Leaving school and going to university often means leaving home and living on your own for the first time. This is will no doubt mean you are now having to manage your own finances and living expenses, while it may be tempting to blow the student loan in the first term here are some hints and tips to help it last the year.
Work out a budget
You will get your tuition fees and maintenance loan paid termly, so avoid the temptation of splashing the cash in the first weeks of term. You will need to budget carefully. Keep a written account of all your outgoings – accommodation, travel costs, food and so on. Break your expenses down weekly- week and only take out that much money from your account plus a bit extra.
Manage your student account
The most useful piece of advice is to let your university know your bank account details well before term starts, otherwise your loan cheque could be delayed. Forget sales gimmicks and make sure your bank is open when you need it and offers a reliable service.
Be a Savvy Shopper
Check to see what stores offer student discount, make use of money-off vouchers and shop around for the best deals on everything from food to furniture.
Take a part-time job
Look at income generation to help you manage your finances. Most universities are located in big cities where there is plenty of casual work to be had in bars, restaurants and shops or you could work for the university as a student ambassador.
Steer clear of payday loans
You see them advertised on the TV, but payday loans will only give you never ending hassle. Unlike the Bank of Mum and Dad, loan sharks charge 135 per cent compound interest. If you are having serious cash flow problems talk to the Student Union advice centre about a hardship fund.