Finance Guide For Student Freshers

If you’re close to start the University, your upcoming experience won’t be as exactly as you’d originally planned or think. A socially distant (or even virtual) fresher, week is hardly what we signed up for, is it?

There are many things that can never change when it involves student life, though. One important among those things is money: needing it, spending it, ensuring that we’re making the foremost of it. With most students far away from home for the primary time, getting your head around fresher finance is usually quite a touch bit confusing.


It doesn’t get to be, though. In fact, once you’ve understood a couple of basic items your money worries will suddenly seem tons easier to affect. Here, we’ll break down a number of the fundamentals.

– Budget Everything

– Discounts Galore

– Apply for Scholarships

– Get the simplest Student checking account

– Take Care together with your Overdraft

– Understanding Student Loans

– Grants to seem out for

– Make extra cash

– More Student Tips


Get Help from Fresher Finance

One of the clearest of all! You will be amazed at the number of students who go to the halls without knowing how much money they have to spend in any given week.

Only the parent can actually, know it for sure. If you are having your lectures online this year, your travel expenses may be lower. On campus, you will be able to walk to your lectures, seminars or labs, as well. If you want to factor in travel expenses, work out how much a student train ticket or bus pass will cost for this term and budget it. Consider buying a second hand bicycle when you are fit enough to cycle in and out. Even lectures.

When it comes to food, make some basic recipes that you make every week. That way, you know how much budget you need for your weekly store. Avoid the temptation of fast food and unhealthy snacks – the toll will increase rapidly on both your bank account and waist!

There will also be rent which you have to pay, and it can be term or monthly. Don’t forget to factor in things like printing, books, stationery and (especially) fun. It all adds up!

Everyone’s circumstances are different, so it’s up to you to work out what you can expand and what you can’t. Your budget should be tight, but there should be a ball park for what you are going to spend.

Plenty of Discounts

The great thing about being a student is that students everywhere get discounts! Even if a particular discount is not announced somewhere, always ask before you buy when you can get a 10% discount by asking nicely.

Always look for student versions of the topics. For example, the software comes with special discounts if you make a purchase through your university email address. You can also save money on tech like laptops by purchasing through the Apple Student Store. Amazon Prime offers half price prime for students – and websites like Student Beans and Unides, get you exclusive discounts through online shops. Also check out Taste ‌card or similar deals when you come out and for extra discounts.

The Totem Card (also known as the NUS Card) is an actual student discount card by which you can get plenty of discounts. There is a membership fee – but it pays off easily with just a few purchases! So be quick and keep an eye on all of these discounts.

Take Scholarships

Before you begin the term, check to see if any academic scholarships are available through your university. A decade ago, when this author was a student, was offering £1000 per year to anyone with a triple in A-level (which is A *, FYI days ago). If you go through clearing or adjustment, you may not be aware of such schemes. Make sure you are considering this. You never know what you will find!

Scholarships are sometimes for first, second or third year study only. So, even if you don’t get one this year – make sure you check out what’s available in the coming years, then you’ll get more money!

Student Bank Accounts

Most high street banks offer student bank accounts that are specifically designed to help you with your fresher finance. Student bank accounts often have favorable terms, as well as several incentives:

– Interest-free overdrafts up to 2000

– Freeze your debit card if you find you are spending too much

– The ability to set limits and categorize your spending shows where your money is going

– Free subscription to Perlego, an online loan library that can prove invaluable resource for your studies

– Switching to a graduate account after university will help you keep track of your money in the long run as you move into the world of work.

Best Student Bank Accounts:

The top accounts to watch this year are also from regular suspects. NatWest is one of the important site which offers options of a 4 year Taste Card, a National Express Coach Card or a one year Prime membership. You will also receive an interest free over 500 overdraft in your first term, after which you can apply for an extension to 2,000.

Santander usually offers a 123 student account with 4 years of rail card and in-credit interest if you can stay away from your overdraft. If you need an overdraft, you’ve earned 500 to 1,500 for the first three years (£ 1,800 year four, 2,000 year five – if you are still studying). After graduation, you switch to a fee-free overdraft graduate account up to a fee of 2,000 to help you repay the loan.

Finally, Nationwide Flex the most popular site is the mainstay of student accounts. Your overdraft budget starts at 1,000 and increases to £ 3,000 by the third year (if you request an increase). There are actually no other incentives like rail cards, but interest-free overdraft is one of the most generously guaranteed overdrafts for students – others ‘up to’ rates, which means you may not be accepted in full.

In addition to this, the majority of large banks allow you to manage everything which you want through one app, which means you do not have to worry about ringing the bank or having to check your balance at an ATM. We hope you can see that categorizing your money is a great feature!

Managing Overdrafts for Fresher Finance

Most of the student accounts come with established overdrafts, most of which extend their limit as long as you have an account. Overdrafts are basically an invaluable tool for the student, especially if they come without interest.

In fact, you should do your part to avoid living in your overdraft when you are a student. But we know that it’s easier said than to do it practically. If you spend many months (or a word) using your overdraft, make sure you know if there are any sort of charges.

NB: “Unregulated overdraft” when you do not have an official overdraft facility. The bank will give you a small deduction after your current account is empty, but it can be less than £ 10. It doesn’t go too far! You may be charged for using it, sometimes for a small amount each day. Avoid this by making sure that your account has the overdraft installed when you set it up.

Remember that your overdraft will go with you after you graduate. Some of the bank accounts listed above will automatically transfer you to a graduate account. These may not be more or less interested in overdrafts for a while – but your student account may be less than overdrafts. You will also have a limited time to pay your overdraft before the 39.9% overdraft fee starts!

Take Student Loans

Student loans are the best way to go. The pain of having to apply, and the loan you never pay… but the help you need when you pay for accommodation and usually learn about your life at university.

If you are going to start a university in the next few weeks, you can already apply for your loans If not here are the basics.

Your student loan comes in the two specific forms: your tuition fee loan, which you cannot see directly when you go to university, and your maintenance loan, which you use to live on and pay your expenses. These two components of the loan are applied to each UK country by student finance companies: Student Finance England, Student Awards Agency Scotland, Student Finance Wales and Student Finance Northern Ireland.

Every word of money goes directly into your bank account, which allows you to pay your rent, buy your food and books, and have some social life. If you are a Scottish student in Scotland, you do not have to pay a fee – but you should apply for your management loan in the same way as students in England, if your parents are affected by the lockdown

Even if you have already applied for your loan, things have changed drastically in the recent months. If the income of your home is suffering a lot due to a lockdown, such as parents reprimanding or doing unnecessary things, reapply to a student loan company. If your parents have a low income you are entitled to earn more cash. You can learn more about applying for student finance through UCAS.

Take Available Grants for Fresher Finance

Grants are also available to students in certain circumstances. Unlike student loans or overdrafts, funds do not have to be repaid. You can get a regular grant payment or a lump sum depending on the source and what you need.

First, find out if you are eligible for a Student Support Grant instead of a Maintenance Grant from a student finance organization in your area. If you have a low income, single parents or have a disability, you may be eligible. This amount is the same as the maintenance grant – however, SSG does not reduce how much you can get for a maintenance loan (other than a maintenance grant).

Your course may also come with additional bursaries or grants, depending on where you study. For example, NHS students studying to become a nurse may receive additional funding. Social workers and teachers in training are also eligible for some additional funding. Talk to your course provider to find out what you are eligible to claim.

If you have dependents, low-income or disabled people, for example, you may find that you are entitled to a refund. Almost all the medical, social work and the teacher training students are also eligible for taking grants. You can learn more about this and work on as you qualify.

Also check with your university. Many provide their own funds for small things, hardship payments or additional assistance to the disabled. Another place to check for grants is at the Turn 2 US Grant Checker – it lists every charitable grant you can think of!

Some Easy Ways to Make Money on the Side of Studies?

As you may have already realized, getting a job at a university level can help you with your daily living expenses and help you to overcome them. If your university is online for the coming year, you may find that job requirements have decreased. In fact, you may have more time to work between lectures if you do not need to travel to Uni and other social events! Keep in mind that the fields in which students traditionally work (hospitality, retail) are taking on fewer staff than ever before (damn, ‘Rona’).

In this case, you just need to think outside the box to maximize your fresher finance boxes. If you are good with words, is there anything you can do remotely to bring in some extra cash? For example, what about proof-reading or transliteration?


Posted on: May 18, 2021