Leaving school and going to university often means leaving home and living on your own for the first time. This is will mean you now have to manage your own finances. While it’s 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 fee and maintenance loan paid termly, so avoid the temptation of splashing the cash in the first weeks. Keep a written account of all your outgoings. Break your expenses down week-by-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.
Be a Savvy Shopper
Check to see what stores offer student discount, make use of money-off vouchers and shop around for deals on every-thing from food to furniture.
Take a part-Lime job
Look at income generation to help you manage finances.
Most universities are located in cities where there is plenty of casual work to be had in bars, restaurants and shops.
Steer clear of payday Loans
You see them advertised on the TV, but payday loans will only give you endless hassle.
Loan sharks can charge 135% compound interest.