Student finance: how to manage your student finances, from bank accounts to online discounts

By Andrew Marszal, Education Digital Editor. There's a bewildering range of advice and opinion out there on how to save money as a student. Here's everything you need to know.
Student finances have never enjoyed a reputation for being the most robust, expertly managed sector of the economy. Then again, there was a time when our banks were held in that very esteem, and look how they turned out.
Times change, and so do tuition fees — there's nothing like paying up to £9000 per year in tuition fees to encourage you keep an eye on the piggy bank, or at least the overdraft.
But the truth is you'll have a much better time at university without having to deal with the stress of being in unnecessary levels of debt. Plus, the skills you will pick up in the process will also be a major asset in keeping your finances in check later in life. Of course, the range of advice out there can be bewildering — that's why we've drawn it all together here for a one-stop guide to keeping the debt-collectors at bay during your time at university.
Don't trust the bankers
You presumably have a bank account. That very same bank will certainly be happy to offer you a student account. But while this might be the easiest option, it's far from certain to be the best one for your finances. Shop around — whether that's by visiting comparison sites or taking the old-fashioned approach and walking up and down your local high street. The most important factor in choosing is getting the biggest interest-free overdraft — and make sure it's one that will remain interest-free for the longest possible period after you graduate. Only then should you think about valuing in the freebies. And don't wait until you arrive at university. Banks will have a presence at freshers' fairs, but are not guaranteed to offer the best deals there. You need your Ucas offer to access a student account, but you don't need to already have it to start setting one up.
Play your cards right
A variety of discount cards can bring your outgoings down. The NUS Extra card is a good start — first launched in 2006, these cost £12 for each 12-month period and can be used to make savings of up to £525 per year. The card will get you 10 per cent discounts at shops such as Superdrug, Matalan and Staples (buying all that stationary will instantly make you feel more on top of your studies, even if you've yet to hit the library — and will make a real difference come exam term.) Perhaps more excitingly, it also saves you 50 per cent on a Spotify Premium account.
Public transport can be expensive in this country, but at least while you're a student it will be marginally less painful on your wallet. A 16-25 Railcard, a Young Persons Coachcard and an International Student Identity Card will all help to reduce costs. Individual train companies sometimes run separate discounted train fares for particular areas or universities, so contact the lines that serve the area in which you'll be studying. A few examples include First Capital Connect's Student Connect Card, Surrey County Council's Student Fare Card and Arriva Trains Wales's Valleys Student Railcard. For others, visit the National Rail website. There will also be offers available simply by presenting your university ID with many companies — for example, visit our guide to the best Apple and other technology product deals.
Take cover
Getting insurance might not seem the best way to save money in the short term — the main tangible evidence of having insurance is, fingers crossed, seeing money leave your account. The important thing is to know which of your possessions are already covered, and find sensibly priced insurance on those which aren't, and that you can't afford to replace. As Rebecca Choules points out here, your parents' policies often will not cover your gadgets such as laptops and smartphones — or will possibly lose so much of their no-claim bonus as to not be worth claiming. Again, money comparison sites are the best way to find discounts — and don't forget to find out what deals your bank offers, and whether you may already be covered by your university accommodation providers (some have "block hall" agreements in place).
Save those beans
If you're serious about saving you may need to eschew the high street in favour of shopping online — at least while you're not earning. Student Beans offers plenty of discounts on eating out, entertainment and shopping, as do The Student Room, Money Saving Expert and Money Supermarket. And don't splurge until you know exactly what's needed. Find out what your student room will come equipped with (and don't forget whatever shared kitchen spaces might be available), then fill in the gaps. And don't buy furniture for your room until you know what will fit – some student accommodation can be the size of a shoebox. It might be worth visiting Freecycle or various charity shops to pick up unwanted but still usable goods that fit your needs exactly.
Learn to cook
Again, it won't just save you money, but come in handy later in life. Cooking together with your housemates or student hall corridor will always save dough. You'll quickly learn how to make a weekly shop go further once the loan starts dwindling — or you could pre-empt this by visiting our Cooking on a Budget Q&A with famed student chef Sam Stern. Here are 5 of his top student recipes, with instructions and ingredients all laid out.
Dress for less
You may want to turn up at university looking sharp, but there are many essentials you'll want to put your student loan towards before you think about buying designer labels. Visit our Student Fashion: How to dress for less section for much more on this.
Ask for help
Don't wait until you're mired in debt before finding out what financial assistance you're entitled to. The best time to do this is before going to university — visit our Student Finance: Planning Ahead for University section now to find out more about loans, grants, bursaries and the like. Once you're at university, student support services will be on hand to help if you're still running into problems. Contact them early. More immediately, we've got Student Finance England's Nichola Malton booked in for a live webchat on Thursday 9 August to answer any questions you have about student finance, including loans, tuition fees and bank deals. If you miss it, you can still replay the webchat and skip through to the bits that interest you at any point. Ucas expert Sean Ferguson will also be on hand to answer questions about Clearing.