Starting university is your chance to strike out on your own for the first time. But independence brings new responsibilities too, such as managing your own money. So if you feel overwhelmed by the idea of being in charge of your finances, how can you make your money go further and still enjoy your freshers’ experience?

Set a budget and stick to it

The first step is knowing how much money you actually have to spend. Look at all your income, from your student loan and grants to any part-time job earnings, and add it all up. Then take away essential expenses like rent, food and bills. Whatever’s left is the amount you can use for everything else. Once you’ve worked out what you’ve got left after paying for essentials, go a step further by breaking it down into weekly or daily amounts. This will help you avoid spending too much too soon, as the last thing you want is to be unable to afford a night out later in the month, or have to call home and beg mum and dad for some extra cash.

Batch-cook your meals

Make meals such as curry, chilli and pasta in bulk, so you can split them into single portions and freeze them. It means you’ll always have a cheap, healthy and quick meal ready to eat on those days that you don’t fancy cooking, and you won’t have to fork out for an expensive takeaway. You can also save money by filling your kitchen cupboards with cheap, non-perishable ingredients like rice and tinned tomatoes, as they can be used in countless meals. And don’t forget to plan your meals in advance, so you can write a shopping list and not be tempted by unnecessary extras.

Take advantage of supermarket loyalty schemes

Sign up for supermarket loyalty schemes, such as Tesco’s Clubcard or Sainsbury’s Nectar card, as they offer discounts and points that can add up over time. Even if you’re just getting the drinks in for a house party, you can still earn points that could save you money on the boring stuff like groceries later on.

Use student discounts

Take your student ID with you everywhere you go. Many shops, restaurants and cinemas will give you a discount if you show one when making a purchase. You should also download apps like UNiDAYS and Student Beans, as they offer you great deals on everything from fashion and food to tech and entertainment.

Travel smart

If you travel by train, apply for a 16-25 Railcard, so you can cut your travel costs by up to a third. And if you use the bus, many operators will offer cheaper tickets to young travellers, so find out what’s available in your area.

Prepare for the unexpected

You never know when you might be hit with an unexpected expense. And if the worst happens, like your laptop breaking and needing to be replaced, the last thing you want is to be left out of pocket, or worse, borrow money and end up in debt. So work out how much you can afford to put aside into a rainy-day fund, so you’re ready for surprise costs. Hopefully you’ll never need it, but it’s good to be prepared.

Don’t treat loans and overdrafts like free money

Most student bank accounts come with a 0% overdraft, which can be handy if you’re short one month. But don’t treat it like “free money” - it’s still debt you’ll have to repay eventually. Try to avoid high-interest loans or buy-now-pay-later schemes if you can, or you run the risk of owing more than you can afford to pay. If you have any questions about managing your money, get in touch with the King’s Money Advice team. You can find free debt advice here too. You can also learn more about managing your money as a student through their student finances hub.

We’re here to help you get back on your feet and make the most of your university years!