Students have been advised to create a budget in order to spread their finances out over the year.
Alison Ahern, Director of Student Services at Goldsmiths University of London, told The Independent the best way for students to keep track of their money is to write their budget down on a piece of paper.
She said: “Spreadsheets are too complicated. On one side, put down how much you get coming in. Against that list all your outgoings in order of importance – accommodation, travel costs, food and so on.”
Ms Ahern advised students to work out how much they have to spend every week and only take out that money from their bank account, plus a little extra to spend. This way students only spend what they have available.
This comes after Joanne O’Connell wrote in The Guardian that the amount students spend at university these days has climbed significantly since she studied at Lancaster University 20 years ago.
She wrote that she left university with credit card debt while “students heading to university this autumn will leave with something more like a mortgage”.