University is such a worthwhile experience. It is a time to meet interesting people and make lifelong friends, to learn loads about yourself, to develop as an individual and to gain a qualification that will hopefully help you to start the career that you dream of. However, although it is worthwhile, without some careful consideration of the pennies that will financially support this experience, university can sometimes be far more costly than it needs to be.

Fresher’s is an exciting time with opportunities to dive right into the social aspect of the student lifestyle. Since this is such a busy time, I’m not suggesting you lock yourself in your room for hours on end fretting about budgets and bank accounts. However, before you head off to uni and also during the first few weeks of term, there are a few things that may be worth considering and sorting out. Believe me, you will regret it if you don’t consider your budget at all; living off only baked beans for weeks on end is just not fun!

My Top Five Tips for Keeping On Top of the Finances!

1. Choose a Bank Account and Get it Opened Nice and Early

Student bank accounts often charge little or no banking charges so it is worthwhile opening one for your time at uni. I was blown away by the different offers on display to try and entice students. Offers of railcards, cash injections and phone credit in different banks can make searching for the right account a bit confusing. I would advise you to go and chat face-to-face with the bank staff if you are confused and ask them as many questions as you like, they should be more than happy to help you. Then make your decision fairly quickly and go to whichever bank you have chosen early in the morning. If you go later in the day at the beginning of the uni term, be prepared to sit on the floor and wait- I have witnessed this before! Also, if, like me, you are not a UK citizen, the process can take a little longer so start making your decision asap!

2. Save Your Change

Don’t dismiss those pieces of spare change because as Tesco’s likes to say, ‘Every little helps!’. Keep a jar or container in your room and put all your left-over small coins in there. Then at the end of the term, bring them to one of the coin lodgement machines which are in a few banks in the city centre and log this ‘spare change’ directly into your account. Then treat yourself to something nice or save it for a rainy day! I have saved almost £20 in just one term by doing this, just enough for a new dress!

3. Make an Overall Budget for the Year

You’ll probably hear people telling you to work out a weekly budget for your life as a student. I think it’s also useful to look at the bigger picture. Try to work out where your major amounts of money will be coming from, when they’ll be available for you to spend and what you’ll be spending them on. Include loan/grant payment dates, any scholarships or other funding, approximate salaries from Christmas jobs and any allowance you may be lucky enough to receive from relatives or friends. Divide this money out according to when you expect to receive it during the year and then work out what you’ll spend it on. This way you should know what money you need to keep for rent or bill payments, what you can save for summer holidays or days out and what you can splurge on birthdays and special occasions like Fresher’s and end of term nights out. This initial overall planning could save you a lot of stress in the long-run.

4. Shop Around

This is a really great habit to get into. Believe me, the deals are out there, you just have to keep your eyes peeled. Remember that different supermarkets may be cheaper for specific types of foods than others. Even if you just save a few pennies on your basics, it’ll add up to a few more pounds in your pocket. Also in general, particularly for more specialist food products and household goods, the bigger the supermarket means the cheaper the prices.  For toiletries and household basics, pound shops and discount shops should become your best friend. Sometimes it’s a bit of trial and error in terms of quality of household basics but in terms of toiletries, they often sell the same brands as supermarkets for less than half the price; who’s to argue against that?

5. Milk Being a Student for all it’s Worth

A student card is a magical item which opens up a whole world of discounts for you across the highstreet and online. Even if you can’t see any visible signs in shops, it’s always worth asking if they have a student discount, the worst they can say is no! Also sign up to studentbeans.com straight away and use this and other money-saving websites to get the best 2 for 1 and half-price offers out there for restaurants, cinemas, drinks and days out. This is the time to take advantage of all that being a student has to offer…including the free stuff!