Top student finance tips
1. Choose the right bank account: Statistics show that the majority of people will stay with the same bank for their entire lifetime; so it’s not surprising that many financial institutions offer excellent incentives to encourage students to sign up. Avoid gimmicky inducements and choose a bank which offers a good interest-free overdraft and has a solid reputation – Santander offer a range of current accounts with competitive rates. It’s also a good idea to pick an institution which has a branch close to your university, in case you have any problems that need dealing with face-to-face.
2. Put your summer to good use: Many students use the long summer holiday to go travelling or to catch up with family; but if you’re short of cash then perhaps you should consider a period of work. A paid internship can do wonders for both your CV and your bank balance – and even a job at a local bar or restaurant will help you prepare financially for the year to come. If you’re keen to have an adventure and earn extra cash then consider paid work abroad.
3. Stick to a budget: It’s easy to let your spending get on top of you as a student – after all, if a mate suggests an impromptu night out at the local hotspot then you don’t want to say no just for financial reasons. However, a rough budget could help you stay clear of debt and even allow you to put a small amount of cash away every month. Try making a spending diary and then using it to create a budget projection for next term – and don’t forget to consider areas where you might be able to cut back.
4. Pace yourself: Many students receive their student loan in tri-annual payments, so it’s important to regulate your spending if you’re keen to stay out of debt. Don’t be tempted to blow the entire amount in the first few weeks of term, or you’ll end up way into your overdraft and living on baked beans by the time that the holidays come around. A sensible spending plan will help keep your financial independence intact.
