Budgeting is vital for university students

The earlier you learn how to look after money, the easier it will be for you to adapt to life at university.

Taking a three-year course is a major commitment and there will be times when people look at the balance of their student bank accounts with utter disbelief.

Although academics can get some help from the state, nobody is there to calculate exactly how much you need to set aside for rent, food, books and recreation – you have to do that yourself.

Many youngsters are not accustomed to receiving a lump sum of money into their bank account and it is easy to blow your loan within a few days or weeks. Obviously the trick is to pace yourself and make it last for as long as possible.

According to chief executive at education charity Brightside Dr Tessa Stone, parents and schools have a responsibility to teach youngsters about the best ways to handle their budgets.

"There are going to be elements that parents can pass on but there are going to be other areas that will be good for people to be taught at school," she remarked.

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