1. Open a savings account
Let’s start with before you even move to university. Everyone already has a debit account, and some move to a new student current account for a better overdraft/student deals, which is a great start! But what really surprised me was how many people I met who hadn’t even thought about setting up a savings account.
One of the best decisions I made was opening a savings account. I chose a Nationwide easy-access account recommended by my Mum. This option was the best, and most reassuring for me because I could easily put cash in, and withdraw money whenever I needed to. Looking back, I definitely should have done some more research into savings accounts to find those with the best interest rates.
Check out this article by money expert Martin Lewis on the best easy-access saving accounts right now.
To start off I put £100 in my account, but you can put in as much or little money you want. It all depends on if you have regular income from a part-time job or not. It was really easy to manage when I set up mobile banking, I could simply transfer money to and from my debit and savings account.
Remember: Even if you only manage to save a couple of quid each week/month it’s worth putting whatever you can afford in your savings. To slowly but surely build them up!