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Tips for managing Student finance
Start your journey the right way with these 10 smart money habits to make student life easier for you and your finances.
Setting up your financial basics
1. Pick the right student account
This is the foundation you’ll build your student finances from. A handy tip? Look for the best interest-free overdrafts and other perks that suit your needs. Make sure to explore overdrafts, credit options, alerts, and mobile banking features to help you track and understand your spending. You can learn more about a TSB student account here.
2. Make the most of your student loan
Think of managing your student loan (maintenance loan) as good practice for budgeting in general. Keep track of exactly when your loan payments will arrive in your account and create a simple spending plan before the money lands.
Consider dividing your maintenance loan into equal monthly amounts to cover the entire term; this will help to ensure you have enough to last until your next payment. Remember, it might feel exciting to see a large sum appear in your account but resist the temptation to overspend early in the term.
3. Create a simple budget
Plan for essential monthly costs first – like rent, bills, course materials and transport – then see what’s left for everything else. Regular checks on your spending will help you keep on track. If you have unexpected costs, adjust your non-essential spending straight away, rather than hoping to catch up later.
Check out this article for more insights on budgeting for university.
Smart money moves
4. Find extra funding
Check if you're eligible for any scholarships and bursaries offered by your university. This is money you may not need to pay back. Also, check if you qualify for any course-specific or personal circumstance support that could boost your finances.
If you’re unsure, your university or college student services will have dedicated financial support to help point you in the right direction.
5. Simple payment options
You can set up automatic payments for regular bills, including your credit card bill, to avoid forgetting due dates and to help you stay on top of your finances.
Buy-now-pay-later services can help with unexpected costs, but make sure to understand how they work and whether you can pay them back in time to avoid unnecessary fees or any potential impact on your credit score.
An overdraft can also be useful for a short-term borrowing need – make sure to understand the terms and conditions attached to your overdraft.
6. Use digital banking wisely
Banking via a mobile app can be a really easy way to keep track of what is going in and out of your account and there’s lots of tools to help you; you can order a new PIN number, manage payments, pay in a cheque, report a lost or stolen card, add biometrics for security and many, many other features.
7. Unlock student savings
Don't miss out on student-only savings. Apps like UNiDAYS or Student Beans unlock deals across fashion, tech and food brands. Join loyalty programs specifically for students at your favourite retailers and combine these with cashback websites for even bigger savings.
If any offers have an end date – remember to set calendar alerts. You don’t want to be caught out by a free trial ending and suddenly find you are charged.
Remember to check offers or savings that might be attached to your bank account.
Staying financially secure
8. Build a safety net
Try to set aside a small amount from your loan when it arrives for unexpected situations. These emergency funds aren't just for rainy days. They can help with unexpected costs like replacing a broken laptop or a ticket for a train journey home.
If you do need to dip into your emergency fund, make a realistic plan to pay it back with your next income. Some student accounts have overdrafts you can access, if necessary, but remember it’s not extra spending money.
9. Use credit thoughtfully
If you have a student credit card, keep within your limits. Start small by using your credit card only for planned, essential purchases like textbooks, rather than spontaneous spending.
A well-managed credit card demonstrates responsibility and can help you access better mortgage rates and finance deals after graduation.
10. Balancing part-time work
Look for on-campus and local jobs that understand student schedules and priorities. Start your job search before term begins, as the on-campus positions fill quickly. Library assistant, campus tour guide and student ambassador roles typically offer shift-based schedules that you can adjust during exam periods.
Your university careers service can help you find flexible work that fits around your studies without overwhelming your schedule.
Looking for more money tips?
Found this Student money guide article helpful? Make sure to check out the other articles on our website.
Our dedicated team is happy to support you on each step of your financial journey. If you have any questions, you can reach out to us.
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