It can be tempting when you first get your student loan or bursary to go out and spend. But don’t go crazy! Remember that this money is to pay for your everyday living costs and it has to last.
Top tips
- Budget, budget, budget! We can’t stress how important this is. Keeping track of your spending can help you avoid getting into debt
- Open a student bank account with an interest-free overdraft. Shop around for the best deals and look past the freebies to the amount of interest-free overdraft you can access and the period after graduation before you need to pay it back
- Visit the Money Saving Expert website which has produced a handy guide for your information
- See the Money Advice Service for lots of information and tips about managing your money and living on a budget. Includes webchat and telephone support.
- Join the Students’ Union and use your NUS card to get student discounts. Even if shops/restaurants don’t advertise it, ask, you may be pleasantly surprised!
- Get some part-time and/or vacation work. Our Careers and Employability team can help you to find suitable part-time or temporary posts
- Pay your most important bills by direct debit. Always pay them first. Once they’re paid you can then work out what you’ve got left to spend
- Shop around for the best deals for your utility bills and your broadband. Use Cable.co.uk – they are a comparison site for broadband, digital TV and telephone and provide up to date information on broadband and related services available locally
- Open a savings account – make your loan/bursary work for you by earning interest. You could earn over 5% interest on a mini-cash ISA and there are no penalties for transferring money into a current account.
