Expenditure

Living costs

For all students the biggest expenditure items will be the regular living costs, such as accommodation, food and drink, travel and, perhaps, even some clothes. There is much evidence to suggest that most university entrants don't know what it costs to be a student and can seriously underestimate their expenditure by as much as 50%. An increasing number, particularly in London, are staying at home and travel daily to a nearby university and that is probably the cheapest option. Buy only what you need, including the occasional treat, and don't be tempted by "two for the price of one" when you did not even want one in the first place. Local markets are good for fish, fresh fruit and vegetables, charity shops like Oxfam for clothes, and the students' union for stationery. If you are sharing, you might even be able to engage in a spot of discounted bulk food buying with fellow residents and hence stretch the money further. This may be stating the obvious but some supermarkets are much cheaper than others so, if possible, shop around. There are travel costs, too, where most students rely on public transport, not just between home and university, perhaps two or three times a year, but also from your accommodation to the university every day. As a general rule, the cost of living is lower the further north and west you choose to study in the UK.

Next come costs associated with course work and the essentials: books, stationery, equipment and perhaps fieldwork or electives, here and overseas. After all, you are at university to get a degree! Such additional course work is often compulsory, and whilst you might get some financial support for this it is unlikely to meet the full costs of a language year, medical elective, or archaeological dig overseas or a residential geography field trip away from the university. The recommended reading list might be long and expensive. You would be well advised not to rush out and buy the lot but rather get to know how to use the library at the earliest opportunity. Students' unions often organise second-hand book sales and access to the internet is easy and free via the university network. Are some textbooks you want available through these sources, at the very least to buy at discount prices? Or is it feasible to share books with a fellow student?

But university most definitely shouldn't be all work. Again, the students' union will cater for play in all its guises at a fraction of the cost demanded by commercial providers. In fact, university is a great time - perhaps the only time - to pursue the most common or esoteric of interests at a price you can easily afford. However, expenditure on the social scene, whether it be the launderette, cinema or nightclub, drinking or occasional eating out, is still likely to be a significant cost for most students. In most UK university cities and towns, student social life Is subsidised with special discounts and offers for cinemas, theatres, nightclubs, bus/train travel, books and equipment. Find out about what Is on offer at open days and visits, or by taking a look at the university/students' union website.

Phone bills can be another sizeable item, especially if you ring the old folks at home or that distant loved one for an hour or so every day and they happen to be in Tokyo or San Francisco! Competition for your custom is fierce and the students' union may well be able to advise on the best deals amongst a growing army of call providers. Selecting an appropriate package for your mobile from the many options available will also be important.

Insurance

Most students own desirable items like portable televisions, CD and DVD players, laptops, mobile phones and bikes, and a third of them fall victims of crime. Even so, recent surveys have shown that many students are uninsured or under-insured. Insurance cover is essential and might be possible under existing parental policies at home. If not, there are a number of insurance companies which tailor policies to student belongings and lifestyle. Premiums are usually linked to postal codes, and university residences often provide cheaper cover than private houses. It is worth the precaution of photographing expensive items and keeping serial numbers in a safe place. Some insurance companies offer a special policy for international students to cover goods in transit and emergency travel.