Freshers' week is over, lectures are underway, and for a lot of new students, that first loan instalment has already taken a serious hit. If that sounds familiar, The Cumberland Building Society is offering practical advice to help students get a grip on what's left in the pot for the rest of term.

For many, this is the first time they've had to budget, pay bills or split costs with people they've only just met, and the first few weeks away from home are exactly when it's easiest to lose track. The Cumberland has pulled together its top tips to help students
steady the ship now, rather than wait for it to become a bigger problem later in term.

The Cumberland said: “If you've already spent more than you meant to in the first few weeks, you're in good company, most students have. The worst thing you can do now is avoid looking at it. The best thing you can do is find out exactly where you stand today.

“Work out what's actually left of your loan for the rest of term, then map your fixed costs, rent, bills, travel, against it. It might feel uncomfortable for five minutes, but once you know what's left over each week, you're far less likely to be caught short
before the next instalment lands. A reset now is much easier than trying to claw things back in November.

“Set up a direct debit for anything regular, so it's never something you forget. Know your due dates and keep a small buffer in your account for the days before a bill goes out. Missing a payment because of poor timing, rather than a lack of money, is one of
the most avoidable mistakes students make, and one of the easiest to fix once you spot it.”

Many students will also be sharing living accommodation with people they've only just met, which comes with its own challenges.

Conversations about money can feel awkward, especially a few weeks into a new living situation, but avoiding the conversation usually causes more friction than starting it late. Setting expectations now, even if you didn't get round to it in week one, keeps
shared living costs manageable rather than a source of tension.

The Cumberland added: “Agree how shared costs work now if you haven't already, not after the first argument. A shared kitty, a pot everyone pays into for household costs, or a splitting app for bills and food keeps things transparent. It's never too late to
set this up properly, and it stops small disagreements building up over the rest of the year.

"Getting a handle on money now sets habits that last well beyond university. Whether you're seven or seventeen, the earlier you feel in control of money, the better.”

Building financial confidence early is something The Cumberland takes seriously. As part of its wider commitment to its communities, the building society is partnered with FutureJam, which delivers financial literacy workshops to primary school pupils across
Cumbria, Lancashire and South West Scotland.

The Cumberland offers a range of savings and current accounts designed to support students as they manage money independently for the first time. Students who want extra support with budgeting or money worries can speak to their local branch team or visit our
website for further guidance.