As a university student managing your money is definitely one of the hardest tasks as well as trying to multitask with your studies and home/accommodation life. Sometimes student loan just isn’t enough. I have witnessed it myself. Especially with students who are living in accommodation, most of your student loan goes to rent and you have to rely on family to help you get buy.
First year was a real tester for me in terms of managing money. I encourage students joining UAL and other universities to begin learning how to manage your money in first year. It will save you a lot of tears and stress.
Don’t get excited that all this money has entered your account because it can leave your account just as quickly as it entered. Get yourself a student account with any of the major banks; Santander, Barclays, Halifax etc. They all come with some kind of benefit for students. The most beneficial being you are entitled to a free overdraft in which you pay back after university. Or, you could pay into it gradually during your time at university. Overdraft is emergency money. I would advise students not to spend it thinking it is free money because when you actually need money, the overdraft will help a great deal.
We as students like to enjoy our free time by partying, going out with friends to see a good movie, eat a good meal. Yet, these all come at a cost. Enjoy these things in moderation. Do not go out to eat everyday and go partying just because you have the funds for it because at the end of term when you look at your account and see all the bad decisions you’ve made regarding your money, you WON’T be able to get a refund on it.
Sometimes learn to say no to certain events because your bank balance will bleed otherwise.