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Now is good to help your children learn to manage their money at university

Here are a few tips

1. Have a frank discussion about money – how much they will have to spend, how often they receive their money and what they’ll be responsible for paying. Money worries do not help with having a clear mind to study! Check out studentmoneysaver.co.uk

2. Find the best apps to help them with financial control:

  • mySuperlist (cheapest supermarkets for groceries)
  • Banking for students
  • Student finance

3. Check out if there is extra help at hand such as:

  • Bursaries
  • Grants
  • Scholarships
  • Tuition fee loan
  • Maintenance loan
  • Maintenance grant
  • Special support loan

Start by taking a look at gov.uk/student-finance-calculator

4. If renting a property outside Halls of Residence, full time students do not need to pay council tax. Have a look at gov.uk/apply-for-council-tax-discount

5. Students can avoid paying for a TV licence if they stick to watching catch-up TV, such as BBC’s iPlayer. If they do purchase a TV licence and go home for the summer a student can claim a refund for those 3 months – contact tvlicensing.co.uk/students

6. Students in private accommodation can change utility suppliers to help save money. Visit comparison sites such as uswitch.

7. Each year students will need a complete new set of course books, ask last years’ students or check ebay / Amazon for bargains.

8. Remind your children to ask for a student discount, many retailers will give up to 25% off for those with a ‘Student card’. Check out nus.org.uk

9. If you travel by train on a regular basis buy a railcard, it cuts 33% off the cost of a journey. These can be bought at rail stations or railcard.co.uk

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