HOW STUDENTS CAN BUDGET TO REDUCE OUTGOINGS AND MONEY WORRIES

For many of the nation’s 2.5million or so students preparing to return to higher education this month, financial freedom can often be overwhelming.

In fact, 71% of students questioned in a recent study said they worry about making ends meet, and a further third consider money problems to be damaging to their grades.

It will be the first time that lots of teens will be dealing with bills and budgeting, but some simple planning can help keep them on track. Here’s our round up of top tips to help students steer clear of money worries.

Take control of your finances Budgeting is the simplest way to take - or regain - control of finances, just by making sure we understand where our money is going and where it needs to go.

However, just setting a budget in your mind - or promising to stick to a randomly considered number - with no real analysis of how (or if) it's going to work isn't going to be an effective money-saving solution. Take the time to sit down and work it out properly.

Make a budget Work out how much income you have to spend and when - whether that’s from a Maintenance Loan, grants, bursaries, part-time work or savings. Remember the Maintenance Loan is paid in three lump sums during the academic year, so it needs to be budgeted out accordingly.

Work out your essential costs such as rent, food, bills, transport costs and study materials. Then get a handle on how much you can realistically spend on the ‘nice to haves’ such as nights out, hobbies, clothes and haircuts, gym memberships.

Calculate your budget on a term-by-term basis and then break it down weekly - rather than monthly – to avoid spending all disposable at the start of the month.

Open a student bank account Students should consider opening a student bank account as these come with features that may be useful including 0% interest overdrafts, discount cards or bonus offers. You can find a round up of the best ones here.

Some come with built-in budgeting and spending analysis tools, which can help students keep track of where their money is going and work out if they're going over budget.

Have the Maintenance Loan and any other money paid into the student bank account and set up payment from it for essentials such as rent, energy bills and mobile phone.

Open a second bank account for other spends such as going out, streaming services and entertainment, hair and beauty, clothes and any memberships or travel costs. Money for groceries -although an essential – should also be transferred to this account to make it easier to understand how much is being spent on food. Making small changes to a food budget could result in more being available for other things.

If a second bank account sounds like too much of a ‘faff’, a prepaid card could be a good alternative to keep non-essential spending away from essential spending. It’s a debit card that can be loaded the amount of money available to spend, but there is no overdraft or ability to overspend.

Meal plan Plan a week's worth of meals to avoid having to go shopping multiple times.

Look online for meal planning guides and apps to make it even easier to eat well without busting your budget.

You’ll find lots of helps and ideas that don’t require expensive ingredients, lots of equipment or previous cooking experience. Take a look here for ideas and handy hints.

Remember that recipes that serve four or more can be scaled back to account for smaller servings, or you can freeze extra portions for another time.

Alternatively, team up with a couple of housemates and share the cooking and the cost. Making a meal together is a great way to pass the time and get to know each other better too.

Shopping in the early evening when supermarkets have put discount or clearance stickers on food is another handy money saving hack. As is switching to supermarket branded products in place of popular brands.

Switch for cheaper energy bills Energy supply is a household decision but switching to a cheaper tariff could save money for everyone, so again it's worth looking into.

Cut the cost of getting around If you spend time travelling on trains, get a railcard. This saves a third off every train journey, so it's well worth the £30 upfront cost.

And, if your college or university town is bike-friendly, ditch the public transport and get a bike at the beginning of term instead. Not only is it cheaper and greener, you’ll stay fit and active too.

Shop with student discounts There are brilliant student discounts available in many shops, bars, restaurants and online stores on production of a valid student ID. Find out where you can save money here.