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Student finances: 5 things you need to know

Going to university may be your first experience of true independence.

But alongside this new freedom comes the responsibility of having to manage your own finances.

Here are 5 tips that can help you manage your money while studying, so you can make the most of your time at uni.

1. Budgeting can help

Creating a budget can help you stay on top of your finances. Whether you’re looking to allocate yourself a weekly food allowance, or working out if you can treat yourself to some new jeans, a budget can help you make good financial decisions.

2. A student current account often comes with other benefits

Opening a student current account can give you access to things like an arranged overdraft. If you have one, it’s important to take some time to get to grips with your student overdraft and understand all the terms and conditions associated with it. Some student bank accounts also come with credit cards. These can be useful for emergencies.

3. Maintenance loans can help cover living expenses

Maintenance loans are available from Student Finance to help students cover the cost of living. The amount you can apply for depends on a few different factors, including your family’s income, whether you live at home and where your uni is based.

4. There are a range of discounts for students

As a student, there are a whole host of discounts available to you including travel discounts, such as the 16-25 railcard, and money off certain shops with a National Union of Students card.

5. Planning for the future is important

Uni is the perfect time to set yourself goals and start saving some money for the future. Whether you’re wanting to take a gap year once you’ve finished your degree, or start saving for a deposit for a home, setting yourself a target can help make it more achievable. The earlier you start working towards your goals the earlier your likely to achieve them.