University of Bedfordshire Student Money Advisor Anne Chawk offers some tips for managing your finances.

1.    Think about getting a student bank account

Consider taking out a student bank account. These accounts often come with a 0% overdraft that gives students a penalty-free loan to dip in and out of when they need to. Some banks will also offer attractive freebies, like student railcards or Amazon vouchers. Think carefully before you commit yourself to one specific bank.

2.    Plan for high upfront costs

Plan for any up-front fees you’ll encounter, including deposits on rental properties, hall accommodation fees, down-payments on travel season tickets and buying core text books. You may consider working over the summer to create a ‘financial cushion’, or get a student bank account with an interest free overdraft to use in emergencies.

3.    Don’t miss your enrolment appointment!

Make sure you enrol when you are supposed to. The Student Loans Company will only authorise payment of the first instalment of your loan once you have enrolled. Remember to take any required paperwork with you. It’s always worth taking enough cash to tide you over for the first few days of university in case your loan payment is delayed for any reason.

4.    Check you are getting all the money you are entitled to

Bedfordshire offers a Welcome Package, including a Your Beds Money Card giving eligible students £450 towards a range of different university initiatives including buying core text books or as a deposit towards a Go Global trip. This includes £50 print credit each year.

Also don’t forget in addition to student loans, a range of means-tested support grants are available from the Government, for single parents or those with adult dependents.

Remember that many of these grants can be applied for once you’ve started studying, so it’s worth double checking just what support is available to you.

5.    Avoid payday loans

Don’t be tempted to take out a payday loan. They are aimed at people with a regular income and it can be expensive for students waiting for the next instalment of their student loan to come through so they can pay back a payday loan. If you find yourself in debt, it’s best to speak to your university, who may be able to assist you to spread the cost of studying or provide a debt repayment plan to help you put your finances back together. Details about our Student Support Services can be found here

6.    Go easy at Christmas time

When Christmas comes around, it can be tempting to splash out on a few treats for yourself, but with the cost of presents for friends and families too, December can quickly turn into a rather expensive month. Consider hand-made gifts for your family and ask for vouchers, which will be a big help when January rolls around

7.    Check if you need home insurance

While landlords and estate agents may insist you have this, remember that many home insurance policies include an allowance for children studying temporarily away from home. Ask your parents to check the details of their home insurance policy and take a copy of the policy with you. For students living in halls, check with your university to see what level of cover they will provide for your personal belongings.

8.    Get the best deal on home insurance for you

Having established if you need insurance, shop around to get the best price for your individual circumstances. When getting quotes, make sure to list any expensive items, like laptops, mobile phones and cameras individually, as well as looking into whether the proposed policy covers these items whilst you are away from home. Make sure that you are comparing policies like for like, looking closely at the level of ‘excess’ fees that you would need to cover yourself in the event of any claim.