How to prepare for university: 10 student finance tips

Almost 80% of students gained a place at their first choice university, according to UCAS. Unfortunately, that does not mean the hard part is over. Now you have to navigate student life, which includes managing your money. Here are our top tips.

The cost of being a student is getting more expensive. According to research from Interactive Investor, an investment platform, the cost of rent and food alone has jumped by 7% over the past year.

“The spiralling cost of living at university is a significant concern that threatens to have an adverse impact on students’ academic performance and mental health,” said Myron Jobson, senior personal finance analyst at Interactive Investor.

He commissioned the research, and also found that students will need to be resourceful to absorb these costs. One way to alleviate these pressures is to whip your finances into shape – and we’ve listed ten student money tips you can use below.

In this article we cover:

What are the top ten student money tips?

Being at university can be tough financially, as you have a vast list of things to pay for and not a lot of cash coming in.

Fortunately, there are lots of ways that students can save – and make – money to try to cut the cost of university life. Here are our top ten:

1. Check if you qualify for any grants

Many students can qualify for extra financial help that doesn’t need to be repaid, unlike a student loan. This might come from their university, the government or a charity. Those eligible include:

• Students from low-income households
• Disabled students
• Some medical students
• Students from minority backgrounds
• Students who have particularly excelled academically

Get in touch with your university to find out more. However, you may need to apply to individual charities to receive certain grants, so it’s best to search around and find out what’s available to you.

The government’s student finance website also contains information about a wide array of different grants.

2. Get a part time job

You might be able to use some of your free time when you aren’t in lectures or seminars to earn some extra cash.

Many universities have their own job listing boards, where student-friendly gigs are posted by employers. You can also look on websites like Indeed, though make sure you’ve filtered out any full-time roles in your searches.

Alternatively, you can just walk into local establishments with a CV and ask if they’re hiring. Popular student jobs include:

• Bartending
• Supermarket assistant
• Tutoring
• Working in the university union
• Leafleting
• Waiting tables

If you do take on a job, make sure that you’re working a manageable number of hours, and your academic performance and enjoyment at university isn’t suffering because of it.

3. Make use of your student discount

Student discounts are everywhere, you just need to know where to look. And always remember to ask whenever you open your wallet.

You can get money off at clothing stores, restaurants and bars, rail and bus travel, academic books and newspaper and magazine subscriptions, including The Times.

Sometimes you just need to show a valid student ID card to get a discount, which you’ll be issued by your university when you start your course. But many stores will require you to be signed up to a specific service to get a discount.

The main student discount services are:

Unidays and StudentBeans are both entirely free to sign up to. Totum has a free digital card, but you can access further discounts with a Totum Pro card. It costs £15 a year, but you can get one free for three years with a Lloyds or Bank of Scotland student bank account.

To see all the best student bank accounts, head over to our full guide.

It’s worth signing up to all three services, as each has exclusive discounts you can’t get elsewhere.

4. Be savvy about student housing

Student housing can be a minefield to navigate and getting it wrong can prove to be very expensive. Fortunately, there are lots of ways to save when finding your digs for the year ahead.

1. Pick the right accommodation in your first year

At most universities, you’ll be placed in student halls in your first year. If you get to choose your accommodation, make sure you conduct in-depth research to find the right option. Here are some factors you may want to consider when making your choice:

• Cost
• Proximity to the university campus and other amenities, such as supermarkets. If there’s a Lidl or an Aldi nearby, known for their lower prices, the savings could seriously add up
• If the accommodation is catered or self-catered (which is generally cheaper)
• How loud the accommodation is – does it have a reputation for partying? Depending on your preferences this could be a positive or a negative

The Student Room is a popular forum among those at university, and it’s a helpful resource for learning about potential accommodation options.

Shop around for housing in your second year and beyond

Estate agents and landlords will all be vying for your custom when it comes to the peak house-hunting months.

Many estate agents will offer you gimmicky perks like free pizza or a Sky Sports subscription to try and lure you in. Generally, these should never end up swaying your decision, as the potential savings in rent and the value of a reliable landlord are worth much more.

It’s key to start looking for housing at the right time, as the properties that provide the most value for money tend to get snapped up quickly.

Your university will usually be able to recommend a website or service to use to look for housing, that amalgamates listings from many estate agents in the area. Think about what’s important to you in a potential home when conducting searches. This might include:

• The cost of rent
• The number of bedrooms and bathrooms
• The location, including the distance to the university and where your friends are thinking about living
• If the house is furnished
• Access to a garden
• Whether the house has an energy prepayment meter, which makes the cost of bills more expensive

When you’ve found properties you like the look of, have a thorough look through online reviews of the estate agents or landlords letting them. They might be notoriously bad at making repairs, or returning deposits in full or on time.

Searching and asking on student Facebook groups for your university about others’ experiences with estate agents can be a good way to get a measure of their reliability.

Protect your deposit and avoid any damage to the house

When you sign a housing contract, you’ll usually need to pay a deposit on the house. This tends to be around a month’s rent, so it’s not small change. Picking a landlord that’s signed up to the Deposit Protection Service or Tenancy Deposit Scheme helps ensure your deposit is safely looked after, and means that they can’t make unfair deductions.

You don’t want to give your landlord any reasons to reduce your deposit. Looking after the property and making sure no damage is done to the windows, carpets and walls can help ensure you get it all back in one piece.

Read more on your tenancy rights.

Sublet your room during the summer if your landlord allows it

Student housing contracts often run for 12 months, which means that you may be forced to pay rent during the summer months when you may not be living in the property.

Subletting your bedroom to other students can be a great way of recouping these costs. While lots of landlords don’t allow this, if your housing contract doesn’t explicitly forbid it, it could be worth asking yours to check.

If you’re allowed to do so, you can find possible lodgers through university Facebook pages or word of mouth. It’s safest when the landlord adds an extra contract for them, so if they end up damaging the property the repair costs come out of their deposit and not yours.

4. Get a bike

Students tend to live fairly close to their university campuses, often within walking distance. But if you find yourself needing to catch a bus to and from your lectures, using a bike can save you cash throughout the year. You can find a cheap one on Gumtree.

5. Ditch the takeaways and get cooking

Student areas are usually chock-a-block with takeaway restaurants, equally popular with late night revellers and the hungover. While there’s nothing wrong with the odd kebab, regular takeaways can make a huge dent in your wallet.

Doing weekly shops at low-cost supermarkets such as Lidl and Aldi can stop your food costs eating too far into your weekly budget.

Having even just a few recipes up your sleeve can keep you fed as well as healthy. Making a big batch of a meal and freezing multiple portions can sort out your dinners for the next four or five days, so you needn’t slave over the stove more than a couple of times each week.

Getting one or two of your flatmates on board is another good way to save, as you can split the costs of larger shops and take turns to cook.

Read more on how to save on your food bill, plus find out how to cook 15 meals for £20.

6. Use a bill-splitting app

Chasing your flatmates for their share of the energy bill that was due a month ago can be incredibly frustrating, especially if it’s coming out of your bank account.

Apps like Splitwise and SettleUp let you log all of your bills and expenses that are shared among multiple members of the house, making it easy to keep track of exactly who owes how much. The more you put into the app, the more you’ll end up reimbursed. It’s not just for the everyday bills, either. You can split the cost of:

• Communal foodstuffs, like milk, butter and teabags
• Toilet roll
• A cleaner if you have one

7. Learn to budget

Drawing up a budget at university can help ensure that you don’t overspend and run out of money before the month is through. It’s also a great habit to get in early, that will help you save when you start working.

Our simple guide to budgeting can help you get to grips with it.

8. Join a society

As well as being a great way to meet new people or develop a hobby, joining a society can be a frugal way of getting out and about.

Universities tend to have societies for everything from chess to techno. If you can’t find one, you might be able to get funding to start one.

Societies also tend to negotiate deals with local bars in exchange for hosting social events with them, and you can often get free or discounted drinks and meals by attending them.

9. Avoid paying full price for textbooks

When taking a module at university, you’ll usually be given a list of textbooks that you’ll need for the year ahead. This can end up a sizeable expense, with students spending an average of £17 a month on course materials like textbooks according to Save the Student.

However, there are multiple ways to avoid paying full price for books. Students in the year above you who took the module may be willing to sell your their books for a heavily reduced price. If your course has a Facebook group, you can post there with a list of books you need.

You can also try second hand bookshops and eBay to see if you can find textbooks for reduced prices.

You may also not need to purchase the entire book, as sometimes university professors hand out photocopies of certain pages. If you suspect this might be the case, get in touch with the lecturer leading your module and ask which books are must-buys for the course.

10. Make the most of freshers fairs

Most universities have freshers fairs at the start of the academic year, where various societies and companies will host stalls and encourage you to sign up with them or buy their wares.

They’ll usually hand out freebies to draw you in, such as pizza, stationary, discount vouchers and tote bags. A quick loop of a freshers fair can net you an abundance of freebies that can save you money throughout the year. You usually don’t need to be a fresher to go, so you can do this one each year.

How should I start preparing for university?

There is lots to do before you head off, especially if it’s your first time, from applying for a student loan to understanding how to save money on your own:

• Find accommodation – Think about what will best suit your needs and personality, for example, whether it is catered, mixed gender, social or quiet. There are lots of options:
  • Halls of residence
  • Off-campus university accommodation
  • A private rental
  • The family home.

• Sort out your finances
  • Student loans – If you plan to use a student loan to cover tuition fees or maintenance costs, fill in the application asap. Those from low income backgrounds can get extra help.
  • Open a student bank account – Many banks offer current accounts especially for students with interest-free overdrafts and perks. Check out our student account best buys.
  • Learn to budget – Read our guide to budgeting to ensure your money lasts the term. You can also download one of a host of free budgeting apps like Yolt, Mint, and Emma.
  • Finding a job – If you don’t think you will be too overwhelmed by coursework, then take a look around for a part-time job.

• Organise what to take with you – Remember space is often at a premium, and certain things, like pets, aren’t allowed.

• Think about travel – Your car could prove to be an expensive luxury at university. Get a student rail card – some student bank accounts offer it free as a perk.

• Research your new area – Try to visit the university, the facilities and surrounding area before you arrive.

• Don’t ignore your reading list – While your tutors don’t expect you to read everything on the reading list, doing some work before you start will help you feel more prepared.

• Understand time management – Apps such as Remember the Milk and TickTick can help you use their time wisely and stay on track. Freedom blocks social media apps and websites for several hours to prevent distraction.

• Become more domesticated – Don’t be that person. Clean up after you, don’t steal food, be respectful and learn to cook. Being a dab hand in the kitchen is a great way to make friends.

• Spend time with family and friends – University is great fun and you will meet lots of new people, but don’t forget to make the most of the time you have with your old friends before you leave.

What should I not bring to uni?

As tempting as it may be to pack everything but the kitchen sink, there are some things you should really leave at home and others that you might have to. These may include:

• Super expensive equipment – Only bring what you need to university and make sure that you are covered by insurance.

• Pets – It’s unlikely pets are allowed in shared accommodation and even if they are, think about what life it would have at university.

• Every single item of clothing that you own – Accommodation tends to be limited on space. Do you need old prom dresses and ski jackets.

• Old school notes – You will get all the notes and reading lists that you need from university. That will keep you busy enough.

• Kitchen utensils – These are likely to be provided for in student accommodation.

• Iron – In the unlikely event that you will need to iron a shirt at university, you can just ask around or use a communal one.

• Hoover – If you’re living in student accommodation, it’s likely that a cleaning service will be provided or your flat will have one to share.

• Car – Most universities are on campus or in city centres and having a car really isn’t necessary. Also many halls of residence don’t have enough space, so think about getting a student 16-25 railcard instead.

What do I need to bring to uni?

Of course it depends on where you are going, what you are studying and what you want to bring with you. But here’s an idea of some of the essentials to help get you started:

• Laptop & mobile phone
  • A list of important numbers in case you lose your phone
  • Extension lead
• Television and TV license
  • If your accommodation doesn’t have a television, you may want to bring your own
  • You may need to purchase a TV license, but you can claim back some of the cost when you move back home via the TV licensing website
• Insurance
  • Check if you are covered on your parents’ contents insurance
  • Think about what you need:
    • Contents insurance
    • Gadget insurance
    • Bike insurance
• Documentation
  • Photo ID for your campus card
  • Official documentation sent by the university
  • A letter or document with your address to register at a GP
  • Details of student finance arrangements
• Bed linen & towels
• Basic kitchen utensils
• Stationary and notepads
• Clothing
  • Include smart outfits for balls and interviews
  • Coat hangers
  • Washing detergent and cleaning products
• Photos – for those times you get homesick

Find out more: About how Mantas cut his outgoings as a student in London to just £1,000 a year

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