Heading to uni can often be the first time some students start to manage their own expenses. From rent and weekly food shops to the need for new stuff or deciding which societies to join, budgeting might be a real skill they’ve got to master.

As they get ready to fly the nest, we’ve got some essential tips to share to help them do just that. While they're mainly aimed at freshers (first year uni students), they may be handy for students in other years too. These tricks could give you peace of mind – but also help them manage their money, make the most of uni life and build good habits for the future.

When you haven’t managed your own budget before, it’s easy to forget about those daily costs that come with life away from home. Things like rent, food, bills, money to get around, insurance, membership fees or subscriptions… These expenses can become quite a lot if you don’t keep on top of them.

List out the essential expenses. It’ll be helpful for your fresher to be able to spot the difference between 'needs and wants'. This will be crucial so they can learn how to prioritise their spending.

We know it’s a good idea to save for the ‘rainy days’ – the same way it’s key to build a balanced budget.

Budgets can help students set money aside so if something pops up out of the blue, they can cover it. Whether that’s a trip to help with studies, a day out with their new friends or fixing a piece of kit that might be broken.

The first few weeks of uni are full of nervous excitement. But don’t forget to remind your fresher to keep an eye on what they’re spending. Tracking the money that’s going in and out will help them keep to their budget. Little costs can add up over time – like that daily coffee as they walk to campus for their lectures!

They might find it useful to download a budgeting app. These apps can help track expenses, as well as build good habits for the future. But make sure you share some of the budgeting tips that have helped you in the past, too.

There’s lots of ways your fresher can save money while they’re 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
• Share subscriptions: Suggest they share the costs of things like Netflix, Spotify or Disney+ with housemates to save money.
• 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 good to check which bank or building society accounts can make the most of a new student's savings. They could look into setting up a savings account, in addition to a student current account. This would mean any money they get as a gift or from a loan could be set aside in an Easy Access account. This way, they can build a savings pot to earn interest, while still being able to access any funds when they need to.

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