Most students have very low incomes and the prospect of hefty debts to pay off in the future, so it’s important to get off to a good start with your cash reserves.
Freshers are notorious for burning through their student loans before the end of the first term, because there is so much temptation to spend.
Luckily, there are always ways to make money go further.
Here we share our five top tips for those students about to embark on their university journey.
1. Get the right bank account
Most banks offer dedicated student bank accounts with a range of perks and interest-free overdrafts.
For those with regular incomes, there are some accounts that will even pay interest on balances. What are you waiting for?
2. Apply for council tax exemption
If you’re a full-time student living alone or with other students, you don’t need to pay council tax. You can apply for council tax exemption via gov.co.uk.
3. Get a TV licence refund
Set a reminder in your phone or diary to apply for a refund on your TV licence next summer.
A TV licence costs £145.50 for the year, but if you’ve a full three months on the licence at the end of the academic year and you won’t use it, then you can get a refund of approximately £36.
Complete the online application form on the TV licence website to apply.
4. Don’t pay over the odds for your energy
If you’re living in halls then you might not have a choice over who supplies your energy.
Otherwise, compare the cost of providers in your area to get the cheapest price.
5. Keep mobile phone costs down
If you already have a contract and it’s nearly up, use a site like MobilePhoneChecker or BillMonitor to find a deal that’s best for you, based on how you’ve used your phone previously.
If you’re happy to stay with your current provider then try to haggle down the cost of the contract.