Budget Management
Student money saving tips can help a student meet the challenges of life in the real world, so as to be able to cope with meeting educational expenses. One of the greatest challenges for any student is budget management. Attempting to survive on a student loan, the odd parental hand-out and the even more irregular part-time income is by no means easy and requires some crafty tactics to make budgets go further.
Get the Right Account
Firstly make sure you are set-up for a student, rather than regular account. Don`t bother with gimmicks or incentives, but rather make sure you have a hefty fee-free overdraft and flexible arrangements for when times get tough. Set yourself up for online banking where possible so you can keep a close eye on your account. Set up bills on direct debit to take advantage of discounts and to avoid late payment charges.
Borrow Wisely
Avoid credit cards unless you are confident you can pay off in full every month, or have a low or zero percent APR. Use your overdraft instead to borrow if you have a student account and budget in advance so that you don`t have to borrow. Get advice from your local student rep or bank about student finances, particularly if times get really hard – there are emergency and hardship bursaries for emergencies. If the worst comes to the worst, either bite the bullet and get an evening job, speak to your family or get out a low cost loan with a reputable provider to see you through.
Take Advantage of Discounts
There are a great range of discounts available to students – swallow your pride and take advantage of them all. Many companies hope to reel you in now, so that you`ll become fee paying and loyal customers of the future, but for now you can benefit from cheaper media subscriptions, railcards, cinema and entertainment passes, cheaper drinks at the Student Union, cheaper flights through the STA, student discount cards at clothes shops and of course cheap meals at campus canteens. Even shaving off a few pounds here and there will quickly add up!
Get a Part Time Job
Yes, it`s harder than ever to combine full time study and a social life with a job too, but the financial gains will be worth it. As a student you won`t have to pay income tax, which makes even minimum wage jobs worthwhile. You could even find yourself working your way into a full time career if you can pick a flexible role in an interesting industry – visit your local agency or student job board to see what`s available and keep your ears open. There are occasional openings in everything from event stewarding to Risk Analyst recruitment if you find yourself in the right place at the right time!
