Sending your child off to university is one of life’s proudest moments. It’s a milestone that represents independence, opportunity, and growth. But it can also bring one of the biggest financial shifts for families. From tuition fees to accommodation, travel, books, and daily living expenses, back to university costs can quickly add up.

As a parent, you want to support your child without creating financial stress for yourself. The good news is that with planning, conversations, and a few smart strategies, you can help your child save for university while also giving them financial confidence for life.

In this guide, we’ll explore how parents can support students financially at university – from setting realistic budgets to encouraging savings habits, and how tools like OakNorth’s Easy Access savings accounts can provide both flexibility and security.

Why university is a big financial transition

For many students, starting university is the first time they’ve lived independently. They’re responsible for paying rent, managing food budgets, buying course materials, and handling unexpected costs. While some rely on student loans, many quickly discover that stretching that loan across an entire term is harder than expected.

As a parent, this can mean:

  • Getting emergency calls asking for money halfway through term.
  • Worrying whether your child can manage bills responsibly.
  • Feeling unsure how to balance financial support with encouraging independence.

That’s why student finance planning isn’t just about numbers. It’s about building resilience and confidence in money management.

The role parents can play

Parents often walk a fine line: providing financial support while also letting their children learn to manage money themselves. Here are some of the most effective ways to help:

1. Set expectations early

Before term begins, sit down and map out expected costs together. This includes rent, bills, food, travel, course materials, and social spending. A clear conversation upfront helps your child see the bigger picture.

There are many budget planning resources out there – including the UCAS Student Budget Planner and Save the Student’s Budget Worksheet – which are great starting points.

2. Encourage regular saving

Even small amounts can make a big difference. For example, setting aside £20 a month into a dedicated Easy Access savings account builds up a pot for emergencies without locking money away.

This introduces your child to the discipline of student savings – showing them that saving consistently, even in small amounts, adds up over time.

3. Provide a safety net (without enabling overspending)

A separate savings pot for genuine emergencies can give peace of mind to both parents and students. The key here is to frame this as backup support – not a top-up for everyday overspending.

This way, parents supporting students financially at university can feel reassured they’ve provided a safety net, while still encouraging independence.

Understanding the costs of university

Before diving into saving strategies, let’s look at where money typically goes. According to the Save the Student Money Survey 2022, the average UK student spends around £924 per month outside of tuition fees. The biggest categories are:

  • Accommodation (rent and utilities)
  • Food and groceries
  • Transport and travel
  • Course materials (books, equipment, laptops)
  • Socialising and personal spending

By breaking costs down, you and your child can work together to create a realistic budget and spot where savings habits could help most. A handy tool to check out is What Uni’s budget calculator which can estimate living costs from accommodation to bills and more.

Smart saving tips for parents

1. Encourage a savings mindset early

Even before your child heads to university, you can help them establish the habit of saving. For example, encourage them to put aside a portion of their summer job earnings into a savings account. This not only creates a cushion but teaches the principle of paying yourself first.

2. Make Use of flexible savings accounts

University life is unpredictable – and that’s where Easy Access savings accounts can be especially useful. Unlike fixed accounts, they allow students (or parents supporting them) to withdraw funds instantly without penalty.

This is ideal for:

  • Emergency train fares home.
  • Replacing a broken laptop.
  • Covering unexpected rent increases.

For parents, setting up a joint or linked account makes it easier to provide backup support when truly needed, while also giving your child responsibility for day-to-day management.

3. Budget termly, spend weekly

Students often receive their loans in three instalments across the year. The challenge? Making that lump sum last through the term.

As a parent, you can encourage your child to:

  • Transfer a portion into a savings pot at the start of term.
  • Create a weekly budget for essentials.
  • Track spending with free budgeting apps or the UCAS Budget Planner.

This approach breaks down overwhelming sums into manageable chunks and is one of the most effective budgeting tips for students living away from home.

Another common mistake is keeping everything in a single current account. Encourage your child to separate money into:

  • A spending account (for day-to-day use).
  • A savings account (for goals, emergencies, or bigger purchases).

4. Plan ahead for large expenses

Train tickets, society fees, or textbooks: these are easy to predict. Saving little and often can reduce stress later on.

If you know the money won’t be needed until a set date, a Fixed Term savings account or a Notice account could be a smart option.

5. Create an emergency fund together

Unexpected expenses are part of student life. Agreeing on a joint emergency fund, even a modest one, can reduce stress. This could sit in an Easy Access account, so funds are available instantly if needed.

Some parents also encourage their children to consider saving a portion of student loan for emergencies, putting it aside the moment the payment arrives.

6. Support but don’t micromanage

It’s tempting to jump in and fix every financial problem. But the university years are about learning independence, including financial independence. Offer guidance, set up tools that encourage good habits, but allow your child to make decisions (and even small mistakes).

This balance is at the heart of how parents can support students financially at university – offering guidance, without micromanaging.

Seasonal tip: plan early

Seasonal financial planning is especially relevant and creating a plan before term begins helps avoid last-minute scrambles.

Some seasonal strategies include:

  • Starting a dedicated back to school/university savings pot in January.
  • Using summer earnings or birthday money to top it up.
  • Reviewing budgets in September and January, at the start of each term.

The OakNorth approach: transparent, flexible, fair

At OakNorth, we design savings products that are simple, transparent, and flexible, whether you’re saving for your child’s future or helping them save for themselves. This includes:

Please note: You must be 18 or over to open an OakNorth savings account.

Not sure on the account that’s right for you? Check out our handy guide on how to pick the right savings account for your needs.

What parents (and students) gain from saving

Helping your child save isn’t just about avoiding emergencies — it sets them up for the long run. Benefits include:

  • Confidence managing money.
  • Fewer panicked calls home for help.
  • Lifelong habits that support future goals.

For parents, it means peace of mind, knowing they have a buffer to rely on.

Looking ahead: beyond campus life

The habits formed at university shape financial decisions for years to come, from renting their first flat to saving for postgraduate study or even buying a home. By encouraging good habits now, you’re giving them a stronger financial foundation.

Conclusion: support that builds confidence

University is a big step, for both students and parents. By building saving habits, planning ahead, and using smart tools like Easy Access or Fixed Term savings, you’re giving your child a head start with money.

The goal isn’t to solve every problem, it’s to help them face challenges with confidence.

Help your child prepare financially for university with smart saving habits and start building a buffer today.

Explore OakNorth’s Personal Savings accounts