Starting university heralds a whole variety of firsts for the unassuming fresher. One of the less exhilarating novelties is the fact that it is likely to be the first time you’ll have to seriously worry about your finances. Recent graduate Etan Smallman reveals a few handy hints, so you can focus on getting used to the more important parts of the university experience

Laughing all the way to the bank

First things first – the primary decision you should concern yourself with is which bank account you choose to store your much prized dosh in.

As you set out on your degree course, every company in spitting distance will be chomping at the bit to relieve you of your cash. But there are also a few bonuses. All the major banks will be trying to woo you with incentives. If you’re lucky enough not to have to worry about getting into debt, then you can afford to be tempted by the freebies that the banks will be throwing at you.

But for the bulk of the student population, the advice should be to ignore the freebies (except for NatWest’s offer of a five-year young person’s railcard which is a real money-saver). The main focus should be the size of the interest free overdraft.

Picture the scene. At the end of a heady term/year, once your funds have been drained from your pockets and your account, you want to know that you can rely on your overdraft without getting stung.

Micawber’s famous dictum from David Copperfield is one of my dad’s favourites: “Annual income twenty pounds, annual expenditure nineteen six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.” Of course, that was before the advent of interest-free overdrafts. Choose the best one now – and you will be thankful later on down the line. Nevertheless, don’t just spend the overdraft because it’s there. But for many cash-strapped students, it’s a vital safety net.

Check out MoneySavingExpert.com which has useful guides on ‘student money saving’ including guidance on bank accounts and loans, and a forum to share your best bits of advice.

Once you've got the big stuff out of the way, take advantage of one of the perks of student life - student discounts and freebies.

Fresh freebies

My first tip for freshers fair is to indulge in the freebies. So long as there are no strings attached, revel in your opportunity to gorge yourself on free pizza, claim your free posters for your room, clad yourself in free t-shirts and anything else you can lay your mitts on. At my first freshers fair, I was lavished with anything from a free wooden spoon to a cactus and DVD.

For a perk that will last longer than just the first week, don’t forget your student discounts. In a lot of shops, you will be able to get money off just by presenting the student/library card that you receive at registration. There are discounts at a range of national chains and your student union may even have organised a few special discounts at your local student hang-outs.

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