How to Balance Your Budget as a Student Renter in Newcastle
Being a student in Newcastle is an exciting experience – cracking nightlife, vibrant student hotspots and communities, with plenty to do. But balancing your budget while renting in Newcastle can be hard. Between rent, food, and social life, money can disappear fast. The good news? With a bit of planning and smart choices, you can make your budget work without sacrificing all the fun that comes with living in Newcastle. Lucky for you, Newcastle is ranked in the 10 most affordable UK cities, with a low cost of living.
This guide will walk you through budgeting basics, tips for saving on rent and expenses, and how to enjoy Newcastle’s student life without constantly worrying about money. It doesn’t matter whether you have your own studio space, a one-bed or two-bed apartment … listen up because we’re about to walk you through all the tips and tricks of budgeting as a student renter.
Understanding Your Budget
Why Bother Budgeting?
Budgeting might sound boring, but it will have a massive impact on your student life. A solid budget helps you:
✔ Pay rent and bills on time.
✔ Avoid running out of money before the end of the month.
✔ Enjoy student life without financial stress.
Where’s Your Money Coming From?
Before planning where your cash goes, figure out where your money is coming from:
- Student finance & grants – Your main source of income.
- Part-time job – A great way to boost your budget.
- Parental support – If your family helps out, factor it in.
- Side hustles – Selling clothes, tutoring, or freelance work.
Essential vs. Non-Essential Expenses
Not all expenses are created equal! Here’s how to break them down:
Essential Expenses:
- Rent & utilities
- Groceries
- Transport
- Insurance
Non-Essential Expenses:
- Eating out
- Subscriptions (Netflix, Spotify, gym)
- Shopping & entertainment
Budgeting Made Simple: The 50/30/20 Rule
A simple budgeting trick is the 50/30/20 rule. This means you can split it up like this:
- 50% Needs (rent, bills, groceries)
- 30% Wants (social life, shopping, takeaways)
- 20% Savings/Debt Repayment (if possible)
Example Student Budget in Newcastle:
Expense Category | Estimated Cost (£) | Percentage of Budget |
Rent & Utilities | 450 | 50% |
Food shopping | 100 | 12% |
Transport | 50 | 6% |
Entertainment | 100 | 12% |
Savings | 100 | 12% |
Other/Miscellaneous | 50 | 6% |
Using a budgeting app like Monzo can help track spending and keep you in check. You can split your money up into pots so that you can manage your money.
Tips for Saving on Rent and Expenses
Finding Affordable Accommodation
So you’re on the hunt for a new home, but it needs to be affordable for students. What are your affordable housing options?
- House-share – Splitting rent with roommates can be a great way to cut costs. Not only do you share rent, but also bills, WiFi, and even grocery costs if you plan meals together.
- Location matters – Research the best neighbourhoods in Newcastle before making any decisions. Some can be more pricier than others. Look at the likes of Heaton, Jesmond, or Sandyford for good student deals.
- Consider student-friendly apartments – Some places, like M Apartments, offer modern, affordable apartments with student perks. With on-site facilities and all-inclusive bills, they take a lot of financial stress out of renting.
City Co-Living
City co-living is becoming a really popular option for students looking for a hassle-free and budget-friendly way to rent. You get to experience community living with added perks:
- All-inclusive rent – No need to stress about separate bills for electricity, water, or WiFi. It’s all included in most cases!
- Free or discounted amenities – Many co-living spaces include lots of amenities like on-site gyms, study areas, and social spaces, so you save on gym memberships and co-working costs.
- Fully furnished – No need to buy furniture or kitchen essentials.
- Built-in social life – Living with like-minded students means you always have someone to split costs with, whether it’s groceries, streaming services, or transport. It’s also a great place for building your professional network and boosting your career.
If you want a social living experience in Newcastle, this might be your sign to choose the co-living option.
Cutting Down Utility Bills
⚡ Turn off appliances when not in use.
💡 Energy-efficient bulbs save money in the long run.
📡 Compare broadband & energy providers for the best deals.
Saving on Food
🥘 Meal prep – Cooking at home is much cheaper than takeaways. Yes it may require more effort but it’s worth it! TikTok is a great app for inspiration for low-budget meals.
🛒 Student discounts – Use UNiDAYS, Student Beans or Totum in supermarkets.
📦 Bulk buying – Stocking up on non-perishables like pasta, rice, tinned goods, and frozen meals can be a lifesaver when money’s tight. These items never go off quickly, and buying in bulk often works out much cheaper in the long run.
Transport Savings
🚶 Walk or cycle – Newcastle is a super walkable city.
🚌 Student discounts on transport – Get a TOTUM card for discounts on Metro and buses. 🚆 Railcards – If you travel home often, a 16-25 Railcard saves 1/3 on train tickets.
Avoiding Unnecessary Expenses
🚫 Cancel unused subscriptions – do you really need three streaming services?
📚 Buy second-hand textbooks instead of brand-new ones.
🎟 Take advantage of Newcastle student discounts for food, entertainment, and shopping.
We know that saving can feel like a drag so we’ve compiled the best money saving hacks for you to try in 2025.
Balancing Social Life and Financial Responsibility
Budgeting for Fun
💸 Set aside a monthly "fun fund" so you don’t feel guilty spending on social life.
🎉 Prioritise free or cheap events to stretch your budget further.
Affordable Social Life in Newcastle
🎶 Student nights & happy hours – Many bars offer cheap drinks on student nights.
🏛 Free events – Newcastle has loads of free museums, galleries, and cultural events.
🎭 University-hosted events – Free socials, movie screenings, and club meet-ups.
Earning Extra Income
💼 Part-time jobs – Bar work, tutoring, or retail can boost your budget.
📦 Sell stuff online – Got old clothes or textbooks? Sell them on Vinted or eBay and make a little extra pocket money.
Avoiding Financial Peer Pressure
🚫 Say no to expensive nights out if they don’t fit your budget.
👯 Find friends who respect your financial situation.
Free or Cheap Activities in Newcastle for Students:
1️⃣ Visit Great North Museum or BALTIC Centre for Contemporary Art.
2️⃣ Walk along Quayside or Jesmond Dene Park.
3️⃣ Attend university-hosted social events.
4️⃣ Enjoy discounted student cinema nights.
5️⃣ Join student gym memberships or local sports leagues.
Balancing your budget as a first year student renter in Newcastle doesn’t mean missing out – it just means being smart with your money. Understanding your income, tracking expenses, and taking advantage of student discounts can make life a whole lot easier.
Start small – whether it’s meal prepping, cutting down on subscriptions, or using a budgeting app. By making a few changes, you’ll have more control over your finances while still enjoying everything Newcastle has to offer. You’re here to work, live and play - and this guide will help you do just that.
Need more budgeting help? Check out your university’s financial resources or consider renting from student-friendly accommodation like M Apartments. Newcastle letting agents know everything there is to know. Get in touch with us if you’d like to book a viewing. We’ll be happy to help you settle into your Newcastle home.
