Managing Your Money
The very first thing that you are going to have to do as a student is make sure you have the finances in place to last you through your student years. That is going to mean spending a lot of time putting together a securing a source of income and then also putting together a strict budget in regards to spending the money you have got.
With that at the forefront of your mind we have put together the easy to follow guide that will pass onto you some valuable hints and tips in regards to managing your finances, so please do spend some time reading through it and then sit down and put together your own personal spending budget for the year ahead!
Student Loans – Obviously the one thing that may prey heavily on any student’s mind is their student loan, however that loan does have to cover you for every aspect of your student life and as such please do not look at it as a sudden windfall!
As student loans will eventually need paying back then you should get lots of advice in regards to the best way to use those funds, and there are of course lots of resources you will be able to make use of throughout this website and the blog postings we have put together for you.
Woking as a Student – There can be some benefits of you getting a part time job when you are a student, however keep in mind that there will be lots of other students also looking for part time jobs in the area you will be studying in.
So if you know which college or university you will be studying at then the sooner you apply for any vacancies that may be available in those areas the more chance you will have securing a job in that area!
You will find that there are also tax breaks for anyone who is studying and as such you will not find that you have to pay as much tax or in fact any tax on any income you derive from taking a job, which really will come in handy if you are surviving on a very strict budget.
Bank Accounts – One thing you will have to get if you do not already have one is a bank account, and all banks in the UK will have some form of specialized student bank account in the offering, and as such you should spend some time researching just which types of bank accounts are available to you as a student.
You will often find that most student based banks accounts will give you access to a free overdraft or a loan, however that extra source of funds should not be looked as free money as by drawing on an overdraft will ofcourse see you having to pay that money back at some time in the future!
There will also be a range of additional extras attached to most student based banks accounts, and as such make list of what is being offered by all of the major banks and then opt for the one that is going to be best suited to you.
Food Costs – You will of course need to eat as a student living away from home, and one way that you can dramatically reduce the cost of your weekly shop is for you to pool your resources together with other students and then take advantage of any special promotions local supermarkets are offering.
With buy one get one free deals and a gaggle of additional promotions it will be possible for the savviest groups of students to pool their resources and make some tremendous savings on the items they do wish to buy each week, and do make sure that is something you do instigate doing with any people you are living with!
Socialising Costs – Now one aspect of you becoming a student who is living away from home for the very first time is that you will of course want to get out and about and socialize with your fellow students, and being able to afford to do so can be quite costly at times!
Do consider joining up to any clubs or social groups that may appeal to you at the college or university that you are studying at as they often have student discounts available and always carry your student card around with you as you will never know when that card will be coming in handy for getting discounts!
Travel Costs – There are plenty of special discounts that are going to be available to you as a student, much more so in regards to travel costs, so if you do plan to use public transport whether on a bus or train then there will always be plenty of offers available to you.
Make sure that you always consider buying a student travel card if you are required to or will be travelling about a lot as they can massively reduce the overall cost of your travel! In fact, many colleges and universities also lay on a range of complimentary vehicles in certain circumstances too.
Avoid High Cots Finance – One thing that we would strongly advise you to steer well clear of are payday type loans, the amount of interest you will be required to pay when you take out such a loan will be huge and many students have got themselvesinto severe financial difficulty when taking out such loans.
You will find that you are going to be best off using a free overdraft facility that your bank may have offered you. Also if you are tempted to apply for a credit card then the only time you should use the funds available to you on that card is when you can comfortably afford to pay them off when the next bill comes in, as you will then avoid paying interest on any funds you have used on a credit card if you pay the bill off each month.