There are several huge differences between your fresher’s year and year two of your degree. Where you live is one of those things. Most first years live on campus and have inclusive bills. That changes in year two, especially if you live in private accommodation with a group of friends.

Academic differences aside, there are less exciting issues but stuff you must consider.

Variable vs fixed utility cost

What type of electricity or gas cost do you require? With a variable rate, the cost of each utility will fluctuate, maybe even month by month, depending on wholesale prices. This can go either way – up or down, either costing you or saving you more. Flat rate tariffs give you that certainty for the duration of your contract, but you could end up paying more if wholesale prices drop. The last few years have seen massive fluctuation in prices, so consider this carefully.

Economy 7 and 10

If you’re living in a more modern property with no gas supply, there’s a strong possibility you’ll have either Economy 7 or Economy 10 contract options. What are these? For 7 or 10 hours each day, you’ll have access to a cheaper electricity rate (usually overnight). But wait… you need to become evangelical about making best use of this as the daily tariff will be much higher as an offset. Everyone needs to get onboard charging devices overnight and utilising the cheaper rate as much as possible or it could cost you more.

Water rates vs meter

Slowly, properties are being moved to water meters. Providers have encouraged it for years though you will still find some on a water rate. Rates work out and charge the average of what is expected for a household based on the number of bedrooms and the expectation that all those rooms will be filled. Meters measure precisely how much water you are using and charges you accordingly. There are benefits and drawbacks to both – the wrong choice could end up costing you more.

Broadband package choices

Names vary and so you won’t find a standard name or type across all providers. For the penny-pinching student, it’s tempting to go for the cheapest package available. However, this could be a false economy with three or four other students in the property. That bandwidth is going to get used up very quickly. Plus, some of the cheapest packages may come with longer contracts (including exit fees) and limits on monthly usage. You may need to pay extra for more bandwidth. Go for a better package.

These are all important considerations for students on a tight budget. Taking the time to research your choices and making the right decision can save money at a time when every penny counts.