The summer before starting university is the best time to start preparing for student life. Usually you won't have to do much summer reading or academic preparation, so you can focus on what you will do with your finances when you start university.
Here are some of my tips for managing your finances before university.
Get yourself a job over the summer. Although you should relax and enjoy yourself as well after the stress of exams, find a job to pass some of the time and to save a bit of money. Think about starting a savings account so that you remember that the money you save is for university.
If your birthday is over the summer, put any money you get in that account; it’ll be worth it in the long run!
Have a rough idea of what you might spend during a month at uni. Think about rent, food, laundry and travel, as well as putting some money aside for socialising. This will give you a better idea of how much you might need to spend each month and will help you save over the summer.
Understand your student loan
Student loans can be a bit confusing if you don’t understand them. To give you a rough idea, here’s what you will get. Your tuition loan will go straight to the University to cover your tuition fees, so you don’t need to worry about that. Your maintenance loan will be split into several instalments, usually paid every three to four months. This is why it’s so important to budget. If you can, pay your rent as soon as your instalment comes in so it’s one less thing to worry about.
Even if you get the full amount of maintenance loan available, make sure you save over the summer; you have no idea what life could throw at you and it's always best to be prepared.
Take a look at some more of our helpful blog posts for tips on finance and managing your money at university.