Discounts, banking and budgeting: managing your finances at uni

theguardian.com:

Being skint has long been a part of the student experience, but with the cost of living crisis squeezing finances, young people preparing for university are more worried about budgeting than in previous years.

According to the latest research by student discount scheme Unidays, 40% of Gen Z students depend on parental support and loans, with this generation “hit hard” by the current crisis. A survey by Save the Student showed that 76% of undergraduates were worried about making ends meet last year, with the figure expected to rise as prices continue to increase.

Mhairi Underwood at online forum The Student Room said: “With the rise in the cost of living, we’re noticing students’ questions around their financial situation and preparedness to manage it have taken on an additional layer of concern.”

She added: “Many don’t feel equipped with the knowledge and skills they’ll need to keep themselves financially healthy.”

So how should you start getting ready to budget at university?

Getting the right bank account plays a key part. Many would argue that an important requirement is to find an account with the biggest and longest 0% interest overdraft. You shouldn’t be borrowing to cover daily living costs, but an interest-free overdraft can help with unexpected expenses. Never go above your overdraft limit or you could be hit with hefty charges.

When selecting an account provider, check how long the overdraft remains interest-free after you graduate, and how much you’ll be expected to repay if you haven’t cleared your debt by then.

Many student accounts come with extra freebies, so it’s worth looking at what each bank is offering.

For example, Santander is offering an interest-free arranged overdraft of £1,500 in years one to three,