MANAGING MONEY

ONE of the biggest challenges for students is managing their finances. So, make sure they don’t blow their entire loan on high-tech gadgets in the first week, and have a chat about money.

Most important is impressing upon them the necessity of paying for ‘boring’ things like rent, utility bills and transport costs before anything else.

Make them aware of the hidden costs of life – many may not know we have to shell out for council tax, water rates or a TV licence.

Make sure they have a 0% interest overdraft guaranteed by their bank – it isn’t always.

Help them work out a weekly budget and point out the dangers of not sticking to it or running up huge credit card bills. And remind them to take advantage of all the student discounts available, from online vouchers to money off in high-street stores.