Being a student can be tough on your finances, so it’s probably a good idea to get your money in order sooner rather than later. To help you get organised, we have put together some tips to help you to prepare yourself financially for the new academic year.
Manage your loan
Your student loan may come in a lump sum, but it’s important to resist the urge to spend it all at once. Running low on money is likely to be really stressful, and being sensible with your loan early on means that you can keep up in the long term.
Make a budget
Planning a budget will allow you to assess if your income will be enough to cover your spending. If you find that you are overspending, you can try to adjust your plans to resolve this at an early stage. You can find a useful online budgeting tool on the Money Advice Service website.
Set up the right bank account
It can be difficult to know what student bank account to choose, but looking at the overdraft terms and conditions is a good place to start if you think you may need to borrow during your studies. Save the Student also has some useful tips for choosing the right bank account.
Manage your bills
You can save money on your bills with small actions such as switching off lights when they are not needed and being sensible with the timings for your heating and hot water. If you think you could get a cheaper gas and electricity deal, it may be worth shopping around for a different provider. You can compare energy suppliers on the Uswitch website.
Spend your money wisely
Try to stick to your budget by shopping around for good deals and saving money wherever you can. You could try buying second hand books, buying food in bulk with your housemates and cooking some of your meals rather than eating out or getting lots of takeaways.
Find student discounts
Take advantage of the student discounts available to you. The NUS Totum card gives you access to offers and discounts at many shops, restaurants and other venues. Student discount sites like UNiDAYS, Student Beans and Save the Student also contain lots of deals and discounts.
Find a job
If you are in need of some extra cash, why not consider finding a part-time job? Our JobShop service has a directory of vacancies for part-time, seasonal and temporary work.
If you are struggling financially, or would like some further support with budgeting or money management, you can contact the Advice Service using our online form.