If you're going to manage to live on the money you've got " your student loan plus any grant, part-time job earnings and money from your parents " you need to budget. Try using one of the online student budget calculators offered by Ucas ; NatWest ; or BrightsideUNIAD . And these tips will help:
When socialising, take only the amount of cash you're happy to spend and no plastic cards.
Flash your student identity card to get all the discounts you can and, if a discount isn't offered, ask for one.
Before you spend money on anything, ask yourself three questions: Do I really need it? Can I afford it? Can I get it cheaper elsewhere? If any one answer is no, think again.
Students in the UK are liable for income tax and national insurance contributions (NICs) on their earnings, like everyone else. If you work for an employer during the term, you'll pay income tax if you earn over a certain amount " 7,475 for the tax year 2011-12. You'll also pay NICs if you earn over 139 a week. Both are deducted from your wages. But if you are a full-time student and only work in the holidays and your total income for the year is below the 7,475 personal allowance, you won't need to pay tax through PAYE provided you fill out form P38(S), available from your employer or via the student tax advice website . If you think you've paid too much income tax, use the student tax checker on the same website. Any grant you get plus most scholarships, bursaries and research awards are non-taxable so you can get any or all of them and still keep your full personal allowance.
Check the best value contract and pay-as-you-go mobile deals for students at specialist websites including mobilephones4students.co.uk and e4s.co.uk . Also, sign up to skype.com and make free calls to family and friends back home from your computer.
You need a TV licence to watch or record programmes as they're being shown live on TV, no matter what device you use. A year's colour TV licence currently costs 145.50. If you live in halls of residence with a licence covering communal areas, this won't cover your room. If you live in a private shared house with a joint tenancy agreement for the house, you should only need one licence. But if you have a separate tenancy agreement for your room, you'll need your own. You don't need a licence at all if you don't watch or record programmes, or you only watch them online through on-demand services such as BBC iPlayer and 4oD after they've been broadcast. You can apply for a refund if your licence is still valid for at least three months and you no longer need it. For details check tvlicensing.co.uk .
Don't rush into buying expensive standalone insurance to cover your belongings during the term. Most major insurers will cover your possessions under the "contents away from home" section of your parents' household policy for just a few pounds or even at no extra cost. But it's important that your parents contact them to check. The insurer will want details of what items you own, particularly valuables such as laptops, and where you will be keeping them. Make sure that the individual item limits in your parents' policy are high enough to replace expensive equipment if lost, stolen or damaged ( a recent survey found students are taking possessions worth an average of 2,652 to university). If not, you can increase the cover, generally at a much cheaper cost than buying your own policy. If you are living in halls of residence, again check details of any insurance that is included in your rent.
Some types of debt are worse than others. Student loans and interest-free bank overdrafts are hard to avoid and are all funds that, if carefully managed, you can use without landing yourself with unmanageable repayments during your studies or after graduation. But steer clear of credit cards and unauthorised overdrafts that come with high interest charges " and avoid altogether payday loans and doorstep lenders where interest rates are astronomical and repayment terms can be hard to manage. If you find yourself struggling with your finances, don't wait for things to escalate. Get free help quickly from a student finance adviser " for contact details, see the National Association of Student Money Advisers website .
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