Keeping on top of your finances: a student guide

Last updated: 28th October, 2013

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There’s a lot of negativity aimed at students regarding their money managing abilities. A lot of people believe that the majority of a student loan is either drank down the pub, or wasted on extravagant, unnecessary items. Whilst there is a slight element of truth to this, it doesn’t apply to the majority of students.

If you feel like your money management skills could be a little better, read on for some excellent financial tips.

Track your spending

A lot of students find themselves in a downward spiral of spending, simply because they never track their outgoings. Every bank statement is promptly filed in the nearest bin, and your online bank account hasn’t be checked for months. Ignoring the problem won’t make it go away: keep spending like this and you’re in for a very nasty surprise.

We’d recommend that you check your online back account at least once a week and start filing your bank statements if you’d prefer to keep a paper copy. You can keep all these financial documents tidy in ring binders from Viking. These are excellent for keeping your statements organised and out of sight.

You should also check to see if your bank has an app you can download to keep track of your accounts. These are fantastic because they allow you to monitor your money on the go, without having to visit the nearest bank or ATM machine. You can use them on a variety of different tablet computers, also available from Viking.

Sort out your student finance on time

Every year of your university education will require you to re-apply for your student finance allowance. Regardless of how much you’re entitled to, the funds will take longer to get to you if you don’t complete this application on time.

They will usually require updates on your parent’s financial status, so make sure you have all the necessary documents ready to send away in the post if you have to.  We’d also advise you to keep any previous confirmation letters and reference numbers you may have been given from the student finance company. This will make accessing your account a lot easier when you apply.

Add up what your owed

If you’re part of a flat share, you’ll also need to keep on top of the money that’s owed to you. When you and your housemates are splitting the price of rent, gas, electricity and water, you need a system to keep track of it all.

There are some excellent apps and websites that allow you manage your bills in a flat share. Splitwise is an app that can be used on your computer and mobile device to keep track of your owed bills, groceries and hand-outs. It’s an excellent way to manage your daily finances and make sure you receive what you’re owed.

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Hello! This website has been written by student money experts Save the Student! to give you an overview of student bank accounts and what they have to offer you.

The studentsWe review the benefits and catches of all student accounts so you can make an informed choice and avoid the traps!

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