CHECKLIST: What to expect from a good Student Account

Budget your student life

It is common to see students struggling to reach the end of the month, overrated and having excessive debts in their credit cards. Don’t let this be the case for you. A good way to control your personal finances is by budgeting your expenses. Allocate some of your time thinking about your income and expenditures. You can prepare a budget sheet to help you organize your information.

Acknowledge your financial concerns. Recognise where you overspend, which are your real needs, and how the way you live affects your money management.

Make a list of your main monthly expenditures, and compare it with your bank’s monthly statements.

Try to withdraw money periodically.

Avoid being in the red, and attempt to save a regular amount each month.

Identify your spending pattern by recording all your expenditures and keeping your credit and current account statements. You might also need this information to apply for loans from your university.

Take only interest free overdraft, if you are taking a loan. Make sure you are getting the best rate by comparing different banks.

Make consistent, regular payments by setting up standing orders or direct debit where possible (i.e. telephone and utility bills).

Do not ignore your debts. For advice on previous debts and better financial decision making contact your university or the Citizens Advice Bureau (www.citizensadvice.org.uk).

Find out all about student discounts and financial help from your university.