Many of us will have just waved our children, siblings or other loved ones off to University knowing full well, their lifestyles will be vastly different to what they’re used to at home.

No longer living with parents the new freedoms are exciting for young people possibly stepping out on their own for the first time, but could this spell disaster for their bank accounts?

While the significant moving in expenses (and those often incurred throughout freshers week!) have already been carried out, here are a few tips to help your nearest and dearest survive the harsh realities of student living:

  • Check out second hand ownership of books essential to the course rather than buying new
  • The university’s library is very likely to have the essential core texts for the course in stock, if not speaking to the library coordinators can ensure books are available when necessary

Getting around can be pricey, whether it’s to and from campus or placements for the more practical courses, travel soon mounts up, consider:

  • 16-25 rail card, it costs £30 a year but qualifies for 1/3 off rail fares
  • National Express Young Persons Coach card: £15 for 1/3 off coach fares
  • Check to see if the local bus service provider has student discount tickets

While students aren’t necessarily existing on a tin of beans or a pot noodle, budgeting for food can be challenging. Why not think about:

  • Taking a packed lunch with you to save buying on the go
  • Create a shopping list to avoid impulse purchases
  • Bulk cook meals and freeze them

If students are finding the costs particularly challenging, most universities have hardship funds available for those struggling to make ends meet or personnel on campus who can discuss more budgeting tips too

Ensuring your loved ones are financially secure, can give you great peace of mind. But if you’re looking for ways to secure your own finances or raise funds to help loved ones, get in touch to see if we could help you.

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