The new year is here and with it comes the tinkle of coins dropping into your bank account. Your January loan instalment is a welcome influx of cash as the new term starts after Christmas.

But even though your bank account is feeling a bit healthier now, money worries can still at the back of your mind. No doubt about it, student finances can be hard to juggle but DON’T PANIC – here at The Student we’ve been there before and are ready to offer you some guidance.

Blowing Your Cash

It’s all too tempting to blow your loan immediately on a Wii/ new shoes/ TV but remember that this money has got to last you all year, not just until next week. Rent and food is much more important that the latest Playstation package. The biggest chunk that will come out of your loan is your rent, so set this aside as soon as you receive your money and pay your landlord as soon as you can.

Next, take a look at the other bills you have coming out over the next few months – phone, TV licence, insurance? Bear this is mind and again set aside enough to cover them – if you can pre-pay the total sum instead of monthly installments then maybe you should consider doing this so it’s sorted and you can forget about it.

Yes, it’s tedious, but set yourself a weekly budget based on how much you predict you’ll spend and what you can afford. Include food, going out, beauty products, clothes and anything else you might spend your money on. Be strict with yourself – if you can’t afford to go out one weekend then don’t! And do you really need that new top?

Safety Net

It’s almost inevitable however that you will run out of money at one stage or another. Your overdraft is there to rescue you but don’t depend on it – at the end of the day the money isn’t really there and the further you dip in the harder it will be to get out. Many student bank accounts have an interest free overdraft which is fantastic, but be careful if yours doesn’t as the interest doesn’t bear thinking about!

Credit cards are tempting but remember that you do have to pay them off to avoid interest charges. Set a low credit limit of about £100 to avoid going in too far.

Your savings will undoubtedly take a beating whilst you’re at uni but try to stay away from them for as long as you can. Just remember how long they took to build up and they will come in useful in the future!

Help Yourself

Look out for deals and savings. Many places offer a student discount so take advantage, and when out food shopping choose the cheaper stores and products. Try to take a packed lunch to uni with you – it’s so much cheaper than buying lunch out every day.

A part-time job can work wonders – a monthly influx of cash for just a few hours’ work a week. Not only will you reap the financial rewards but you’ll meet new people, gain valuable CV experience, have the option to work extra hours in the holidays and maybe even secure a job for after uni. There’s loads of students jobs in the city, from shops to bars to pizza delivery. Hand out your CV and see where it gets you.

Help Is At Hand

If it all gets too much then there’s no need to feel alone – help and advice is readily available at your union, or give Samaritans a call – they’re ready and waiting to listen and give you some much-needed support.

Samaritans: 0114 276 7277
Sheffield Hallam Union Advice Centre: 0114 225 4148
University of Sheffield Union Welfare Officer: 0114 222 8613