Don’t blow your student loan: For most of you, your student loan will arrive in the first few weeks of term. Your next payment is not until January, you need to make your money last! Try to work out how much you have to spend over the course of the term and try to stick to it. Bring some savings to support you through your first couple of weeks, as people tend to spend more in Freshers' Week.
Work out a budget: Establish what you are likely to spend each week (food, travel). Also factor in occasional expenses (clothes, toiletries).
Course costs: When calculating your budget don’t forget to factor course costs such core text books, software, sport kits. Don’t rush out and buy these unnecessarily, look at second hand sales and library resources.
Student bank account: A good student bank account will offer you an interest free overdraft. Many banks will offer incentives for you to open your student account with them. Make sure you look around for the best offer, don’t just go with the bank you are already with.
Shop around for best deals: Look into whether you can save money on your mobile phone contract and compare broadband deals, look out for cancellation charges. A price comparison site will be a useful resource to assist with this.
Student Discount Cards: Buy or sign up to student friendly discount cards-such as the NUS extra card and the 16-25 Railcard. Check the full terms and conditions of the rail card to make sure you will fully benefit e.g. you cannot use the discount on travel before 10 am. If a shop or bar does not have a sign, don’t be afraid to ask about student discounts.
Be supermarket savvy: Plan ahead what you want to buy to try to reduce impulse buys. Try supermarket own brands; they’re often just as good as branded products. Cook in bulk, then freeze portions for the following weeks.
Don’t panic: If your student funding is delayed or you overspend in Freshers' Week, make an appointment with a Student Money advisor.
Don’t use an unauthorised overdraft or payday loan - come and see us instead. We can also assist you with creating and reviewing a budget plan.