As the new university year approaches, financial concerns may arise for first-time students, particularly regarding budgeting for accommodation, food, and other expenses. This brief provides guidance on managing finances effectively while studying.
To begin with, students should consider signing up for supermarket loyalty cards, which can provide immediate discounts rather than delayed points accumulation. Many major supermarket chains offer loyalty programs accessible via apps, and students are encouraged to compare prices, focusing on the unit price for better deals. Additionally, it is recommended to check for discounts and special offers for students, such as discount codes available through services like Totum, Student Beans, and UNiDAYS.
When choosing a bank account, students may benefit from interest-free overdraft options available from various banks, such as NatWest and Santander, which also offer additional perks like discounts on rail travel. It is essential to provide proof of student status when opening an account, often via a university acceptance letter or a UCAS status code. Keeping a careful watch on one’s bank balance and sticking to a budget can help manage expenses effectively.
Sharing living expenses with housemates can ease financial pressure. Responsibilities should be clearly divided, ensuring all involved are legally accountable for utility bills. Students are also advised to explore ways to reduce energy costs, such as turning off unused appliances and utilizing proper winter gear.
In terms of additional expenses, students considering “buy now, pay later” (BNPL) options should proceed cautiously, as these schemes can lead to debt if not managed properly. Understanding the terms and maintaining a record of spending is critical.
Insurance for personal belongings is another important aspect; students should investigate whether they are covered under their parents’ home insurance policies or consider obtaining specialized student insurance. Proper coverage can protect against theft or loss, especially in shared living environments.
By implementing these strategies, students can navigate their financial responsibilities during their university years more effectively.
Source: https://www.theguardian.com/money/2025/sep/06/money-university-students-shopping-deals-travel-bank-account-