Budgeting and managing your money

All students need a bank account of their own. For your safety, we recommend not holding large sums of money in your bag or accommodation. Instead, you should have a safe and secured account where you can keep this money. 

A student bank account is designed for university students and unlike standard bank accounts, includes benefits such as interest-free overdrafts. There are a variety of banks that offer student accounts and Save the Student* have created a guide of the best UK bank accounts for students on their website. 

Here are some things to think about when choosing your bank account: 

• Do they offer an arranged overdraft at 0% interest, and what are the charges if you go over? 

• Are there any lifestyle benefits? Some bank accounts offer benefits including railcard discounts or gadget insurance, so make sure to choose one that suits you. 

• Can you transfer money to accounts overseas or use your debit card abroad? This is useful if you’re an international student or plan to study/work abroad. 

• Does the account provide budgeting apps or other useful services? 

• Think beyond freebies. Whilst they can be great, be smart and choose a bank account that will work for you after university. 

• Think for yourself. Don’t be afraid to chat to advisors at different banks before making your choice. Only stick with a bank if it’s the best deal for you. 

You will need to bring identification and other documents when you apply for your student bank account. This includes: 

• A passport or UK driving licence to prove your identity. 

• A letter from the University confirming your registration and showing your home address. To request a letter, visit our letter request webpage. 

• A document confirming your address whilst at University (e.g. accommodation contract or tenancy agreement). 

If you’re an international student, you will also need: 

• A letter of sponsorship. 

• Other official letters that show your UK address. 

• If you’re an ERASMUS student, you may also need a letter from your home institution.

• Living at home is a great option to save money on rent, but don’t forget to budget living costs such as food, travel, clothes, and more. 

• If you’re thinking about staying in student accommodation, there are halls on campus where you can get internet, gas, and electricity included in your rent. 

• If you’re living in a house-share or private rented accommodation, make sure it's within budget and that expected payment dates match when you will receive funding - if not, then speak to the provider to see if you can change this before you sign your contract, as once you have committed to the payment terms, the contract is legally binding. If you look outside of Salford, consider the extra travel considers. We have advice on our looking for accommodation webpage. 

• Check any additional bills that need to be paid, such as TV licence and gadget insurance (if your family’s insurance doesn’t cover you). 

• You can compare providers for broadband, TV, and phone using websites such as Best Broadband Deals* to ensure that you get the cheapest deal. You could also check your current phone provider and see if they provide a broadband deal for being a current customer. Always read the small print, so you know exactly what you’re paying for. 

• When setting up bill payments, consider putting all of your housemates on the bill so you are not the only person liable if payments are missed. 

• Save all year round and put your heating on a timer, reduce your minutes in the shower, and invest in things to keep you warm during the winter months, such as a hot water bottle, blankets, and jumpers.
• Be aware of the streaming services you're paying for. Why not take advantage of any free trials that may be available, and cancel them before you’re charged, and prioritise your favourites and cancel the ones you don’t use frequently.
• If you commute to university on public transport, consider buying a bus pass or railcard, as these can help reduce the cost of daily tickets. Alternatively, see if you can cycle or walk. It’s a great way to save money, keep fit and help the environment. 

• Shop second-hand. Customising, swapping with friends, and browsing charity stores or apps like Vinted or Depop, is a great way to be creative and save money on clothes and other household items. Be mindful of Buy Now Pay Later services, and make sure to always factor these payments into your budget.   
• Check the library for books. Often you can find course textbooks and leisure reads. You can either pop into the Library, or search online. If you can't find what you're looking for, you can request it.  
• If you do need to buy course materials, try to find second-hand books in charity shops or go to a Book Swap event. Save The Student* or price compare websites might have good deals. If you're an undergraduate student, you might be able to use your £150 Inspire credit to buy resources. Don't forget to sell on your old ones when you are finished with them. 

• The NHS Low Income Scheme can save you money on prescription charges, dental treatment, and eye tests. To apply, complete their HC1 form on their website. NHS Prescription Prepayment Certificate (PPC) | NHSBSA is more cost-effective if you require a few prescription items per month. For example, a 12-month PPC costs £114.50 and will save you money if you need more than 11 prescribed items in a year.
• Head to our blog to find more tips on saving money on the go.