Student life and money management (2024)

Saving before and once you’re in uni are great ways to make sure you can cover any unexpected expenses.

Try these tips to boost your savings:

• Try doing food shops in the evenings and check out the reduced items. Meal prep in advance to avoid unnecessary purchases when out and about and try and limit takeaways to once or twice a month
• The banned list: create a banned items list and put £5 into a savings account each time you buy something on your banned list
• Thrifting: take advantage of freecycle and local Facebook groups such as Facebook marketplace to get items for free or cheap, and then save what you didn’t spend.

There are some great tips and tools on MoneyHelper

Saving can be hard when studying, but we have some tips to help you.

Have you tried selling unwanted items on Vinted or eBay, cancelling unnecessary subscriptions or considered investing? Check out our savings hints and tips page for more information.

To help reach your savings goal, try our savings and investments calculator to see how much you could save and how long it could take.

Why not give the 50-30-20 rule a go?

A simple way to help you manage your monthly pay into three categories:

• 50% for essentials like bills or rent
• 30% for non-essentials like eating out and hobbies
• 20% for savings or paying off debts.

Reducing your spending doesn’t mean the fun must stop.

Try out these budgeting tips when you’re in university.

• Have you tried swapping eating out for cheaper alternatives? If you still fancy a takeaway, why not use apps such as Too Good To Go, where you get restaurant quality food for a fraction of the price!
• Always look for sales and discounts or use student friendly apps such as UNiDAYS or StudentBeans to find more cost-saving deals.
• Did you know with Santander Boosts you can get exclusive deals? Check whether you’re eligible for our range of debit or credit cards and have access to many benefits.
• You could save on your commute to and from uni with our exclusive railcard or try our Santander Cycles.

Check out our savings hints and tips for more info.

Most student accounts will come with an overdraft facility, Make sure you know these common terms and understand overdrafts when looking for the right student account for you.

An arranged overdraft is when your balance is below zero but within an arranged limit. That means you're borrowing money from us. You must agree the limit with us before it's available to use.

An unarranged overdraft is when your account:

• goes over your arranged overdraft limit, or
• has a balance below zero without an arranged overdraft in place.

Are you planning on renting as a student? We have some great tips on renting your first place while at uni.

Ways to rent

When looking for private uni accommodation, you have the option of renting directly through the landlord, or alternatively through a letting agent. Using a letting agent will reduce and eliminate any contact with the landlord themselves. Most cities will have letting agents focused on finding accommodation for students. Check with your university’s student accommodation department as they can guide you to the relevant agents.

Deposit

When looking for a place, be aware that if the property is <£50,000, the deposit cannot exceed 5 weeks rent. Think about what you can realistically afford, your student loan, savings, and any other earnings. It’s recommended that monthly rent should not exceed 35% of your earnings.

What to look out for

What is the tenancy length? Ideally, you'd have a 12-month tenancy to cover the academic year.

Check what bills are covered in your contract, for example: gas, electricity, water and council tax. Some landlords will cover all bills, some will cap them at a certain amount, and some will exclude bills completely from the contract. If the rent does not include bills, make sure that you factor this into your decision as it can increase your monthly spend.

Key tips

Be organised before trying to find a place. Landlords may carry out checks that involve providing valid ID, immigration status and visa information. You may also need a rent guarantor. If you don’t have a guarantor, you can contact shelter for more information.

For an extensive guide to renting, check out the How to rent: the checklist for renting in England

It’s important to have your student loan sorted before starting university.

A student loan will usually cover tuition fees (max £9,250 per annum) and give you a maintenance allowance based on various factors, such as household income.

For more information on student loans, check out Get the facts on student loans

How student loans are different from normal loans

Student loans are different to commercial loans because they're provided by the government with extra protection.

How to apply

Student Finance England is the most popular provider of student loans.

Interest/repaying

Interest rates are linked to inflation rates. This means that the interest of the student loan may increase. This will be relative to the price of other goods and services as well.

Your repayments will begin in April after you’ve finished your course, and only if you're earning more than the income threshold of £25,000.

These deductions will be made automatically by your employer. Repayments are cancelled after 40 years.