Be money smart

The amount of SFE funding you receive is based on parental/household income. This means that your finances depend on how much your parents/partner earn. If you get less than the full loan, your parents/partner are expected to make up the difference. This is not so clear on SFE correspondence. The Money Saving Expert, Martin Lewis, has produced a number of guides for students about student funding, in particular a guide on parental contribution.

Before you even receive your student funding, you may have to make an advanced payment/deposit towards your rent. This could be as soon as you secure your accommodation or just before you move in, to release the keys. Please check housing adverts and contracts carefully so that you are not caught out.

If you are watching, streaming or recording live television programmes then you will need a TV licence. Check your housing contract. The TV Licensing website has more information.

Text books and equipment can be very expensive. Do your research and make sure you budget accordingly. You can buy second-hand text books online or from other students. Save The Student has some other ideas on how to save money on course costs.

It's recommended that you take out Student Contents Insurance. You could also check your parent’s policy to see if you are covered even if living elsewhere. Endsleigh Insurance is recommended by the NUS.

Homemade food is not only healthier but so much more cost effective. Taking a packed lunch onto campus will save you £££ over time. Learn how to cook and say goodbye to those expensive takeaways!

• BBC Student Recipes
• The Student Food Project
• Love Food Hate Waste

The Childcare Grant from Student Finance England only pays for 85% of childcare costs. This means you will need to pay the remaining 15% yourself.

If your household are all full-time students you will not need to pay Council Tax, however if you live with a non-student, the Council Tax bill will just be reduced by 25%. Make sure you discuss this with your household to establish a fair split of the bill. The Low Incomes Tax Reform Group website has more information.

If you’re a full-time student, you can download a Council Tax Exemption letter from the My Documents tile on My DMU. Follow the guidance to find out how.

When renting, you're free to switch utility provider if you pay the energy company directly (rather than your landlord) but do check your tenancy agreement – some contracts ban switching. There are various price comparison sites that you can try:

• uSwitch
• Money Supermarket
• Compare The Market

If you are moving into a private, shared student house or flat, think about splitting the utility bills between housemates. This will mean that you are each responsible for a bill, rather than just one person having all the bills in your name only, because if any of the tenants move out part way through the tenancy, they could leave you lumbered with their share of the bills!

bills, student finance,utility bills,

Students are taxed just like anyone else. If you earn less than £12,500 a year, you shouldn't pay any tax so check your payslips. The Low Incomes Tax Reform Group website has more information.

When securing your accommodation for the next academic year, letting agents and landlords will usually require either a deposit or a retainer. You will need to budget for this cost from your current academic year’s finances.