Managing your money will be one of the biggest challenges when you're a student

Financial support

The handy student finance calculator at www.studentfinance.direct.gov.uk can help you to work out the financial support you can get. Two loans are available to full-time students: one to cover the full cost of tuition fees  up to £3,290 for 2010/11, and a maintenance loan towards living expenses of up to £4,950 if you live away from home (£6,928 if in London) and £3,838 if you live with your parents. If your household income is below £50,000, also apply for a maintenance grant of up to £2,906 for 2010/11, which you don't have to repay – you should get the maximum if your household income is below £25,000. Student packages differ in Wales, Northern Ireland and Scotland. For respective details, visit www.studentfinancewales.co.uk, www.studentfinanceni.co.uk and www.student-support-saas.gov.uk.

Bank accounts

The banks are out to lure you with perks on their student accounts, but don't be swayed by useless gimmicks. The size of interest-free overdraft on offer should be the deciding factor when choosing an account. Most allow you to go overdrawn for free up to an agreed limit. When it comes to freebies, only go for those you'll really use.

Budgeting

If you're going to manage to live on student loans, plus any grant and money from parents, you will need to budget. Try using an online student budget calculator such as those offered by Ucas at www.ucas.ac.uk and Brightside Uniaid at www.studentcalculator.org.uk. Then take these tips:

• When going out partying, take only the set amount of cash you're happy to spend and no plastic cards.

• Flash your student or NUS card to get all the discounts you can. If a discount isn't offered, ask for one.

• Before you buy anything, ask yourself: Do I really need it? Can I afford it? Is this the cheapest price? If any one answer is no, don't buy it.

• Check out the best-value contract and pay-as-you-go mobile deals for students at specialist websites such as www.mobilephones4students.co.uk and www.studentphones.co.uk. And sign up to Skype (www.skype.com) for free calls from your PC.

TV licence

You need a TV licence to watch or record programmes as they're being shown on TV, whether you use a laptop, mobile phone or any other device. A licence covering communal areas in halls of residence won't cover your room. If you live in a private shared house, you only need one licence between everybody unless you have a separate tenancy agreement for your room, in which case you need your own. But you don't need a licence at all if you only watch downloaded or streamed TV after it has been broadcast, using websites such as YouTube and Bebo and on-demand internet services such as iPlayer. You can apply for a refund if your licence is still valid for at least three whole months and you no longer need it. Visit www.tvlicensing.co.uk/check-if-you-need-one/for-your-home/students-AUD1/ for details.

Tax

If you work for an employer during term-time, you'll pay income tax on any earnings over your personal allowance (£6,475 for the tax year 2010-11). You'll also pay national insurance contributions (NICs) if you earn over £110 a week. Both are deducted from your wages under the Pay As You Earn (PAYE) system. If you are a full-time student and only work in the holidays and your total income for the year is below the personal allowance, you won't need to pay tax through PAYE if you fill out form P38(S) – ask an employer for one or download it at www.hmrc.gov.uk/forms/p38s.pdf. If you think you've paid too much tax, use the student tax checker at www.hmrc.gov.uk/calcs/stc.htm.

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