Saving money at university
For students, saving money at University should be a priority aside from getting good grades and having a good time. Here are some ways to save money at University:
• Have a budget of your own - having a plan on how to spend the money aside from tuition fees and all miscellaneous fees at university, will certainly make life easier. List all the necessary things to buy and stick to the budget. Try not to deviate from this plan, but be realistic too. Leave yourself some money aside for entertainment and having fun - thats what university is about!
• Do not spend too much money on food - Obviously eating well is still important, but you can be frugal with your shopping habits. Be practical when buying some foods as there are ways to save on your shopping bills, buy purchasing lesser brands. This also includes making your own tea or coffee and not paying someone £2.50 for the priviledge. The same goes for lunches, why not make your own food and bring it into university with you.
Buy second hand books to save a small fortune at university
• Always find good deals for books - inevitably, books are part of student’s life. Without them, knowledge would never be sufficient enough. Canvass bookshops to find which ones are cheapest, shop around and look on notice boards to find second hand text books from ex students.
• Do not spend too much on fashion - if you are to treat yourself, always find fashionable clothes which will not cost you too much. There are often vintage or discount clothes stores where you can do both.
Fashion is not about how expensive your clothes are, it is about style and how you carry off what you are wearing.
As a student, you should aim to do well to give you the best chance of success in the future. Remember that you can have all you want if you finish your studies, stay out of debt and work hard.
Tackling Student Debt
As the new student year is on the horizon, many students will soon realise that university life is not cheap. Despite the increasing expense of further education, there are numerous was to stay in the black and enjoy yourself while you are at it!
If you are about to start university this autumn you could graduate with on average £30,000 in personal debt over the course of your studies. With an estimated expenditure of £10,000 per year over the course of a 3 year degree, there are numerous ways to help cut this figure and reduce your overall level of debt.
Being intelligent with your accommodation choice is just one way to save money over the course of your student career - “Consider staying in shared halls during your second year, not just your first year” suggests Amy Holt, a third year student at Birmingham University. The tendency to move into private accommodation may be somewhat appealing during your later university years, but this can often come with added costs.
It is estimated that students spend around £2,900 on accommodation in their first year of university, rising to £3,300 in second and third years. A saving of around £300 over a year may not sound like much but over a 5 year degree this can be a considerable reduction in your student debt levels - which makes the appeal of university subsidised accommodation an attractive prospect.
At some point, you may find yourself contacted by a debt settlement company, but this is not always as intimidating as it is made out to be. Keep in mind there are laws that these companies must adhere to, and they are acting on behalf of whoever your debt is owed to. If you are courteous and professional while speaking to a representative, they should return the favor.
Along with some of our other money saving tips, we will be continuing a series of student debt management ideas to keep your debt levels to a minimum during your student years.
Student Bank Accounts
If you have ever been a student, then you are probably used to being short on money. Student debt is becoming a major strain on young individuals within education, and it is extremely important to learn how to control your finances while in further education. Otherwise, you may find yourself coming out of university with more debt than you can afford to repay.
Luckily, in most circumstances, student loans are only payable back to the Student Loans Company when a postgraduates salary reaches around £19,000 per year (or £1,250 per month takehome, after tax and National Insurance has been deducted.)
Banks within the UK are extremely keen to attract student accounts, this is because although they make very little on the accounts by offering interest free overdrafts, they can often secure long term customers once the students graduate. They are also willing to offer student credit at attractive rates to encourage reckless spending. Be wary of your bank offering you attract, low limit credit cards, instead focus on managing what money you do have correctly rather than amassing a large credit card bill.
As consumers rarely change their banking providers in later years, getting students to sign up for a current account before they start earning big salaries is a no brainer. With that in mind, be sensible and don’t be drawn to a student account which offers cheap perks. Carefully study their interest rates, overdraft charges and any other additional fees which may affect you after you graduate.
As long as you don’t blow your student loan in freshers week, student loans and student bank accounts can be a fantastic way to get you through university without ammasing a large level of debt.
