Going to University in 2012 is an exciting and possibly expensive prospect.

It does provide students and parents with an excellent chance to either learn or revisit some of the valuable money saving habits that can stay with you for a lifetime.

Shop around for a good bank account. Banks are usually all over students trying to get their ‘business’. That’s because students make great business sense. Banks have done their research and know students, on average, will remain customers for many years after leaving University. So when looking for a good student account make sure you shop around for the best deal. Also, shop around again at the beginning of your second and third years.

Set a budget for how much you can afford to spend. Yes it is University and you want to experience everything that everyone else is doing. But knowing how much you can afford to spend in a week and sticking to that will actually help you enjoy every week, as opposed to blowing it all in freshers week then having to worry about every penny for the next few weeks. Be consistent with your spending and you will guarantee yourself a consistently good time!

If you are thinking of taking a car to University then think again. It may be convenient or even cool to have a car but it is also pretty expensive. The money you could spend on other, more interesting things, on yourself is probably a better spend.

Be realistic. Some people get too excited about going to University and start blowing a whole load of cash on all sorts of different things like there is no tomorrow. Unfortunately when they wake up the next day they will realise they have a huge debt and possibly even no degree. The best way to enjoy University is to be mature about what you want out of it. Yes, you want to have a great time. You also want to earn your degree and get a good job. That will take time and discipline. Use all of these characteristics to be realistic about your University experience because when you walk away from graduation with a degree, some great memories and plenty of life lessons to take with you then you will know that experience was worthwhile.

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Blog by Jaskarn Pawar

Jaskarn Pawar is an experienced and award winning Chartered and Certified Financial Planner. He advises people all over the UK on financial planning and wealth management issues to help them reach solutions to fit their personal needs. You can contact Jaskarn on 01604 211234 or by e-mail on jaskarn@investorprofile.co.uk