MoneyHelper: Money advice for students going to university

For many young people, going to university or college and paying for things like rent, food and bills will be the first time you’ll manage large amounts of money independently.

It’s important to develop good money habits early and MoneyHelper can support when entering this new life stage.

If you’re not sure where to start, ask for help from a trusted adult.

This doesn’t have to be a parent or family member – a school staff member, sports coach or faith leader can offer guidance too.

Universities and colleges have student support services, and many have dedicated student money advisers to help you in times of need.

Get a student bank account

When becoming a student, it’s a good idea to get a student bank account to manage your day-to-day money.

Look to see if it has an easy-to-use app and what the fee-free overdraft offer is.

Student accounts can sometimes come with other benefits too, so see what’s available and what’s important to you.

An easy way to do this is to use MoneyHelper’s tool to Compare Bank Accounts.

Budget

When you receive your student loan and a large amount of money lands in your account, it can be tempting to spend it all at once.

But remember, these amounts are usually for the whole month or term.

Work out a monthly budget based on what you have coming in and costs for essentials before spending it on nights out, shopping, and society memberships.

MoneyHelper’s Budget Planner can help build a budget, which can be especially useful if it’s the first time you’re doing so.

Within your budget, try to build a savings buffer to use for deposits on accommodation for future years, emergencies, or fun things like society trips at the end of the year.

Use student discounts

As a student you can often get discounts at a range of shops, so always check before you buy anything.

You’ll be able to get some discounts with just your student ID or email address, but you can also sign up to platforms like Unidays and Student Beans for more discounts too.

While discounts help to save money in the short term, try not to get tempted to overspend.

Read MoneyHelper’s guide on university budgeting tips University Budgeting Tips for more guidance.

Avoid relying on your overdraft

It can be easy to dip into your overdraft, and it exists to offer you a buffer when managing money for the first time, but relying on it can cause money difficulties after graduation.

Becoming dependent on your overdraft can be a difficult habit to break; you might more easily fall into debt or rely on credit to buy everyday essentials.

Read MoneyHelper’s guide on overdrafts to ensure you fully understand them.

Visit MoneyHelper

MoneyHelper has a range of articles and tools to help students manage their money, including how to set up and manage student bills, and information on financial support for higher education.

For all things money-management, visit MoneyHelper.org.uk.