Sending a child off to university is a huge milestone, and often involves an equally huge shopping trip! But beyond the saucepans, bedding and stationery, there are some important financial considerations that can make life easier (and cheaper) for both students and parents.
1. Check your insurance first
If your child is taking valuables like laptops, check your home contents insurance. Many policies already include “student cover” for belongings taken to university. Make sure you know what’s covered (including accidental damage) before paying for separate insurance.
2. Look for student bank account perks
Banks compete hard for student customers and some of the offers are generous:
- NatWest / RBS: £85 cashback + a four-year Tastecard
- Santander: Free 16–25 Railcard (worth £115)
- Lloyds: £100 cashback + Deliveroo vouchers (with qualifying activity)
- Nationwide: £100 cashback + £120 Just Eat vouchers, with extra rewards for referrals
These perks can add up quickly, especially with railcards or food vouchers that students are likely to use.
3. Beware of hidden costs
- TV licence: Students may still need one — check the rules on the BBC website.
- Subscriptions: Make sure you’re not paying twice for streaming services already covered by the family account.
- Credit traps: Buy-now-pay-later schemes like Klarna can encourage overspending. Advise your child to steer clear.
4. Save money with smart choices
- Share or buy second-hand textbooks (Facebook Marketplace, eBay).
- Always ask for student discounts. Many shops offer them, even if not advertised.
- If your child needs regular prescriptions, look into an NHS prepayment certificate to cut costs.
5. Travel savings
If your child doesn’t open a bank account that offers a railcard, consider buying one separately — they save a third on rail fares. Handy for trips home!
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University is the start of a big new adventure. With a few smart financial moves, you can make sure your child is set up for success — and you won’t end up footing unnecessary bills.
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