We don’t need to tell you that heading off to university is an exciting time, with so many new people to meet, places to explore, and things to do. But, becoming a student can also be an incredibly expensive time for students and parents alike, with the average student expenditure estimated to be £23,187 per year!
Although there are often loans, scholarships, and grants available, it’s likely that most students will need to contribute at least some of the living and learning costs themselves.
So, whether you’re an excited fresher heading off to university for the first time, or you’re an anxious parent bidding farewell to your not-so-little-ones, here’s how you can get through freshers without a financial hangover…
Open a student bank account
Before you even head off to uni, you should consider opening a student bank account. All of the main, high street banks offer them and most of them come with their own perks and special offers, so it’s well worth researching the options available to you.
Many student accounts also offer interest-free over drafts and student credit cards alongside their student accounts, whilst these can be extremely useful during your time studying, you need to remember that if you don’t use them responsibly, they may affect your chances of getting credit in the future. You can find more about your credit rating through Experian.
Want or need?
This is likely to be one of the first times in your life when you’ve had complete independence. But with your newfound freedom, comes a newfound sense of responsibility. Whilst it may be tempting to rush out and buy all those things you’ve been longing for as soon as your student loan comes in, it’s important to budget and think about your spending. Do you want something or do you actually need it?
Budget
As unappealing as it might seem, take a couple of hours out of your hectic schedule to sit down and calculate your income and your essential outgoings, and use this to work out a weekly or monthly budget. Then all you need to do is try and stick to it…
Student discount
There are SO many discounts out there for students and you can save plenty of money by taking advantage of all the special offers and deals out there. Make sure you sign up for an NUS card as this will entitle you to countless discounts at gyms, cinemas, shops, and online – remember, every penny counts!