Students ensure your finances are first class

With the new university term nearly upon us, young people around the country will be getting ready to start or resume their studies.

But whatever the subject of your degree course, there are some essential financial lessons all students could do with a tutorial in. Tescocompare.com, the price comparison site, has put together some easy to follow tips to help students stay in control of their finances during the term ahead.

BA in Budgeting

Your first lesson of the new term should be on budgeting. Don't spend beyond your means. It sounds simple but before you know it, your student loan could be fast running out. Make your money go further by splitting your budget into fixed costs (rent, insurance etc) and variable costs (food, socialising, utility bills, phone bills etc) and ensure you have enough money set aside to cover these. Factor in some contingency cash in case you overspend - especially on the socialising. If in doubt, speak to some older students or your parents to ask for help with estimating your monthly outgoings.

Cover your contents

This is probably the first time you've had to think about the value of your belongings. Whilst it might not seem like much, think of how much it would cost you to replace your clothes, books, gadgets etc should the worst happen. Contents insurance may seem like an unwanted cost right now but it will be worth it in the long run, especially as student areas can often be key target areas for burglars. Speak to your parents to see if their existing insurance will cover you when at university, or consider a stand alone policy. Shop around and compare the market at tescocompare.com.

On yer bike?

Many students use their bikes at university to save time and money. Check with your home insurance provider to see whether your bike is covered as part of your policy - if not, shop around to see if it is cheaper to add it to this policy or consider taking out separate insurance.

Car on campus?

Taking your car to university can be expensive. Make sure you tell your insurer that you are at university and disclose all relevant information, such as where the car is kept overnight. It may pay to shop around for a new car insurance deal - visit tescocompare.com to see whether you can get better cover for your needs elsewhere.

Looking for credit? Get the best deal

There are lots of credit card deals out there that include free gifts and generous repayment periods. But make sure you shop around and choose the best package for you, and don't assume that your current account provider will automatically offer you the best deal for credit.

Three years of thrift!

Over the next three years or more for those with longer courses, you will need to become a thrift expert to make your money go even further. Take advantage of the fact that many shops and entertainment venues offer a student discount for students with a valid NUS card. Make sure you use it - the money saved can quickly add up and will save you a significant amount of money in the long run. Make sure you shop around for books online, and in second hand shops, and consider sharing with your fellow course mates. And don't forget to sell your books at the end of the year and make some money back.

Ready, steady, learn to cook!

Whilst the university canteen and local takeaways may look more tempting that beans on toast, dining out regularly will significantly eat into your weekly budget. Instead, take some basic cookery lessons before term starts, and think about ways to save money with smart supermarket shopping and sharing meals with flatmates.

Debra Williams of Tescocompare.com comments:

"Being at university is an exciting time and whether you are a new or a returning student, the new term will no doubt offer some great experiences. But remember that being a student also comes with more responsibility, whether it is living away from home for the first time, or managing your finances on your own.

"Before you go, get some lessons in weekly budgeting; ensure you have some staple and edible dishes up your sleeve. When you get there, check out the local area for places that offer a student discount and buddy up with flatmates to pool resources. Make sure you do regular reviews of your financial and insurance products to ensure they best suit your needs and consider switching to a better deal to save money. And hopefully, not only will you be graduating with a first class honours, you'll also be walking away with some first class financial know how."

Visit tescocompare.com to compare home and car insurance, credit cards and loans.