Check out our favourite tips for managing money sensibly

When that student loan drops into your bank account it can be difficult to resist the urge to splash the cash. However, with a little bit of self-control and organisation you could be well on your way to a good balance between saving and spending. 

It might seem tricky to get going, but by following a few steps you could form healthy habits to keep you clear of that dreaded overdraft. 

Budget

No-one likes the word budget, but it's essential that you know how much money's coming in, and how much is going out. First of all, work out how much money you've got coming in (this could be on a semester or monthly basis), then take away your committed spending (stuff like rent and bills) and finally allocate how much you can afford to spend on each area of your spending. 

It's also a good idea to review your spending every month to make sure you're not spending too much. Want more tips for creating a budget?

Get yourself a student discount card

If you're a sucker for a bargain, then you'll have to get a TOTUM card. The student discount card can be bought for £14.99 for one year, or just £24.99 for three years! The card gives you discounts at lots of popular retailers including Asos and Amazon. There's also UNiDAYS, which also gives you money off a range of your favourite stores, but instead is digital and free. 

Have more than one bank account

To help you organise your spending money from your rent/bills money, one option is to create another bank account. Have one as your spending account and the other for all your outgoings - this way you know you won't be dipping into money that needs to be sent elsewhere. Digital banks such as Monzo allow you to create pots inside your bank account to ring-fence your funds, and even allow you to pay your bills directly from the pots. 

Get a railcard

It's likely that you're going to be using the train a lot whilst you're at university, so why not get yourself a 16-25 railcard to save you 1/3 on all of your train journeys? The cost for one year is £30, or you could buy a three-year railcard for £70. If you're studying a long way from home, this could pay for itself in one journey! It's a no-brainer if you use the train often. 

Shop smart

Your student loan isn't going to go very far if you're shopping in the most expensive places. For your food shop, try Lidl or Aldi instead of Morrisons or Sainsbury's and you'll soon see the savings roll in. Also, before you head to the shops make sure you write a shopping list and try to plan your meals for the week - this will help you to avoid wasting money and food. A meal plan is a great way of organising your meal choices throughout the week and will give you a clear idea of exactly what you need to buy at the shop.

Happy saving!