The stereotypical student has traditionally been thought of as being pretty hard up.

Student life doesn't have to be like The Young Ones, but with the cost of tuition fees an added expense, it means that being skint can be a fact of life.

According to the Money Advice Service, based on figures from 2012, the average yearly cost of being a student is just under ten grand. And this doesn't include tuition fees.

That’s why managing your money properly is vital and this is the case whether you're broke or not, because the last thing you want is to struggle. We've put together a list of top tips to help you manage your money and ensure that those all-important years of study aren't filled with money woes.
 
1. Figure out a budget and stick to it!
If you get loans and funding at the start of each term it can seem like a lot of money. But spreading it out across the year can be hard, especially with all the added costs like books and socialising. Write yourself a realistic budget and save it.  Make a list of all of your income – e.g. student loan, job income, grants, savings, parents funding - and also make an honest list of your expenditure. Remember to include tuition fees, rent, any household bills (internet, TV licence, water, gas, electric); contents insurance; any travel or car costs(petrol, insurance, tax, MOT, servicing), credit card or debt repayments; your phone bill; food. Deduct the total expenditure from your income and the figure you have left is what you have for things you could do without if you had to, eg socialising, music, new clothes, toiletries, birthday/ Christmas presents etc. Check out MoneySavingExpert too - it has a great guide to budgeting and a free budget planner you can use. 
 
2. Look out for student discounts
There are many student cards and IDs which can get you a discount in some high street shops. There are also big discounts to be had by using student travel cards and the NUS extra card which offers students discounts at many retailers. Shop around for the best student bank account too – there are some really great accounts available at most of the major high street banks. These usually offer an interest-free overdraft facility, which can be an inexpensive way of getting extra money. However, bear in mind that eventually, you’ll have to pay it back.
 
3. Get help if you're in trouble
If you’re encountering any financial difficulties, seek guidance as soon as possible. It’s usually easier to fix things the sooner
you deal with them. The National Association of Student Money Advisers (NASMA) has student money advisers in institutions throughout the UK and lots of helpful hints and tips online. The government’s Money Advice Service also has some great advice for students.

4. Look to increase your income
Think about other ways to generate more income. For example:
  • Charities and trusts which offer grants to people in education. 
  • Part-time employment
  • Discretionary hardship funds, which all colleges and universities run. 


5. Aim to reduce what you spend

Decrease expenditure wherever possible. The obvious one is to cut down on the socialising a little, but you can also do this by taking advantage of discounts and making sure you don’t pay more than you need to:
  • Council tax exemption
Students in further and higher education are often exempt from paying council tax, so make sure you're not paying unnecessarily.
  • Don't overpay income tax
Students do have to pay income tax, but their total income doesn't usually take them over their personal allowance (the amount you can earn in a year without having to pay tax). If
you’ve paid income tax but haven't earned as much as your personal allowance in the last tax year, make sure you claim the tax back.
  • Cut phone bills 
Check the best value contract and pay-as-you-go mobile deals for students. Also, sign up to Skype or FaceTime and make free calls to family and friends.
  • Don't rush into buying contents insurance
There's often a risk of burglaries in student areas, so it's best to get insurance. However, your parents' contents insurance might cover you, so it's worthwhile checking, before taking out a policy. Bear in mind this sometimes only counts during term-time.
  • Avoid the credit card trap

Some types of debt are worse than others. Steer clear of credit cards and unauthorised overdrafts that come with high-interest charges and avoid payday loans altogether, which have astronomical interest rates and repayment terms.