If your bills aren’t included in your rent cost then you will be responsible for organising and paying for all bills such as, water, electricity. Wi-Fi and energy bills.
If you are going to university full time then you won’t need to pay council tax. You can also avoid paying for a TV license as long as you don’t watch any live TV.
On average it was found that university students spend £1,078 on rent and bills each month.
Doing this whilst at university can be difficult for many students making saving as a student almost impossible.
Get prepared now so that you can find the best deals and make it easy to settle in. Find offers on other items such as kitchen equipment and phone contracts to save money where you can.
You can ask your landlord who you water and energy supplier for the area.
When you first move into your student housing make sure to take a meter reading so that you can give these to your suppliers. This will make sure you are only paying for what your household uses.
It could help if you plan with your housemates and set up a payment plan so that everyone is aware of their share and problems don’t arise later on.
Splitting bills at university is something that often causes tension in the house and so it is best to agree from the beginning. Setting up payment plans and using services that will split the bill for you could help. Getting a third party service to split the bills for you means one person is never left paying the full amount and waiting for everyone else to send their share.
Use this service to find a quote for all your bills in one place and then pay through Fused and split the bill with your housemates. This is an easy way to keep all the bills in one place, make sure everyone is paying their share and that no payments will be missed.
You can bundle all the bills in one and split the total between multiple people. Another service that is great for organising your bills. They will set up direct debits for each person to avoid missing payments.
They are currently having a sale! Get £150 bill credit and a chance to win a £150 Greene King voucher. Sign up before August 31st.
Enter your details and receive a quote for you bills, add your housemates and they do the rest. They will set up your utility bills for you to make settling into University easier.
If you find your bills are higher than you can manage then there are ways to bring down the cost of your energy bills. Follow these tips making small changes to bring down the cost.
Having a bank account tailored for students can also make a significant difference to costs as most will have a 0% interest overdraft. When used responsibly an overdraft can be a valuable tool for students. Find the best accounts for students.
Micro-saving is a financial strategy that emphasises saving small, manageable amounts of money over time rather than making large, infrequent deposits into a savings account. This approach is particularly effective for individuals who struggle to save due to limited income, inconsistent earnings, or a lack of financial discipline. By breaking down the saving process into tiny amounts, micro-saving makes the act of saving accessible to everyone, regardless of their income level or financial situation giving you the money saving help you need.
Micro-saving is ideal for those who find traditional saving methods challenging. This includes individuals living paycheck to paycheck, freelancers with fluctuating incomes, or anyone who struggles with the idea of setting aside large sums of money. The beauty of micro-saving is its flexibility; it can be tailored to fit any budget, making it a universally applicable strategy. Whether you’re saving for an emergency fund, a vacation, or just building a habit of financial discipline, micro-saving offers a way to achieve those goals without feeling financially strained when you are living on a smaller income.
Micro saving may not be best for those who want or need to save a large amount of money in a short time but will work for those who are just starting to build habits.
We know why saving money is important and Micro-saving allows you to start small and build from there. For example, instead of trying to save £100 each month, you might commit to saving just £1 or £2 a day. This might seem insignificant, but over time, it adds up. By the end of the month, you could have saved around £30 to £60, without feeling the pinch.
Let’s say you buy a cup of coffee every morning for £3.50. With a micro-saving mindset, you might decide to make coffee at home a few days a week, saving £3 each time. You could then transfer this saved amount directly into a dedicated savings account. Over the course of a month, this small change could help you save an extra £12 to £15.
Additionally, many banks and financial apps offer automated micro-saving features. These might round up your purchases to the nearest pound and deposit the difference into a savings account. For instance, if you spend £6.75 on lunch, the app would round it up to £7 and save the £0.25 for you. Though it’s only a few pennies at a time, these micro-savings accumulate steadily, helping you grow your savings without any extra effort. This is a great way to form habits which won’t impact your monthly budget heavily.
Micro-saving is powerful because it builds a habit of saving and creates momentum over time. It proves that saving doesn’t require a significant income or drastic lifestyle changes. Instead, it’s about consistency and finding small ways to save daily. This approach makes saving money feel less daunting and more achievable, even for those on tight budgets. By starting small and being consistent, anyone can use micro-saving to build financial security and reach their savings goals, no matter how modest.
Inheritance tax is a levy imposed on the estate of a deceased person before the assets are distributed to their beneficiaries. The tax is typically calculated as a percentage of the total value of the estate, above a certain threshold. In the UK, for instance, inheritance tax is levied at a rate of 40% on the value of the estate that exceeds £325,000. However, this threshold can be higher if the estate is passed to a spouse, civil partner, or a charity, or if the estate includes a family home.
If the total value of the estate is below the threshold, no tax is due. Additionally, certain exemptions and reliefs can reduce the taxable amount. For example, if a person leaves everything to their spouse or civil partner, there is no inheritance tax due, regardless of the estate’s value. Similarly, gifts made to charities are also exempt.
However, with property prices and accumulated wealth often pushing estates over the threshold, many individuals and families find themselves facing significant inheritance tax bills. This makes it essential to consider ways to legally reduce or avoid this tax, ensuring that more of the wealth stays within the family.
By utilising some or all of the strategies above you can significantly reduce the inheritance tax that you could be liable for which will save money. This allows you to pass on more wealth to your family. It is recommended that you consult with a financial advisor for your personal circumstances to make sure everything is completed appropriately.
Starting in May 2025, UK citizens traveling to the European Union (EU) will need to comply with a new visa waiver system, which will apply not only to Schengen Area countries but also to certain non-Schengen nations. The EU is introducing this visa waiver as part of broader efforts to strengthen border security and streamline entry procedures across the continent. The waiver, expected to be operational in time for the May 2025 half-term, will be valid for three years or until the passport expires, whichever comes first. UK citizens under the age of 18 and over 70 will be exempt from this requirement.
The upcoming visa waiver, which will involve a fee, is part of the European Travel Information and Authorization System (ETIAS). The cost of the waiver is currently set at EUR 7 and will be a mandatory requirement for UK travellers.
In addition to the visa waiver, starting from November 10, 2024, UK citizens will encounter a new Entry/Exit System (EES) when crossing EU borders. This system will replace the traditional passport stamp with biometric checks, including fingerprint scans and facial recognition. These measures are designed to improve the accuracy of tracking non-EU travellers’ entry and exit from the Schengen Area, ensuring better compliance with visa rules and enhancing overall border security.
Travelers should be prepared for potential delays at the border as these new systems are implemented. The biometric checks will likely require additional time, particularly during peak travel periods, making it advisable for travellers to allow extra time at airports and other points of entry. Moreover, it will be essential to apply for the visa waiver well in advance of any planned travel to avoid any last-minute complications.
These changes represent a significant shift in how UK citizens will travel to Europe in the post-Brexit era. While the introduction of the visa waiver and the biometric entry system may pose new challenges for travellers, they are part of the EU's broader efforts to enhance security and manage the flow of travellers more effectively. UK citizens planning to visit Europe next year should ensure they are fully prepared for these new requirements.
You've decided to get a credit card, confident that you can manage your finances well enough to avoid late payment fees, and build up your credit score to become a reliable borrower. However, while avoiding late fees is an essential part of using a credit card effectively, it's just one piece of the puzzle. Several other fees and charges can quietly add up, potentially costing you more than you expect. Understanding these hidden fees can help you use your card more efficiently and avoid unnecessary costs. To make sure you can separate facts from myths we have all the information you need.
A wealth tax, also referred to as a capital gains tax, is a levy imposed on the wealthiest individuals in a country. This tax is calculated based on the market value of assets owned by the taxpayer, which can include property, stocks and shares, personal cars, trusts, and more.
As the UK government explores different ways to generate revenue and address inequality, the potential introduction of a wealth tax is something that could impact a segment of the population significantly.
A wealth tax is designed to target the most affluent individuals in society by taxing the value of their assets. Unlike income tax, which is based on earnings, a wealth tax considers the total value of a person’s net assets, including real estate, investments, and other valuable possessions. The idea is that those who have accumulated significant wealth should contribute more to the public purse, thereby redistributing resources to benefit the wider community. The idea of a wealth tax is that this would benefit the economy whilst having little financial affect on those it is imposed on as they will be the top earners in the country.
If a wealth tax were to be introduced in the UK, it would primarily affect those who own substantial assets. For most UK residents, this means it would likely only impact a small percentage of the population, specifically those with high-value properties, large investment portfolios, or significant inheritances.
The Trades Union Congress (TUC) conducted research suggesting that a modest wealth tax on the richest 140,000 people in the UK could raise over £10 billion for public services.
The report also highlighted that, as of 2023, there were 171 billionaires in the UK, each holding an average of £4 billion in assets.
This suggests that the tax would mainly target the ultra-wealthy, rather than the average citizen.
However, it’s essential for consumers to understand how a wealth tax could indirectly impact the broader economy. For instance, if such a tax leads to increased government revenue, it could result in more funding for public services such as healthcare, education, and infrastructure.
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The Labour party has not yet committed to introducing a wealth tax, however Rachel Reeves has suggested that higher taxes could likely be introduced later in the year. Introducing more or higher taxes will always be a controversial move, however, with the state of UK finances and pressure from the public for improvements the government will have to make a decision.
Credit cards are valuable tool to manage your personal finance and start to build a credit score, understanding them properly is important before you apply. There are lots of misunderstandings about credit cards so we are here to debunk some of them and set the story straight so you can relax and use the account effectively.
By understanding and debunking these myths, you can make more informed decisions about how to manage your credit cards, ultimately leading to a healthier financial future.
The cost of living crisis in the UK continues to deepen, with energy bills becoming a significant burden for households. Predictions indicate that energy bills will rise by 9% in October, bringing the average annual cost to £1,714 per household. This increase is just one of many that has taken place since the Russian invasion of Ukraine, which has severely disrupted global energy markets, leading to skyrocketing prices.
The invasion has had a profound impact on the global energy supply chain. Russia is one of the world's largest producers of oil and gas, and the conflict has led to sanctions and supply disruptions, which have in turn driven up the cost of energy across Europe and the UK.
These rising costs have left many struggling to keep up with their energy bills, and it has led to a record high of over £3 billion in accumulated energy debt across the country.
For many, the situation has become dire, with some households being forced to live without energy due to the unaffordable costs. The prospect of energy prices rising further in October is alarming, especially for those already in debt or at risk of falling behind on payments.
If you find yourself unable to pay your energy bills, it is crucial to take action immediately. The first step is to contact your energy supplier. Energy companies are obligated to work with you to find a solution that allows you to repay your debt while continuing to pay for your current energy usage. When you contact your supplier, it is important to provide them with a clear picture of your financial situation. This will help them create a realistic and manageable payment plan that suits your circumstances.
A payment plan typically involves agreeing to pay a certain amount on a weekly or monthly basis. This can help you manage your debt more effectively while ensuring that your energy supply remains uninterrupted. Your plan could mean paying £30 each week, £20 to pay for your current energy bills and £10 to cover repayment costs.
However, if you do not set up a payment plan, your supplier could threaten to cut off your energy supply, which could leave you in an even more difficult position.
There are several ways to reduce your energy usage which can bring down the cost of your payments. This could make it more manageable to afford repaying debt whilst keeping up with current payments too.
For those who are on certain benefits, there is an additional option to consider: the Fuel Direct scheme. Through this scheme, a portion of your benefits can be used to pay your energy bills directly.
If you are one of these benefit schemes you could be eligible;
This can be a useful way to ensure that your bills are paid on time, but it is important to carefully consider how this will impact your overall budget. Having an amount automatically deducted from your benefits may mean adjusting your spending in other areas to ensure you can manage your finances effectively.
The rising cost of energy is a challenge that many are struggling to cope with, but taking proactive steps can help you manage your debt and ensure that your household remains warm and powered. By communicating with your energy supplier and exploring available options, you can create a plan to address your energy debt.
Managing your finances whilst at university is not always easy, this is why choosing your student bank account is important. Having a bank account tailored to students will help you to manage your money and have flexible access as well an overdraft where you can spend more than you have, when necessary without the worry of interest.
Student bank accounts are tailored to help you manage your finances while you focus on your studies. Unlike standard accounts, student accounts often come with benefits such as interest-free overdrafts, which can be a lifeline when you’re waiting for your next student loan instalment. These accounts typically convert to graduate accounts after you finish your studies, allowing you to retain your 0% overdraft for an additional year, giving you time to pay off any outstanding balance before interest is applied.
Some banks will offer incentive rewards such as cashback or vouchers, some of the perks of being a student is all the discounts on offer.
An interest free overdraft means you can borrow money up to a certain limit, set by the bank without having to pay interest on top. This can help when having to pay for rent, groceries or books even if you are low on funds that month. It is important to use this feature wisely, as whilst it is helpful, this can affect your finances later down the line and lead you to mismanage your finances.
If you still owe the bank a year after you finish university they will begin charging you as well as adding interest.
To open a student bank account, you will typically need to provide proof of your student status. This could include an ID, UCAS confirmation code, or a confirmation letter from your university indicating that you are enrolled. Most student bank accounts require you to be over 18, so be sure to check the eligibility criteria before applying.
While the initial sign-up incentives and rewards can be attractive, it’s crucial to consider the long-term benefits of the account. Look for an account that offers a generous and flexible interest-free overdraft, as this will be more valuable than one-time offers in the long run. Additionally, consider the ease of account management, customer service, and whether the bank has branches near your university. Choosing the right bank account can make saving as a student simpler.
Before making your decision, compare different accounts and read the fine print to ensure you understand the terms and conditions, particularly regarding the overdraft. Your student bank account is likely to be your primary financial tool during your studies, so choose one that will support you throughout your university journey.
Top Student Bank Accounts for 2024
Each of these bank account offer a 0% interest overdraft. Take a look at our 4 picks.
If you are starting college or university this year then you might already be getting ready and making sure you are prepared. The costs of buying all new can easily build up especially if you are moving away from home. Making use of discounts offered to students is the best way to save and make your money go further. This way when you arrive you will have money left over to enjoy.
Saving money as a student can feel almost impossible, but taking advantage of discounts is one way to help.
Whilst individual establishments can offer student discounts, signing up to one or all of these discount site can get you money off of a range of shops, restaurants, gyms, tech, home furnishings and more.
TOTUM is a must-have for students, offering a wide range of discounts across various brands and services. If you are over 16, you can sign up for TOTUM, which is available not only to students but also to those working in educational institutions or completing an apprenticeship or professional qualification.
TOTUM provides discounts from a variety of well-known brands, including TUI, Apple, The Gym Group, Nike, and Vision Express. The card can also be used for discounts on food, travel, fashion, and tech, making it a versatile tool for managing student life on a budget. For a small annual fee, TOTUM offers three different membership levels, with the premium version including additional benefits like ISIC (International Student Identity Card) membership for international discounts. The basic membership is free to sign up and still offers a range of discounts making it worthwhile.
Gain access to hundred of discounts online and in stores. It is free to sign up, all you need is your student ID and credentials. Unidays offer discounts from top brands like, ASOS, Nike, Levi’s, Boots, UberEats, Apple and more.
In store, just show your Unidays ID and get money off. You can enjoy University life whilst on a budget by utilising discounts on offer.
If you can’t find the discount you need on other platforms then sign up to them all so you can be sure you can find an offer on whatever your purchase is.
Discounts include include; Green King pubs, Domino’s, Sports Direct, Dunelm and more. Get exclusive offers and apply the code at checkout.
One of the most valuable deals for students is Amazon Prime Student. When you sign up, you get a free six-month trial, which includes all the benefits of a regular Amazon Prime membership. This includes free next-day delivery on millions of items, access to Prime Video, Prime Music, and exclusive deals on textbooks and other essentials.
After the six-month trial, you can continue your membership at a reduced rate of £4.49 per month, which is 50% off the standard Prime membership. Given how often students rely on Amazon for everything from course materials to dorm room décor, this discount can save you a significant amount of money over your university years.
Music is an essential part of student life, whether you're studying, relaxing, or socialising. With Spotify's student discount, you can enjoy all the benefits of Spotify Premium for just £5.99 a month, which is a 45% discount off the usual price.
Spotify Premium offers ad-free listening, offline playback, and higher-quality audio streaming.
Traveling by train to visit family, explore new cities, or commute to university can be expensive. The 16-25 Railcard is an essential purchase for students, offering 1/3 off most rail fares across the UK.
The railcard costs £30 per year, but frequent travellers will quickly recoup this cost through savings. For even better value, consider signing up for a Santander Student Account, which provides a free four-year 16-25 Railcard. This could save you hundreds of pounds over the course of your studies, making it an ideal option for students who travel regularly.
Furnishing your student accommodation can be costly, but IKEA offers discounts to help students save. By signing up for the IKEA Family account and verifying your student status, you can access exclusive offers, including £20 off when you spend £150 or more, and £10 off a £75 spend.
These discounts can be particularly helpful when buying furniture, kitchenware, and other essentials for your new living space. The IKEA Family account also provides additional perks, such as free coffee or tea in-store and extended returns, making it a great resource for students looking to create a comfortable and functional home away from home.
For students who need a new laptop or tablet for university, Apple’s education pricing offers significant savings on their products. Students can save up to £270 on a new MacBook or up to £80 on an iPad, making it easier to afford the tech you need for your studies.
In addition to discounted prices, Apple often runs back-to-school promotions, such as offering a free pair of AirPods with eligible purchases.
Having access to the right software is crucial for completing assignments, organizing your schedule, and collaborating with classmates. Microsoft Office 365, which includes Word, Excel, PowerPoint, and more, is available for free to students.
To access this offer, all you need is a valid university email address. Once signed up, you can install Office 365 on your devices and use it for all your academic needs. This free access can save you hundreds of pounds over the course of your studies, making it an essential resource for any student.
Don’t miss out on discounts that you can use throughout your student years can live away from home on a budget.
Buy Now Pay Later (BNPL) services are popular among consumers as an alternative way to finance their purchases. In the UK, two popular players are Klarna and Clearpay which both provide users with the flexibility to spread the cost of their shopping over several weeks or months. This makes the purchases much more affordable as users can wait until they are next paid.
It is important to know the pros and cons of BNPL services before using so you are aware of any risks.
Klarna offers several payment options, which is one of its major strengths. Users can choose to pay for their purchases in one of three ways:
One of Klarna’s standout features is its smooth, user-friendly app. The app not only facilitates payments but also helps users track their spending, manage returns, and access exclusive deals. Klarna also partners with a wide range of retailers, from high-end fashion brands to everyday essentials, giving users plenty of choices when shopping.
When using BNPL services it is important to consider the purchase and to ensure you will be able to afford the payments. If you miss a payment by 7 days you will be charged £5 on top of your total. You can be charged a maximum of £10, if you make two late payments.
Clearpay's approach to BNPL is slightly more straightforward compared to Klarna. It offers a single primary payment option:
Clearpay’s simplicity is one of its main attractions. The service is easy to use, with a clear structure and straightforward repayment terms. Users know exactly what to expect, with no hidden fees or complicated financing options.
Clearpay also has a strong presence in the fashion and beauty sectors, partnering with many popular brands. Its app is designed to be user-friendly, offering features like spending tracking and reminders to help users stay on top of their payments.
Clearpay also charges for missed payments, initially the charge will be £6 but after another 7 days of missing the payments you will be charged an additional £6. Fees are capped at £25 or 25% of your total order value.
While both Klarna and Clearpay offer interest-free instalment plans, their key differences lie in their payment structures, additional features, and how they handle missed payments.
Choosing the right BNPL service will depend on your financial situation, the product you are purchasing and your need for flexibility. Both offer valuable services, 38% of Brits used either service in the year to January 2024.
If you remain responsible and are able to make the repayments on time to avoid any fees then this could offer you a great way to finance your purchases making it easier to manage.
You may have heard people around you rejoicing over their extra money paid into their accounts for a tax refund. Whilst it seems great that people are getting an extra few £100’s in their bank accounts this is what they are owed and should have already received.
These refunds are being paid to those who have in some form, overpaid on tax.
One of the most common reasons for receiving a tax refund is an overpayment on tax deducted from your income, either through employment or a pension. This overpayment may have occurred because HMRC assigned you the wrong tax code. Your tax code determines how much tax is deducted from your earnings, so if it's incorrect, you might pay more tax than necessary.
For instance, if you switched jobs or started receiving a pension, your tax code might not have been updated to reflect your new circumstances, leading to an overpayment. Similarly, if you had multiple jobs, your tax-free personal allowance might not have been allocated correctly, causing you to pay more tax than you owe.
Another reason for a tax refund could be overpayment through self-assessment. If you're self-employed or have other sources of income, you may be required to complete a self-assessment tax return. After submitting your return, if it turns out you overestimated your income or failed to claim all the tax reliefs you're entitled to, you could end up paying too much tax. In such cases, HMRC will process the information and issue a refund for the overpaid amount.
If you suspect you've overpaid tax, you can check through the UK government’s website. By signing into or creating a personal tax account, you can review your tax records and determine if you're due a refund.
HMRC typically sends out letters by the 30th of November to those eligible for a refund. If you don't receive a letter, it's likely that your tax payments were correct.
