When your nearest and dearest head off to university, it can be a worrying time for parents across the UK. It’s bad enough if your son or daughter have their heart set on a destination on the other side of the country, but if they are looking at universities in locations such as Spain or Portugal this just adds to the worry.

One of the biggest challenges facing young students today is of course their finances and how they manage these when living away from home, for the majority of students this is for the very first time.

Thankfully, Collegiate have put the following student advice guide together in which we cover the best savings account, how to open account in foreign land and how you can help to monitor their student allowance. Although this may make you feel like a bit of a control freak, this is a great way to put your mind at rest and ensure your loved ones negotiate this tricky period with their finances intact.

What is the best savings account for students?

Whether you like it or not, university is an expensive but rewarding experience. Whether you are concerned parent or a student looking to prepare for what lies ahead, it is important to be aware that no matter how disciplined you are, the decision to study abroad is going to cost a fair amount of cash. The positives to this are of course a fantastic education and invaluable life experience that many students won’t enjoy.

The best way to counteract this, is to set up a student savings account for whilst you are away. This way, as fast as you are spending money during your time abroad, you are at least putting some cash away somewhere for such a time as you graduate.

This may seem overly organised and there will be times when you are short of cash at university when you want to dip in, but by finding a great student bank account you can put bits and pieces in, you will be standing yourself in great stead for the future. If you don’t even know where to start, you may want to check out this great guide to the best student saving accounts for students.

Set a student allowance

Once you have set this account up, you can then start to look at what your student allowance is whether this by week or month. Once you know what loan you are receiving, any income you may get from a student job and any student allowance you may be lucky enough to get from your folks, you can work out exactly what you can spend on an ongoing basis.

Just set your amount, how much you will be stashing in your savings and you will find yourself in a great position, even towards the end of the semester when your less organised friends and peers are struggling.

What else should I remember

A crucial thing to remember, is that you are highly likely to need a student bank account abroad. If you get a job in Spain, Portugal or even beyond then you will lose money and may not even be able to be paid at all into your UK current account. Thankfully, this has become ever so easy.

As you would expect here in the UK, you need the usual documents such as identification, proof of address and some bills. You can also give them your university documentation to show you are studying in the country and the rest should be a doddle. The following is a great resource and if you bank with a high street giant such as Royal Bank of Scotland, you may not even need to move firms.

How to send money abroad

 Finally, if all of this has you anxious and worried as a parent, there are always way you can money to your beloved offspring in the case of an emergency. Modern technology is such these days that this can be done at a click of a button or even on the high street if you are somewhat of a traditionalist.

You can transfer using:

  • Foreign Exchange Brokers
  • High Street Bank Transfer (i.e. Western Union or MoneyGram)
  • Your Bank or Building Society

Again, for more information just read the following article which will run you through each option in detail.

Remember, if you are on the lookout for luxury student accommodation you can trust in a number of Spanish regions, just take a look at some of our available properties here.