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School leavers' guide

If you've left school and have a university place, you've got three or more years of fun... and study, of course... ahead of you. You'll have an even better time if you do a little financial preparation before you go, so here are some suggestions:

Research student bank accounts

Even though you may not be able to open one until you've enrolled at your university, there's no reason why you can't work out which one is best for you before you go. Use comparison websites to see how they all stack up. Don't just be swayed by the freebies - if the interest-free overdraft isn't appropriate or doesn't continue for as long as you will need it to after uni you could end up wasting more money than it would have cost to buy those freebies in the first place! You could also take out an Early Student Account with some banks if you are not yet at uni but have applied.

Student bank account checklist:

Freebies - add up how much they would cost to buy so you can compare what the different banks are offering. Would you even use them anyway?

Overdraft interest - how much interest do they charge you when you go overdrawn beyond your interest-free overdraft limit? The lower the better.

Overdraft charges - how much do they charge for going overdrawn beyond your agreed limit? You should always try to stay within the limits and you can set up Mobile Banking where possible to get text alerts when you get close.

Introductory rates - check how long certain conditions or introductory rates last and how they change when that period ends. The interest rates may look great, but they may not last.

Interest-free overdraft - this could be your lifeline, so think about it carefully. How big is it? Some offer an interest-free overdraft that gets bigger each year. This may be more useful to you than another that starts higher but stays the same every year and ends up being lower.

Mobile Banking - this allows you to do almost everything you can do online, on your phone, such as check your balance and transfer funds. Extremely useful because it also gives you more bank account awareness so you're more likely to control your spending and not incur excess overdraft charges.

Interest on your money - what's the interest rate they pay you when you have money in your account? The higher the better.

Practice budgeting

Your parents or friends may be able to give you advice around budgeting. Set up a budget, whether on paper or on a spreadsheet, for your current weekly or monthly spending. Create a basic budget, just so you get used to the idea of following how much you spend and how much income you get. Play around with a layout that suits you, and headings that fit your lifestyle. So you might have an expenditure heading called “Entertainment” or “Stationery”. Your income columns could include “Paid work” or “Parents”. Try to fill it in for a week or a month to get an idea of how much you spend and where. This will stand you in good stead for university. If you can keep this up when you're a student, you'll save yourself lots of financial hassle.

There's lots of helpful advice at Lloydstsb.com on how to set up a budget - just click here.

Look into insurance

Student houses are notoriously vulnerable to theft because thieves know the security is often lax and there will be lots of easy-to-carry electrical equipment, like televisions and MP3 players, around the place. If you have a few things of value, look into getting insurance for your possessions before you head to uni. You might even be able to get your parents to add you to their policy.

Check what bursaries and grants are available

It might be worth having a look round to check that you're getting all the grants and bursaries that you're eligible for. You've got nothing to lose by checking, and you might score yourself a few hundred pounds for your efforts.

Holiday jobs are good for you

Now that you’re leaving home, you’ll be far more in control of your standard of living. If you have more money coming in as a student, your life could be more enjoyable. So it makes sense to supplement your loans, grants or bursaries with some income of your own. Holiday jobs for students are usually plentiful - just speak with your local job centre and recruitment agencies. The work could range from completely unskilled labouring, through to bar work and office work. Not only will you benefit from a boosted bank balance, you’ll get a taste for what it’s like to work in a diverse range of industries. Who knows, it could influence your entire career decision?

Start collecting

You need quite a bit of stuff when you leave home - bedding, toaster, kettle, books... and it all adds up, cost-wise. But if you start collecting these things together as early as possible, you may even get the whole lot for very little. When you go to visit relatives, ask if they’ve got an old kettle or toaster in the loft; visit your local uni to see if they’re selling second-hand course books; browse online auction sites and local car boot sales. If you start long before you go to uni, and you’re always on the look out for useful things, you’ll save yourself lots of money. You’ll avoid all that last minute organising stress too.

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