It might be tempting to spend all your student loan at once, but making a budget (and sticking to it) is a sensible idea!

To make a budget:

1. Write down your outgoings (rent, bills, groceries, laundry costs etc).

2. Write down your income (student loan, money from work).

3. Use our budget tool.

Top tips for budget planning:

· Have your bank statements or banking app to hand.

· Keep a spending diary.

· Be as realistic as possible with your figures.

· Include spending that happens occasionally.

· Don’t forget about student discounts — you can get a NUS discount card and use the TOTUM app.

If you’re thinking about borrowing money, there are things to consider before you do:

· Make sure you shop around for the best deal.

· Look at the total amount you’ll have to pay back including any fees and interest.

· Never borrow money at the spur of the moment.

Most student bank accounts offer an interest free overdraft — however this will only be free when you’re a student!

Some other bank accounts might have benefits such as Amazon vouchers or a free railcard. Shop around to find the best deals.

If you have a free overdraft, you should use this before using other forms of credit.

Buy Now Pay Later is a type of credit product which allows you to delay payment of items and pay in instalments.

Before you use it, make sure you check the small print to know what you’re getting into. Don’t commit to something you can’t pay back.

If you’re late or miss a payment, there might be late payment fees that you might have to pay.

Most full-time students can get a tuition fee loan to cover the full cost of tuition fees and a maintenance loan to cover the cost of living expenses.

Maintenance loans are means tested so you’ll get more if your household income is lower.

You might also be eligible for a bursary which won’t need to be paid back. You should check with your university or college.

You can contact Citizens Advice North Herts via northhertscab.org.uk and Citizens Advice Stevenage via stevenagecab.org.uk.