Student budget planning: I'm a finance expert - these are my student budgeting tips to save and thrive at uni

• University life offers freedom and excitement but comes with significant financial challenges
• The stereotype of the "broke student" is common but can be avoided with smart budgeting
• Effective money management can help students enjoy university without constant financial stress
• Amy Knight, a personal finance expert from NerdWallet UK, shares her advice on student budgeting

As we get deeper into September, students across the UK are preparing to start or return to university life.

While this exciting time brings newfound freedom, independence and endless social opportunities, it also presents a financial challenge.

The stereotypical image of the skint student living on instant noodles and bargain pints is well-known - but it doesn’t have to be your reality.

With a bit of planning, discipline and smart money management, you can enjoy your university experience without constantly worrying about your bank balance.

To help you make the most of your student budget, Amy Knight, personal finance expert at NerdWallet UK, shares her six essential tips for saving and budgeting throughout the academic year.

Make a budget

“If this is your first experience of living away from home, a budget will be key to starting your independent adult life on a firm financial footing.

“If you’re not sure where to start, try the 50:30:20 method, where 50% of your monthly budget goes on your ‘needs’, 30% on your ‘wants’ and the remaining 20% can be used to clear debts or build up savings.”

Think about how to split the bill

“Combining groceries with mates can be more economical than shopping and eating alone, but often takes some negotiating when everyone has different dietary needs and attitudes to money.

“Don’t be peer-pressured into spending beyond your means – true friends will respect you for your mature approach to setting financial boundaries.”

Open a student bank account

“Student bank accounts can help you manage your cash flow with apps making it easy to split bills between housemates. Many student accounts come with perks, from free Railcards to cashback.”

Watch out for interest-free overdrafts 

“Generous 0% overdraft limits are attractive and can help you manage your cash flow. But pay attention to when the interest-free period ends and remember that overdraft borrowing can affect your credit score.

“While overdrafts can relieve financial pressure between student loan payments, maxing out what you can borrow could result in a greater burden of student debt at the end of your course, when the interest kicks in.”

Stash some cash for emergencies

“If you’re working before uni or plan to work part-time while you study, building up a pot of emergency savings can provide a debt-free solution for dealing with unexpected costs.

“Consider an easy-access account that you can withdraw from quickly if you need to, but try not to touch this money day-to-day.”

Consider a credit card

“Used responsibly, a student credit card can be a good way to build up your credit score for life after uni. But, it’s important to remember that any balance you carry over at the end of your course will make clearing your student debt harder.

“Existing HSBC student account holders can get a student credit card with a £500 limit and no annual fee. Santander’s Edge credit card offers a higher limit of £1200, but requires you to have a minimum income and charges a £3 monthly fee.”

Amy Knight is NerdWallet UK’s personal finance expert.

Whether you have your own money-saving hacks or questions about managing your finances at university, share your thoughts and experiences in the comments section.