time to research different banking options and be aware of fraudulent websites and scams. Always verify the correct online application link with your chosen bank before sharing any personal information. 

For further guidance on staying safe and avoiding scams, please visit the UKCISA website.

Opening a bank account

When you arrive in the UK, you should also open a bank account. Get some advice from your bank in your home country before leaving for the UK, because they might have a special arrangement with a UK bank. You should also find out if you can use a cash card or ATM card from your home country, while in the UK.

If you need advice or guidance about managing your money, you can also contact Student Money.