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University – manage your money
All Areas > Education, Training & Employment > Education & Employment
Author: Bex Bere, Posted: Sunday, 24th September 2017, 08:00
You’ve got the place and course you wanted at uni and the first year is one of excitement, apprehension but also the inception of independence and financial awareness. Getting a degree is expensive, but making every penny count lets you squeeze every drop of fun from your uni days without getting saddled with debt. Here are some of the top essential money tips for students.
1. Work out a budget
It is hard to set a precise weekly budget before you get to university and see what things really cost. However, trying to work out an outline budget before you go is still a good idea – even a rough idea of how much money you will have available each week will help you to avoid blowing your budget early.
The simplest way to do this is to make one list of all your monthly income (e.g. from loans, part-time work, the ‘Bank of Mum and Dad’, etc.) and another listing all the expenses you can think of.
Remember, the more accurate you can be when predicting expenses, the clearer the picture of your money situation will be – include everything from rent, bills and food, to things like books, library fees, transport costs and laundry. Once you have both lists done, subtracting your total weekly or monthly expenses from your total income over the same period will give you an idea of how much is left over for entertainment.
2. Get the right bank account
Your choice of bank account, and particularly your overdraft facility, is very important. Before you choose, work out what features are important to you – paying particular attention to monthly fees, overdraft charges and such. Over the long-term, they will be much more important than the gifts and incentives that many student accounts offer.
3. Spend your money wisely
With these basics in place, you are in a good position to manage your student finances effectively. But it is no good planning your finances if you then spend money hand over fist once you get to university. Try to stick to the budgets you set out by shopping around for bargains and saving money on ‘essentials’ wherever you can.
4. Be smart about part-time jobs
Many students rely on part-time jobs to cover monthly bills and to pay for nights out and socialising. If you get a job, remember:
5. Look after your finances
It is vital that you keep a regular eye on your finances – do not just assume that everything is OK. Review your bank account regularly – this way you will always know how much money you have. You will be better able to avoid unwanted bank charges (e.g. unauthorised overdraft fees) and will be less likely to run out of cash altogether.
6. Make more from your student loan
If you are taking out a student ‘maintenance’ loan to cover living costs, you will be paid a lump sum at the beginning of each term. When you receive each payment, put it in an instant access savings account (keeping enough back to cover your immediate needs). That way, your loan will earn interest and you will be less tempted to blow it all straight away and won’t be able to spend it ‘by mistake’.
7. Protect your possessions
Finally, make sure your possessions are covered by contents insurance. This is a must, as both halls of residence and student housing tends to be incredibly popular with thieves. You do not need buildings insurance as this is the responsibility of your university or private landlord.
Make sure any valuable items, like computers and bikes, are properly covered. Some policies have a ‘single item’ limit (which means that any single item is only covered up to a maximum of say £2,500) and insist that any such items are listed on the policy.
For further information visit:
www.money.co.uk
www.nus.org.uk/en/advice/money-and-funding/
www.gov.uk/student-financeCopyright © 2024 The Local Answer Limited.
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