Students receiving their A-level results and confirming their university places today should also start thinking about getting their finances organised ready for the new university year.
University can be an expensive time for students, who not only have to pay tuition fees but also find the money for day-to-day living costs. A recent survey by Save the Students found that 79% of students worry about money while at university, with 57% saying this worry impacted their mental health, which highlights the need for students to have a good grasp of their finances before they begin their degree.
Budgeting is key for students to successfully manage their finances and graduate with minimal debts. More information on how to do this can be found by reading our guide How to manage finances as a student. In addition to this, students need to ensure that they choose the right student bank account for their needs. Many student bank accounts offer interest-free overdrafts, which can be a useful way for students to access emergency money; for example, Nationwide Building Society’s FlexStudent and HSBC’s Student Bank Account both offer interest-free overdrafts of up to £3,000, as well as guaranteeing a £1,000 overdraft on opening of the account. Alternatively, students can look for bank accounts that offer student specific incentives, such as Santander’s 123 Student Current Account, which offers a free 16-25 Railcard for new customers.
Rachel Springall, finance expert at Moneyfacts.co.uk, said: “Money is clearly a stressful topic for students but there are avenues to explore to get back some peace of mind. If students need some support, they would be wise to seek out council from either their bank account provider or even their family members. There are ways to negate the financial impact from studying away from home, such as choosing a student account which offers a lucrative interest-free overdraft or making use of cost saving incentives – such as when travelling or eating out. All in all, it’s important that students don’t bury their heads in the sand and seek support if they are struggling to cope.”
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