Money crunching tips for student savers

The start of a new university year is now fast approaching. However in the current economic climate, with rising energy costs and food prices, this year many students will be thinking about how to make their money stretch that little bit further.

As a result, smile, the internet bank is providing students with some top money saving tips to help combat the effects of the credit crunch.

Top money saving tips from smile

1. Shop around for food, clothes and books. Try charity shops, various supermarkets and the local market.

2. Do your food shopping with your housemates - portions of food for a single person often cost as much as items for two or more people, or try to buy items that won't go off in bulk.

3. Carry out the supermarket shop at the end of the day, when many items are reduced in price

4. Compare rates of interest on bank accounts before choosing your bank and beware of making the choice based on gimmicks such a free CDs or vouchers!

5. When you are out socialising limit yourself to a budget for the evening and when you have spent up go home or start to drink tap water, which is free!

6. Consider getting a part time job - you may only be in lectures for a few hours a week so there will be plenty of time to do part time work, as well as study.

7. Instead of buying all the course books, save your money and use the library and the internet at university.

8. If you use public transport to get to lectures, buy monthly rather than daily tickets as this will save you money and get a young person's bus or rail card to save even more.

9. Don‘t forget to make sure that you have adequate insurance cover for your belongings. Most insurance companies will insure you whilst away at university under your parents' policy, which will help save you money. Remember, if you carry expensive items around with you such as your laptop you will need additional personal possessions cover.

10. If you have decided to stay at home, instead of living away, you will benefit in terms of cash saved so don't just fritter away that money. Instead save it for a deposit on a house for the future, or buy a car so that you can still get involved in the social side of university life.

Paul Hemingway, Head of Campaign Marketing at smile says: "For many students, going away to university is the first time they will have to manage their own finances and in the current climate many students will begin to feel the squeeze with the prices of everyday essentials such as food and transport continuing to rise. However making small everyday savings will help ensure students have enough cash to really make the most of their university years."

To help students with their finances, smile, the internet bank provides an award winning student account with a range of benefits including:

A fee free overdraft of up to £2,000
2.27% AER credit interest - which is almost 23 times more interest than some other banks
An award winning customer service team

For more information, visit smile.co.uk