Student account holders 'must set budget immediately'

Students have been urged to set themselves a strict budget immediately after going to university.

Student account holders should prioritise setting a strict budget as soon as they begin their university course.

That is the advice of Paul Lewis, vice president of Credit Confidential, who has called on scholars to start as they mean to go on in terms of their personal finances.

Many individuals moving way from home for the first time are tempted to overspend on their current account balance by not being prudent with their student loan allowance, but Mr Lewis urged them to avoid frittering away all their cash immediately.

Instead, he stated it is "increasingly important" for students to "work out how much they've got to spend and ration it out per week and per month until the next injection of cash".

This comes after Credit Confidential found that 2011 freshers are seemingly being wiser with their money, as 24.8 per cent of the 756 surveyed indicated they are spending more on academic texts than their 2010 predecessors.

By Nate Sawyer