Our friends at Blackbullion have some great advice for managing your money at university

Thursday, December 04, 2014 12:00 AM

Whether a university degree is all important is a subject a lot of people have been debating recently. Some say definitely yes, some say definitely no. 

If the average university student will graduate with almost £45,000 of debt –how can you make the most of your money and try to keep your debt low? Here are some tips to keep your money manageable.

1.More money

The more money you have coming in, the easier life will be. Knowing you have enough means you can focus on your studies and uni life.

Check if you can get any grants, bursaries or scholarships – these are all “free money” and don’t need to be paid back.

The more money you have coming in the less stressed and distracted you will be while you study

2.Less spending

Get comfortable with the idea of budgeting before you arrive on campus and learn to spend below your means.

Get your NUS card and be smart with your rent, food, bills and uni stuff and try under-spend on takeaways and booze. Make sure you are getting maximum bang for your money. (That said university isn’t just about learning – also making friends and taking advantage of all the social stuff happening so if there are opportunities you feel will be valuable then you should grab them! 

3.Dangerous borrowing

If you overspend you’ll find you need a money top up so let’s be clear about “easy money” – no such thing.

Almost 1 in 4 students gamble and the same number use payday lenders. For some it’s a bit of a flutter on the football but for others it can lead to worries and stress so be sure you understand your limits and be clear on how much you will lose if your team doesn’t perform as expected!

Gambling sites want you to keep coming back and so do payday lenders and they are in the business of getting you to have over as much money as possible so be careful

If you run into problems, any problems, speak to student support, or a family or friend. Get good advice so that any probs can be quickly sorted!

4. Open a second bank account 

Your maintenance loan gets paid in three chunks, so every term a large sum of money will land in your account.

The temptation to spend is huge - in fact 10% of students have used their entire student loan up half way through the semester.

Open a second bank account and pay yourself a monthly salary and pay the most important stuff (like your accommodation) upfront. Great practice for that awesome salary you’ll earn later

5.Invest in the most important asset. You.

Lots of universities offer events, resources and placements – but most students never take advantage.

Don’t outsource your future- take control of it

The more you invest in yourself the greater your employability skills the more likely you are to get the dream job (or get the skills to run your own business) and the better your money skills the more bang you will get from the money you have.

Find out what resources are offered on your campus – maybe you’ll be lucky enough to find us there – and take control of your future

 

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