The rising cost of living poses a significant challenge for students, placing a financial burden on their academic experience. From tuition fees to accommodation and daily expenses, students grapple with the increasing costs, often leading to heightened stress and limited resources. Recognising and addressing the impact of the cost of living on students is crucial for fostering accessible education and supporting the next generation in reaching their fullest potential.

Dominic White, Union President

Money Saving tips

Optimise your student loan

If you are eligible for a student loan, make sure to transfer it straight to a savings account once you've kept back enough for your immediate needs. This will allow you to obtain interest on the remaining amount. It will also prevent you from dipping into it for nonemergency spending. We recommend researching different saving accounts so you can find the one with the best interest rates.

Make the most of your student status!

As a student, you can access lots of different discounts which will help you to save on spending. You will be eligible to sign up for UniDays, Student Beans and Totum which offer discounts for a whole range of shops and services. You can find more information about the Totum card online. If you are aged between 16-25, you could apply for a Student Railcard. It costs £30 to purchase but you will save a third off rail travel for one year. You can find more information on their website.

Getting the right bank account

When deciding on a bank account, you should consider what features are important to you and which banks offer the best deals. Some banks offer student overdrafts which are interest-free for a certain number of years. Therefore, you should research before deciding to ensure that the chosen bank is the right one for you. The main things to look for in a student account are. overdraft fees: Some may charge a monthly fee for using an overdraft, whilst others will offer an interest-free one. You should consider this when deciding. interest paid on balances: Some banks will offer interest on money left in your account so look out for this option as it's a bonus. other charges: There may be additional costs on some accounts for going into your overdraft etc so make sure to read the terms and conditions carefully before signing up. accessibility: It's a good idea to make sure you choose a bank with either a branch or a cashpoint near where you will be living. This way you will be able to withdraw funds without extra charges and have someone to speak to face-to-face if you require advice. We also recommend signing up for online banking so you can keep a close eye on your account.

Becoming the boss of your own budget!

Starting University can be a daunting experience, both personally and financially. Therefore, to ease some of the worries, it may be helpful to set a realistic budget to work towards. Knowing how much income you'll have is essential – without this, your budget will be nonsense. You'll need to work out how much cash you have coming in, including your student loan, any grant, any cash from parents and any work income. You should try and reduce the number of nonpriority outgoings you have. Nonpriority spending includes takeaways, nights out and any other costs that aren't essential. There are also simple and effective ways to reduce your priority spending. For example, ensuring that you turn plugs off at the wall when finished with them can reduce your electricity bill. Similarly, this can be done by switching lights off when they aren't needed; reducing the amount of time you spend in the shower; and turning your heating off during summer; buying second handbooks or borrowing them from the University library. Grocery shopping can also be expensive and so batch cooking can be an effective way to limit the cost and reduce waste. You could also cook with friends to share the grocery costs. Use the money mantras... Not sure whether to fork out for something at uni? Use the money mantras. Which mantra works for you will depend on whether you're already skint or not. Skint: Ask yourself: do I need it? Can I afford it? Is it cheaper elsewhere? Not Skint: Ask yourself: will I use it? Is it worth it? Is it cheaper elsewhere?

Credit cards could become your worst enemy!

When you reach the age of 18, you can apply for a credit card, which is a different type of debt. With a credit card, you effectively borrow money from the bank and agree to pay it back at the end of the month; if you don't, you'll be charged interest on the initial amount. And for that reason, it's recommended to avoid using credit cards while you're in school because you'll find it quite difficult to pay off the debts if you don't have a source of income. This implies that the interest will accrue quickly and leave you in considerable debt. Do not be fooled by the minimal payments' appearance of affordability. Even if you can meet these each month, they are only designed to pay off a fraction of your debt, which means your borrowing costs skyrocket. If you need to be scared out of this, consider this: if you borrowed £3,000 when you were 21, and simply made the minimum credit card payments, you'd be 50 before it was paid off

Be cautious of mobile contracts

You can sign your first mobile phone contract in your own name now that you are 18 years old. You must manage your mobile bill if you don't want to be hit with heart-pounding phone bills at the end of the month. Make sure you have the appropriate contract in place first. Determine your typical phone, text, and data consumption using your most recent invoices. Utilize this information to then locate the best tariff for your needs. If you don't want to change networks, you can still save a lot of money. Call your provider near the end of your contract and ask for the best deal possible - not just on your network, but to match - or better - any other available. When you hear the term "pay-as-you-go," you might recall the early days of mobile phones and having to pay upfront for each expensive call and text. However, great value pay-as-you-go 'bundles' are now available, providing a better value allowance as well as tighter control over your bill because you know what you're using.

What to look out for when renting

Many universities provide first-year students with housing in university-managed residence halls. However, by your second year, you will almost certainly need to rent a private property. So it's critical to understand your rights in private housing to avoid being taken advantage of by unscrupulous landlords. deposit is required if you are moving into a rented property. This is usually equivalent to one month's rent. You should also keep in mind that you will most likely be asked to pay rent over the summer in order to secure the property, even if you do not intend to stay there. Five things you should know:

  • Tenancy deposit protection scheme You must ensure that your deposit is secure. Landlords have 30 days from the date they receive your deposit to deposit it in a tenancy deposit protection scheme (where it stays in case of a dispute when you leave). If they do not do this, you may be entitled to up to four times your money back, but you will have to go through the small claims court, which is inconvenient.
  • Letting agent fees and contract signing To find a rental property, you may need to work with a letting agent, who rents out properties on behalf of landlords. These have a history of paying outrageous fees for their services. As a result, the government has proposed prohibiting letting agents from charging tenants fees. In the meantime, always check for and factor in any additional fees or charges. Letting agents cannot charge you just to register or to show you their list of available properties for rent. Otherwise, they are free to charge whatever fees they want, such as for credit checks, administration, and even releasing your deposit. As a result, always inquire before making a commitment. Discuss any points of contention or misunderstanding with the landlord or letting agent. Don't just take their word for it if they agree to change it. Make sure the contract has been updated as well, so you have proof.
  • Tenants' rights Your rights will be affected by the type of tenancy agreement you have and when your contract began, so make sure you know which one you have. In a nutshell, 'assured shorthold tenancy agreements are the most common type of tenancy agreement when renting from a private landlord. As an assured tenant, you have the right to remain in your accommodation unless your landlord can convince the court that there are compelling reasons for eviction, such as rent arrears or property damage, or that another term of the agreement has been violated.

  • Bills, bills, and more bills When you find a property, the amount of rent you pay will usually be reflected in whether it includes bills or not, so keep this in mind. If it does not include bills, you will need to arrange for utilities such as gas and electricity, council tax, water, and broadband. When you move in, you'll need to locate metres and take readings. Then, whoever is in charge of that utility must submit metre readings throughout the year to ensure that you are not overcharged. Nobody wants to be in charge of everything. It's probably a good idea to divide the bills between you and figure out how much extra each of you owes once all bills have been paid.

    Alternatively, the useful Acasa app will track your household bills and expenses, determine who owes what to whom, and allow you and your housemates to request payments from one another.

    However, proceed with caution. Having a joint bills account with a flatmate means that your credit records are financially linked, which means that companies can access and look at that person's credit report when deciding whether to accept you for a financial product in the future. Keep your finances strictly separate if your flatmate has a bad credit history or a lot of debts (if you want to know more about how credit scoring works, see our Credit Scores guide).

  • Paying your rent on time can help your credit score. Private tenants can sign up for the free Rental Exchange scheme, which records their rental payments and sends the information to the credit reference agency Experian. This can improve your credit score, which will be useful in the future if you apply for financial products such as credit cards, loans, and mortgages. Sign up for our free Credit Club to keep track of your credit score.

Five of the best Apps for money management!

Splitwise

This is a very popular app among students, especially those who live in the same house! It provides a simple platform for splitting bills and other expenses among a group of people. Splitwise can be used for big things like rent for your student house or utility bills, or for small things like splitting the cost of a restaurant bill with a group of friends. The free version of the app provides more than enough functionality for most students, including email notifications when bills are due and easy group messaging within the app.

Plum

Plum has grown in popularity in recent years as a result of its AI software, which assists users in easily saving money. Most users don't even consider the money that is being saved throughout the month, but they do notice the large savings adding up for a rainy-day fund. The app analyses your finances and saves small amounts of money every few days based on what you spend, rounding up from small purchases, and so on. It can amass a sizable sum of money in a relatively short period of time without jeopardising your overall budget.

Squirrel

This is a Barclays app that divides your funds into different categories to help you achieve your short and long-term financial goals. It's ideal for students because you can see your entire budget divided into rent, bills, and any weekly allowance you want to set aside for spending. Squirrel provides a simple solution to build financial discipline for students who desperately want to avoid their student overdraft and manage to save money each month.

Money Dashboard

This is a long-running app (you were still in nappies when it was first released!) Money Dashboard allows the user to link multiple accounts so that everything is visible in one place. You can set goals, create budget plans, and ensure that you always have enough money during your student days, as well as possibly putting money aside for the future.

Emma

The Emma app analyses your spending and recommends more cost-effective alternatives, including any subscriptions you may be paying for that you no longer use or do not use enough to justify the cost. These money management apps will assist you in keeping track of your student finances. A student budget should not be a chore that you put off. Instead, look for the best money management apps to help you manage your money in the most convenient way possible. You won't spend your entire bank account in a couple of weeks this way, but you also won't be constantly worried and working hard to manage it.

Four top apps to help manage food wastage

Too good to go

Fancy a takeaway but don't wanna pay the high prices. When you download Too Good To Go, you can start preventing meals from going to waste in restaurants, bakeries, and supermarkets. This is how it works: After locating a store near you, place your order and pick up your meal at a predetermined time. You'll have a perfectly delicious meal at a low cost, and you'll prevent that food from going to waste. It's available on the App Store and Google Play.

NoWaste

Rather than rescuing restaurant food, NoWaste addresses excess in people's homes. NoWaste assists you in managing and reducing household waste, which amounts to 30 million tonnes in the UK each year. The food inventory app keeps track of your purchases, expiry dates, and fridge contents, allowing you to see what needs to be used first and avoid unnecessary purchases. You can log your weekly shop and set up automatic reminders for when food expires by using a receipt and barcode scanner. The convenient meal-planning feature allows you to save money and avoid having leftovers at the end of the week.

Kitche

This app is ideal for those of us who have run out of ideas for what to do with our leftovers or aren't entirely sure what we're wasting. The free app contains thousands of recipe suggestions, which users can narrow down by the ingredients they have in their kitchen that need to be used up. It has features similar to NoWaste and nosh, such as supermarket receipt scanning and food expiration reminders. Users swipe to 'toss products,' making it easier to confront and change their own food waste habits in the future.

Nosh

Nosh, a new AI-based app developed during the pandemic, is another app that focuses on your household waste. The free app's smart technology enables households to keep better track of their refrigerator and cupboard, which is more important than ever during the lockdown. Nosh users can track the expiry date of products, plan their weekly grocery shop in the app, and get recipe suggestions on items so nothing goes to waste. The weekly analytics feature tracks items that are common in your buying and wasting habits to help you make smarter purchases. Food activists Wrap estimates that the average household wastes £700 per year, so apps like nosh not only help the environment but also your bank balance.

Reading Suggestions

Homes for Students website

Derby Union's advice webpage

Martin Lewis - the money saving expert's website