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Anyone
who watches Working Lunch on BBC-2 will know that by making the
right decisions you can save yourself a lot of money and often a
lot of hassle.
Take a look at what
students in England are spending their money on, then check
out our tips below.
Banks
love students as their customers - most students will take out a
student loan, have an overdraft and credit cards and are seen as
potentially long term customers, so you're in a good position when
chosing your bank.
It's crucial your bank can offer an interest-free overdraft. If
you agree a limit, don't go over it or you'll incure hefty charges.
Find out how long you'll have to clear your overdraft once you graduate.
Make sure the bank has a branch or at least a cashpoint at your
university.
Most banks offer students 'freebies' as incentives. These range
from CD's, rail vouchers, magazine subcriptions - and the list goes
on. They're great, but don't chose an account just for the freebies,
or you could end up paying very dearly for them.
More from BBC News
When
opening an account ID will be required in order to prove that you
are a genuine student, and most banks will ask for a letter of acceptance
from the university, or a National Union of Students card.
Getting
your hands on a credit card or store card may seem great - you can
go on a spending spree - sure, BUT what is easy to forget is that
at some point you DO have to pay it back - and usually pay high
interest charges along the way.
If you do want a credit card then make sure you pay off your balance
each month, otherwise you'll end up paying high charges.
As for store cards - they charge even more than credit cards - so
avoid at all cost. Unless that is, you take one out for the initial
discount and pay the card off as soon as you get the bill - then
never use it again!
Always make a list of your incomings and outgoings. You might
prefer not to know - but in the end, you'll be glad you did.
Work out how much money you have left once all your bills and
rent have been paid. Then divide this amount by the number of weeks
that the money has to last. Draw out this amount of money on the
same day each week - and stick to it. Also put a little bit aside
for emergencies.
Top
Tips:
 Take
advantage of student discounts
Always
ask if they do student discounts - you don't know if you don't
ask
Sign
up for store loyalty cards
Shop
for fruit and veg at the market
Don't
go shopping for food when you're hungry
Don't
therapy shop!
When
going out - have a few drinks before so you won't have to buy
as many in the club
It's
great going out for a pizza - but it's about half the price
if you get one from the supermarket and cook it yourself. If
you do go out for one - chose a night when they do 'buy one
get on free' or 'all you can eat for a fiver'.
If
you travel by rail and are under 26, you can get a Young Person's
Railcard.
Don't
use credit cards unless you can pay them off.
Get
a part-time job - not enough to affect your studies, but you
must have a few free hours?
As
a student you don't pay tax (claim it back in writing before
April if you have!)
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If
you've got any budgeting tips, then let us know. E-mail the team
at: birmingham@bbc.co.uk
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