Managing Your Money

One of the first things that worries students out about going to uni/college, is just how much money they'll have to fork out when they're there. That's why we've put together some useful tips to help you manage your cash when you're at uni/college. It may sound dull, but if you take the time now, your money will cause you a lot less grief when you start studying.

There are a number of basic things you need to do to create a good budget including the following:

Identify your sources of income/funding, such as student loan, earnings, overdraft, and parental contribution.
Then work out how much you have to spend each week / term / year.
List the things you know you have to pay for, such as rent, bills, mobile phone, travel costs, any course related costs (e.g. books, photocopying and field trips) and any insurance.
Think about maybe saving some cash each week, for a holiday or a new computer. Do you need a part-time job to make things easier?
After this you'll know how much money you have left for partying and food.

Some more handy tips:

Open your student bank account before you leave home to avoid the queues at the beginning of term. This means you'll have an account ready to pay in your first student loan cheque. Don't just look at the account freebies, remember you'll have the account for the whole time you're at university/college.
Contact the student union or institution at which you will be studying because they can tell you how expensive things are at that city and uni/college.
Keep a record of how much money you have. Keep a record of how much you've spent on your credit card, cheques, debit card payments and direct debits that haven't gone through yet.
Always read your statements and make sure you receive them in and out of term time. The easiest way of doing this is to have them sent to your home address and then forwarded to your digs. If your bank has an online service, it's a good idea to use this to track your finances, especially as most universities/colleges offer students free internet access. You can also get mini statements from most cash machines.
A very simple way to ensure you stick to your budget is to put your loan into a savings account and then transfer the money you've allocated to your current account every week. You can even set up a Standing Order to do this for you.
Pay your bills on time. This keeps your finances up to date and avoids interest charges and fees for late payments.
Try to limit your borrowing to a few sources. Spreading your debt around makes it hard to keep track of and increases the chances of getting in trouble later.
Keep an eye on how much you owe, even on your interest free overdraft, because you'll have to pay all of it back one day.
Make sure you know what books and equipment you'll need for your course before you go shopping for them. Many universities and colleges have second hand bookshops where it's cheaper to get hold of your textbooks, your university/college may even have library copies of key texts for all the students - so you may not have to spend any money at all.
Insurance is vital and can be expensive, but before you take out a policy, check if you're included on your parent's household cover. Many insurance companies' household cover includes student's belongings at university/college and when they're in transit between home and your digs. If they don't provide this cover automatically, it may be cheaper to be added to your parents' insurance than to take out your own policy.
If you do decide to get a part-time job, your university/college may have an employment agency who will be able to help find you a job. Work out what times of the week would be easiest for you to work, fitting them around your study, and how many hours a week you can manage without adversely affecting your studies.

Always remember that if you do get into financial difficulties there are plenty of people around who can help you. Your institution or Student Union may have a student finance department and they'll have details of what you might be entitled to. Other important places where you can seek advice are your bank's student advisors or your local Citizens Advice Bureau.