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Money is a big issue for students – or, more precisely, a lack of it. If you don’t have the Bank of Mum and Dad to rely on (or sometimes even if you do), years at university may well be lived on a shoestring. So, if you’re about to head off to university for the first time, getting your finances ready for the experience – and planning how to cope with the cash pressures you’ll feel – is essential.
It’s estimated that most students spend more than their student loan by around £150 each term. But with some careful choices you can ensure that your own spending is well managed:
Personal finance apps are plentiful and they can help you to better manage your budget, no matter how small.
Yolt. This app is free and will enable you to centralise your account information in one place. It provides smart spending insights and also helps to set and manage budgets.
Chip. Another free piece of tech, Chip is a smart app that will work out what you can afford to save and transfer it into your savings account automatically. So, you’ll be accumulating savings without even trying.
Latestdeals. Food and household products can be a big expense as a student – this app shows you where to find the best prices on the items you want to buy.
VoucherCode. From cinema tickets to nights out you can find deals to save cash on luxuries and experiences with this app.
Make sure you reclaim your tax – if you’ve been working and you’ve been taxed you should be able to reclaim this as long as you haven’t earned more than your personal allowance (£11,850).
Alex Hartley is a keen advocate of improving personal finance skills. She's worked at Solution Loans since 2014 and written hundreds of articles about how people can manage their money better. Her interest in personal finance goes way back to...Read about Alex Hartley
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