Starting University? How to Budget for Freshers, Nights Out and Student Life

As the new academic term approaches, many of us will be preparing to head to university. Whether it’s your first year or not, managing your finances as a student can be daunting, especially if it’s your first time managing everything from rent, food, bills to everyday spending. 

To find out how confident students feel in managing their own finances we asked 1,000 respondents across our student database at TOTUM. Just 22% said they feel confident in managing their finances with 78% admitting they are worried about having enough money to cover essentials.¹

But how does this affect spending habits? We’ve delved into our internal sales data to find out when students splash the cash on deals and discounts the most… 

Student spending peaks in the first week of their loan 

Analysing students’ spending habits during Freshers over the last four years, we looked at when students were most likely to redeem discounts and offers across the TOTUM platform.²

On average, the 18th September was revealed as the biggest day for student spending, in line with the first student loan drop. While the exact date for receiving your loan varies between universities, the first instalment typically lands within the first few weeks of term.

On the flipside, on average, the 9th November saw the lowest levels of spending, around three weeks after the first loan instalment suggesting this is when students may start to feel the squeeze on their budgets. 

What are students spending their money on?

Travel was revealed as the biggest spending category, accounting for 32% of sales, followed by Electronics & Tech (30%) and Fashion (27%). The deals and discounts students were least likely to redeem offers were in Food & Delivery (2%), Home (3%) and Beauty (7%).

It’s not just the cost of study essentials and everyday spending that students need to factor into their Freshers budget. The first few weeks of university often brings with it a packed social calendar and nights out, which can add up quickly. 

How much does going out during Freshers week cost?

To help students understand what they could be spending on nightlife in Freshers week, we’ve calculated the average cost of a night out across the UK’s top student cities.³

We analysed the price of a Freshers wristband, Freshers nightclub event and the average price of a drink in the top 25 student cities, based on student population, to find the cheapest and most expensive cities for Freshers. 

Southampton was revealed as the cheapest city, with the average cost of nights out during Freshers week revealed as £31.08, based on going out twice in the week. The top three cheapest cities for Freshers week were revealed as: 

1. Southampton -  £31.08

2. Newcastle - £32.00

3. Plymouth - £32.03

Compared with Southampton, London is 174% more expensive, with Bristol and Birmingham following: 

1. London - £85.00

2. Bristol - £51.00

3. Birmingham - £51.00

The cost of nightlife in each student city 

Outside of Freshers week, we’ve calculated the average nightlife cost per city by analysing the average price of club entry and drink prices in each student city, assuming students go out on average twice a week. 

We’ve then ranked each city based on the amount of maintenance loan they have left after estimated nightlife costs, with the higher remaining amount indicating greater affordability.³

Student cities in the North top the list for being most affordable

Glasgow tops the list as the UK’s most affordable student city for nightlife, where students can expect to spend £290.06 on nights out across the term, including Freshers week. 

Compared to students in Edinburgh, this is a saving of £337.71, where students here can expect to pay an estimated £627.77, according to the analysis.

Newcastle, Dundee and Sheffield follow in the top spots with the average cost of nightlife per term amounting to £292.89, £332.00 and £344.32, respectively. 

The cities revealed as the most expensive for nightlife were found to be Portsmouth, Brighton, Exeter, Birmingham and Edinburgh.

Three tips to help you manage your student budget effectively 

To help students manage their money effectively, we asked Matthew Sheeran, External Relations Manager at Money Wellness, to share his top tips to help you budget for your first term and beyond. 

1. Understand your spending allowance before you go to university 

Matthew says: “University is probably the first time you've had to manage your own money, so don't worry if budgeting feels completely new. To understand how much money you have available to spend, start with what’s coming in, then take off the things you have to pay for. 

“Rent will probably be the biggest one, but remember food, travel, your phone, bills and course costs too. It's also worth allowing for things that don't happen every month, like travelling home or an unexpected expense. What you're left with is your spending money. The important thing is knowing what that figure is before you start spending.”

He adds; “Remember to work out how long the money left needs to last. Set your Freshers budget before Freshers starts. Once you're there and everyone's heading out, it's much harder to make sensible decisions about money.”

2. Break your spending allowance into monthly and weekly budgets

“Budget for the academic year first, then break that down into monthly and weekly spending. The yearly view makes sure your money will last until your next student loan payment, while the monthly figure helps you stay on top of rent and regular bills. A weekly amount then gives you a simple guide for everyday spending.

“Your spending won't be exactly the same every week, and that's fine. The important thing is to look ahead so that spending more one week doesn't leave you short the next.”

3. Check your bank account once a week

“The most effective thing you can do is check your money once a week. Spend five minutes looking at what's gone out, what's coming up and how much you have left to spend. If you've spent more than planned, don't ignore it and hope it'll sort itself out. Make a small adjustment the following week.

“Remember, don't budget right down to zero. Leave yourself some breathing room because something unexpected will come up.”

To find more practical ways to save, explore how you can shop and save money with a TOTUM+ membership. Read more here.

Sources and methodology:

1 Survey carried out across 1,000 current or past students in the TOTUM database. Research carried out 03/08/2026 - 10/08/2026. 

2 Analysis of TOTUM’s internal offer redemption data to find out when students redeem discounts on the platform the most and least in Freshers. Research carried out 10/08/2026. 

3 Analysis carried out 10/08/2026 - 19/08/2026. Methodology:

*To calculate the average cost of nightlife during Freshers week in each student city, the final advertised price of a wristband and one large Freshers event price was used alongside the cost of three drinks at the event and three drinks at a local pub, based on each city's average pint price, to find the average. 

To calculate the nightlife cost per city outside of Freshers, we assumed that students go out twice a week, and purchase: 

• One club entry fee

• Three drinks at the club

• Three drinks elsewhere, based on the city's average pint price

Drink prices were taken from student nightclubs' websites or social media, using the cheapest available beer or mixer. Where applicable, entry prices and drinks deals available were used.

To calculate the total term nightlife costs, the Freshers Week cost was combined with 13 weeks of twice-weekly nightlife. 

This average nightlife cost was compared against maintenance loan figures, from Save the Student. 

Cities were then ranked by the amount of maintenance loan remaining after estimated nightlife costs, with a higher remaining amount indicating greater affordability.

The top 25 cities used were based on the cities with the highest student population figures.