The biggest challenge you will come across is handling your finances when at university. If you live away from home during your course, you will have a lot more responsibilities than you did before, like sorting bills, budgeting and paying rent. We have some advice to keep you in the black, and to guarantee you’ll save money as a student.
There are lots of different student-friendly bank accounts that you can sign up to. Some offer freebies like the 16-25 Railcard that will be worthwhile. Compare the different accounts and find the one that benefits you. Banks also offer overdrafts with 0% interest. But be careful about your spending throughout the university as this Student Overdraft offer can end once you graduate. If you do choose to sign up to it, make sure you plan how to pay back the money you borrowed as the normal fees will be very high.
It may seem like an extra and unneeded expense, but insuring your possessions will pay off it something happens. There are huge amounts of insurance companies that insure mobiles, laptops, mp3 players and tablets and even offer a multi-gadget option. If you live in Halls check to see if your rent pays towards insurance and see what it covers and if you live at home make sure your gadgets are added onto your home insurance. Also, choose the insurance that covers a lot of different scenarios, like theft and accidental damage.
One important thing to remember when you gain all these new responsibilities is to ask for help if you need it. There is a lot of help out there being offered by different organisations. You can head to the Citizen’s Advice Bureau, the Money Advice Service, finance offices and experts at your universities and don’t forget those close to you. Your family and friends are there to listen to you and aid you in your problems, and it will be a better alternative to going to them to borrow money than a payday loan or using a credit card.
Another route is to find a part-time job to get some extra cash while you’re studying. You can look in your local area or get a temp job back home to work where you go back to visit. The job will offer social and logical skills and experience.
There are apps to help out budgeting:
We know going to university is a big decision and don’t let all this extra decision making worry you. Note there is a lot of help and advice out there to keep you on track.
Just remember our top tips and you’ll not only be having the best time at university but you will be free from money worries and you’ll be a step closer to understanding student bills.
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