Smart Saving Ideas
Even before you get to University, the subject of money rears its head. How will you afford your course, how will you afford to live and of course where will any additional money come from to embrace that wonderful university lifestyle?
These were all questions that were at the fore of my mind before I committed to my finance degree, and I tried my hardest to ensure I had some sort of savings back up plan in place. I wanted to be able to save at least a small amount of money each week, if possible, to allow me to enjoy this brief time of my continuing education.
These are a few ways I was able to achieve this plan:
Plan to earn some additional income: With most university courses, you can be guaranteed to find several jobs that will fit in with your studying hours and patterns. If you are fortunate to study on a large campus, there are always different jobs on offer which could add even a small amount of money to your weekly or monthly income.
Failing that, why not look to the internet and ideas for making some money online? These may not pay significantly for such limited hours, but any additional income is better than none at this stage!
Get the best student bank account you can: The good thing about opening an account like this is that you can do so in advance of your course beginning, thus giving you a chance to access some of their great introductory offers.
Look for those with high-interest rates, interest-free overdrafts and any other monetary perks which will help you maximize the money which enters your account each month.
Take advantage of fresher’s week: Most new students fail to see the many opportunities to grab massive amounts of freebies and discounts at fresher’s week. Though they may have somewhat of a reputation of being party weeks, fresher’s weeks will always hold a fresher fair where students can access vouchers, free foods, and free stationery items.
They may not seem like much at the time but, stumbling across a forgotten voucher a few months into the new term, when money is tight, is always welcomed when you’re a student on a tight budget!
Limit your card use at Uni: When you don’t have as much readily available cash while studying, it can be tempting to resort to using credit cards to tide you over. However, what may seem easy now, will leave you inevitably saddled with more debt and will in time eat into that carefully planned budget you started out with.
Try to leave your cards locked away somewhere when you head out and think about taking out a set amount of cash for night’s out. That way, all you’ll have to worry about the next morning is getting rid of that brutal hangover, rather than how much you hit your card for!
Never ever take out a payday loan: Most are not worth the paper they are written on and should be avoided like the plague at university. If you don’t believe me, look for yourself at the APR and work out what you would end up paying back.
If you are really struggling to get through to the end of a month, consider anything other than this type of loan because it is a dangerous cycle. Student Finance is a valuable source of information for times such as this and will work their hardest to help you discover a solution.
Above all, approach your Uni finances as early as possible. This is one area where it is never too early to start planning and will take a lot of pressure off you as you move through your studies.