Starting university is exciting, but it can also mean students looking after their money for the first time. Paying for things like rent, food and new supplies soon adds up, so helping your freshers build their budgeting skills can make life away from home much easier.

We’ve put together some key tips to help you make a start on the ‘money’ chat. While they’re mainly aimed at those just starting out at uni, they may be handy for students in other years too.  

Helping your fresher build a balanced budget can be a great way to give you a bit of peace of mind as they fly the nest.

Before you start, talk to them about their weekly needs and what’s important to them. You could split the budget into three categories:

• Essentials (rent, bills, food) 
• Social life (nights out, societies, hobbies) 
• Savings and emergencies. 

If they get loans or bursaries, it can be tempting for students to spend every penny they have. But encouraging them to set money aside for something that drops in their diary out the blue is a great habit to get in to. It could mean they’re ready for a last-minute trip, an exciting day out or they can fix a piece of kit that might be broken. Even an extra £5-10 a week could help!  

It can be easy for students to lose track of how much they're spending when they're tapping their card for coffees, meal deals and take aways.

If your fresher is signed up to online banking, it might be a good idea for them to turn on their notifications so they can see what their weekly spend is.

They might also find it useful to download a budgeting app. These apps can help track expenses, as well as build good habits for the future.

Don’t forget to share some of the budgeting tips that have helped you in the past, too! 

There’s lots of ways your fresher can level up their savings while at uni. Here are some top tips: 

• Explore student discounts: Their student ID (or email address) can unlock a world of deals and discounts from lots of brands. For example, did you know they could get six months of Amazon Prime for free? Or free access to useful tools like Microsoft Office?¹
• Use cashback apps: So they can get money back on the things they need or want to buy.
• Sell unwanted items: Encourage them to regularly declutter and sell the things they no longer need. It's a quick and eco-friendly way to earn extra cash.
• Part-time jobs: A great way to earn some extra funds for treats and fun nights out with friends.

It’s always good to talk about how being good with money now can stand your fresher in good stead for the future. Together, you could try to find a savings account that makes the most of the money they set aside.

This way, if they ever get money as a gift or from a loan, they can pop it in a pot that builds interest. Take some time to explore the different types of savings accounts - like an easy access account or limited access account – to see which may suit them better. 

Getting your fresher up to speed with some good budgeting skills before uni will help them become more money-savvy. Any advice you can give them on daily spending, tracking what’s coming in and out, plus smart ways to save can make a big impact. Not only that, but it’ll also give you peace of mind that they’ve got the confidence to manage their money, through their first year and beyond.