Aim for a financial first

Top tips for new students

With thousands of new students starting university this autumn, the vast majority are undoubtedly excitedly anticipating the freedom that independence brings. However, for many it will not only be their first significant amount of time away from home, but also their first real experience of money management.

Credit reference agency Callcredit has developed a set of tips for new students in a bid to ease the financial worries of students and their parents.

Owen Roberts, head of Callcredit Check, the consumer arm of credit reference agency Callcredit comments:

"From having your washing done, your meals prepared and your books bought for you at home, to moving to a new environment where the money management is down to you can present a real challenge.

"Sorting your finances early on in the term is a good idea as it means you can get on with enjoying all that university life has to offer, without worrying that you won't be able to afford to eat. And peace of mind is important not just for students, but also parents."

Top tips for student financial survival

Plan - work out what your income is going to be and balance that against realistic outgoings
Get a student account - many offer benefits such as free insurance/ railcards, but make sure you get one that best suits your lifestyle
Check your bank account regularly - now is a great time to start getting into good financial habits. It's vital to know what's going into and out of your account, so any problems can be identified quickly
Protect your identity - communal living can make ID theft easier. Arrange to collect bank cards in person rather than have them delivered and check your credit report if you are concerned
Spend your student loan wisely - as tempting as it is to buy round after round in the student union, you do need to eat, and maybe buy the odd book or two