Whether you’re moving into a new house, going on a year abroad, or your course has more placements, next year can feel expensive before it’s even begun.

Some of the biggest money pressures come from decisions you make before the year starts such as where you live, how you travel, and what costs you need to prepare for.

Planning ahead gives you more time to understand what’s coming, make informed choices, and avoid unexpected costs catching you out. 

1. Start with what you already know

When thinking about next year, it’s easy to focus on the things you don’t know yet. Instead, begin with the information you already have. Even rough figures can help you build a clearer picture of what next year might look like financially.

Think about:

• Accommodation costs - including rent, deposits, bills, and any moving costs
• Regular payments – including phone contracts, subscriptions or memberships
• Travel or commuting – including journeys to campus, placements, or travelling home
• Course‑related costs – including equipment, materials or placement expenses
• Changes in lifestyle – such as moving from catered to non-catered accommodation

You don’t need exact numbers at this stage. The aim is to identify the costs you’re likely to face so you have time to prepare.

Try this: Make a list of the expenses you expect to have next year. Highlight any costs that are new, uncertain, or likely to increase.

2. Check what income you’ll have

Your income next year may not be exactly the same as it is now. Your maintenance loan could change, your working hours may be different, or you may need to rely more on savings during certain periods.

Consider:

• Maintenance loan
• Part‑time work
• Bursaries or scholarships
• Support from family or other regular sources of income
• Savings you have access to

It’s also worth thinking about when your money will arrive, not just how much you’ll receive. Student finance is usually paid in instalments, so planning how you’ll manage your money across the year is just as important as knowing the total amount.

Having a clearer idea of your income helps you understand what is realistic and gives you time to explore your options if there is likely to be a gap between your income and your expected costs.

Try this: Write down all the income you expect to have next year, including when you expect to receive it.

3. Look for pressure points

Some costs are easy to overlook because they don’t happen every week or month. However, these one-off expenses can have a big impact if you haven’t planned for them.

Common pressure points include:

• Higher rent or utility costs
• Moving expenses and deposits
• Travel costs for placements or commuting
• Summer living costs before your next maintenance loan payment
• Graduation expenses

The earlier you identify these costs, the more options you have. You may be able to save gradually, compare prices, adjust your plans, or seek advice before the cost becomes urgent.

Try this: Choose one cost you're unsure about and spend five minutes researching what it is likely to cost.

4. Test your money plan

Once you have an idea of your income and costs, create a simple plan to check whether your money is likely to cover your commitments.

The purpose is to understand whether your expected income and spending are likely to balance.

Try breaking your spending down into:

• Accommodation and bills
• Subscriptions and regular payments
• Travel
• Food
• Social spending

Remember, this is just a starting point. Your budget will change as you learn more about your circumstances.

Try this: Create a rough estimate for one month's spending using the categories above and compare it with your expected income.

5. Give yourself a head start

Think about the gap between this academic year and the next. If you’ll have lower income over summer or costs that continue during the break, planning now can help you avoid starting the year already under pressure.

You could:

• Put aside a small amount each week over summer towards next year’s costs
• Make a note of any costs that caught you out this year
• Review your current spending and decide what you want to change next year
• Research travel routes and costs if you’ll be living somewhere new
• Make sure you’ve reapplied for student finance

Try this: Choose one thing you can do this week to make the start of next year more manageable financially.

A little planning now can help you avoid being caught out by costs you could have prepared for. By thinking ahead, you can start the next academic year with a clearer idea of what your money needs to cover.

Next step: Spend 10 minutes this week creating a rough list of your expected income and expenses for next year.