Making the most of your money

Student bank accounts

You probably already have a current account, but it’s advisable to open a student bank account too. Set up specifically for students and usually offering added benefits that could come in handy during your time at uni, this kind of account is a must.

It goes without saying that you should do your research and take your time selecting an account. Student bank accounts often come with additional offers to get you to sign up, but while these seem appealing, don’t be swayed by them. Consider what each bank is offering and how it might best suit you financially (like a rail card if you’re going to be travelling to and from home by train), rather than signing up because you’re getting free concert tickets. It sounds super sensible, but there is plenty of fun ahead, and you’ll thank yourself in the long run!

One of the first things you’ll probably notice is that most student bank accounts come with interest-free overdrafts of varying amounts. But, and sorry to be a party pooper here, try not to take the largest amount you possibly can in your first year. While it’s appealing, it’s a better idea to start out small and resist spending everything at once. Take it from us: it's always a good idea to try to avoid going over your agreed overdraft limit. Instead, try looking for an up to £500 overdraft in your first year, up to £1,000 in the second year and up to £1,500 in your third year, (and only if you really need to). This approach will help you manage your spending and also help to reduce the additional amount of debt you’ll have at the end of your studies.

Money coming in

Student loans

Apply for your student loan as soon as possible. Remember, you don’t need a confirmed place on a course to apply for a loan.

To make sure you’re set for when you start uni, remember to send your declaration form back on time (and we recommend using recorded delivery). Also, keep checking your online account with Student Finance England as they may ask for extra information, which if you don’t provide, might delay you receiving your loan.

Grants and bursaries

You might be eligible to apply for a grant or bursary to support your studies and help with general living costs. Bursaries and grants are often non-repayable and are there to help students from all backgrounds, but particularly those from under-represented communities or who might experience financial hardship while at uni. If you want a bit more info, our dedicated fees and finance page talks about all the different options. The key thing is to make sure you’re getting the right funding. If you’re not sure what’s available, or think you might be eligible for a grant or bursary, you can get in touch with your chosen uni for help and advice.

Earning while you study

If you’re a regular visitor to 52 Weeks to Go, you may have read last week’s post, Earn while you learn. Getting a part-time job while you’re at uni has double benefits - not only will you earn some extra cash, you’ll also be gaining valuable experience, which will look great on your CV for future employers. Even if your part-time job isn’t directly related to your dream role in the future, employers will be impressed that you gained transferrable skills while studying.

Keeping an eye on your spending

Your income as a student is likely to be made up of a few things: student loan, part-time work, any grants or bursaries you might be entitled to, or maybe even an allowance from your parents.

It’s great to have this money coming in, but it’s also easy to get carried away by how much you have in your shiny new bank account at the start of term! If you start thinking early about what money you have and how you’re going to spend it, you may just thank yourself at the end of term if it means you’re not existing on beans on toast.

If you're trying to come up with a budget the following links could come in handy

• UCAS has some information on student budgets to get you started.
• Southampton Solent University has advice on cost of living support
• And there's also an example budget to use as starting point.

A good thing to remember is to budget your student loan over 39 or 40 weeks – you’re not physically at uni for 52 weeks of the year!

One final tip – and it sounds almost too simple to be true – look at your bank statements or banking app! Also, using digital banks such as Monzo or Starling make it easy to see how much money you have and can help you track your spending habits. Contactless payments are great, but the two pounds here and the five pounds there soon mount up!