Expert cash-saving tips for students

 

 

Work out a budget

You will get your tuition fee and maintenance loan paid termly, so avoid the temptation of splashing the cash in the first weeks of term. You will need to budget carefully.

"I advise students to do an old-style budget on a piece of paper," says Alison Ahern, director of student services, Goldsmiths University of London.

"Spreadsheets are too complicated. On one side, put down how much money you get coming in. Against that list all your outgoings in order of importance – accommodation, travel costs, food and so on. And break your expenses down week-by-week and only take out that much money from your account plus a bit extra."

Manage your student account

The most useful piece of advice is to let your university know your bank account details well before term starts, otherwise your loan cheque could be delayed. "We advise students to open a bank account before they get here. If they don't have a bank account before they arrive then there is nowhere for us to pay them," says Alison Barnard, financial support supervisor, University of Nottingham.

Forget sales gimmicks and make sure your bank is open when you need it and offers a reliable service. "Check on the bank opening hours. Are they convenient?" says Ahern. "Our campus branch opens in the evenings after class and on Saturdays. Gimmicks to entice you to open an account are best avoided, but always read the small print. For instance, what happens to that interest-free overdraft once you graduate?"

Take a part-time job

Look at income generation to help you manage your finances. Most universities are located in big cities where there is plenty of casual work to be had in bars, restaurants and shops. "On campus we've got a branch of Unitemps which students can sign up to and find part-time work," says Barnard. "Or you could work for the university as a student ambassador. That's a great way to earn extra money."

Steer clear of payday loans

You see them advertised on the TV, but payday loans will only give you never-ending hassle. Unlike the Bank of Mum and Dad, loan sharks charge 135 per cent compound interest. What starts out as a modest cash injection can quickly morph into something the size of the national debt of Luxembourg. "Talk to us immediately or to the Student Union advice centre. We have a limited amount of hardship funds but we can offer debt counselling," says Barnard.

News
Keith Fraser says we should give Isis sympathises free flights to join Isis (AFP)
news
Life and Style
Google celebrates the 126th anniversary of the Eiffel Tower opening its doors to the public for the first time
techGoogle celebrates Paris's iconic landmark, which opened to the public 126 years ago today
News
Cleopatra the tortoise suffers from a painful disease that causes her shell to disintegrate; her new prosthetic one has been custom-made for her using 3D printing technology
newsCleopatra had been suffering from 'pyramiding'
News
people
Arts and Entertainment
Coachella and Lollapalooza festivals have both listed the selfie stick devices as “prohibited items”
music
Sport
Nigel Owens was targeted on Twitter because of his sexuality during the Six Nations finale between England and France earlier this month
rugbyReferee Nigel Owens on coming out, and homophobic Twitter abuse
  • Get to the point
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
iJobs Job Widget
iJobs Student

Recruitment Genius: Graduate Structural Engineer

£17000 - £22000 per annum: Recruitment Genius: A Graduate Structural Engineer ...

Guru Careers: Graduate Sales Executive

£18 - 24k OTE + Uncapped Commission: Guru Careers: A Graduate Sales Executive ...

Ashdown Group: Learning and Development Programme Manager

£35000 - £38000 per annum + benefits : Ashdown Group: A highly successful, int...

Recruitment Genius: Marketing Assistant - IT Channel - Graduate

£16000 - £23000 per annum: Recruitment Genius: This company is a Value-Added I...

Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

Day In a Page

No postcode? No vote

Floating voters

How living on a houseboat meant I didn't officially 'exist'
Louis Theroux's affable Englishman routine begins to wear thin

By Reason of Insanity

Louis Theroux's affable Englishman routine begins to wear thin
Power dressing is back – but no shoulderpads!

Power dressing is back

But banish all thoughts of Eighties shoulderpads
Spanish stone-age cave paintings 'under threat' after being re-opened to the public

Spanish stone-age cave paintings in Altamira 'under threat'

Caves were re-opened to the public
'I was the bookies’ favourite to be first to leave the Cabinet'

Vince Cable interview

'I was the bookies’ favourite to be first to leave the Cabinet'
Election 2015: How many of the Government's coalition agreement promises have been kept?

Promises, promises

But how many coalition agreement pledges have been kept?
The Gaza fisherman who built his own reef - and was shot dead there by an Israeli gunboat

The death of a Gaza fisherman

He built his own reef, and was fatally shot there by an Israeli gunboat
Saudi Arabia's airstrikes in Yemen are fuelling the Gulf's fire

Saudi airstrikes are fuelling the Gulf's fire

Arab intervention in Yemen risks entrenching Sunni-Shia divide and handing a victory to Isis, says Patrick Cockburn
Zayn Malik's departure from One Direction shows the perils of fame in the age of social media

The only direction Zayn could go

We wince at the anguish of One Direction's fans, but Malik's departure shows the perils of fame in the age of social media
Young Magician of the Year 2015: Meet the schoolgirl from Newcastle who has her heart set on being the competition's first female winner

Spells like teen spirit

A 16-year-old from Newcastle has set her heart on being the first female to win Young Magician of the Year. Jonathan Owen meets her
Jonathan Anderson: If fashion is a cycle, this young man knows just how to ride it

If fashion is a cycle, this young man knows just how to ride it

British designer Jonathan Anderson is putting his stamp on venerable house Loewe
Number plates scheme could provide a licence to offend in the land of the free

Licence to offend in the land of the free

Cash-strapped states have hit on a way of making money out of drivers that may be in collision with the First Amendment, says Rupert Cornwell
From farm to fork: Meet the Cornish fishermen, vegetable-growers and butchers causing a stir in London's top restaurants

From farm to fork in Cornwall

One man is bringing together Cornwall's most accomplished growers, fishermen and butchers with London's best chefs to put the finest, freshest produce on the plates of some of the country’s best restaurants
Robert Parker interview: The world's top wine critic on tasting 10,000 bottles a year, absurd drinking notes and New World wannabes

Robert Parker interview

The world's top wine critic on tasting 10,000 bottles a year, absurd drinking notes and New World wannabes
Don't believe the stereotype - or should you?

Don't believe the stereotype - or should you?

We exaggerate regional traits and turn them into jokes - and those on the receiving end are in on it too, says DJ Taylor