Money Tips for Students

Money Tips for Students
  • Opening Intro -

    Students and the word ‘saving’ don’t usually come in the same sentence.

    Seeing as you can’t get a full time job, your student loan barely covers your tuition let alone your living costs and you do need to fully partake in everything uni life entails, you don’t exactly have any money left over at the end of the month to deposit into a savings account.

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All students should check out Santander savings options as you can start saving with just £1 with its instant access account.

There are plenty of ways to save money whilst at university and savvy students can actually come out in the black – student loan for tuition not withstanding of course.

First things first, with tuition fees at pretty much all universities in the UK expected to rise in 2012, many up to the full £9,000 a year limit a student loan is inevitable. However, it’s a pretty good deal, in fact it’s the cheapest loan and on the best terms, you’ll ever get. The new fees may be higher, but you won’t start paying them back until you earn over £21,000 a year and you won’t pay any more than 9% of your income a month above this threshold. What’s more, the interest rate on this loan will be 0% for incomes of £21,000 rising to 3% plus inflation for incomes above £41,000 and if you choose a low paying career and you never earn above £21,000 after 30 years the debt will be wiped out. You will never be able to afford to pay £9,000 a year on your own, so it makes sense to take out this loan so you can concentrate on providing for yourself in other areas.

Whilst at university don’t just rest on your laurels; get a job. You won’t have endless amount of time, that’s if you plan on actually putting effort into your studies, but you will have some free evenings and weekends. When choosing a job, look for ones that a) pay the most, b) are linked to what you want to do and c) are flexible. Most universities actually have a limited number of part-time positions available for students such as working in the library or Student Union bar and these are fun, look good on your C.V. and usually pay pretty well.

It may sound stupid, but it make sense to open a savings account whilst at uni. If you have even a little bit of money putting you in the black at the end of the month, put this into a savings account, don’t leave it in your student bank account as they offer pretty much no interest. Even if you can only save £20 a month, at the end of the year this will be almost £200 and after three years you have enough for a rental deposit on a new apartment.

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Last update on 2019-11-15 / Affiliate links / Images from Amazon Product Advertising API

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Categories: College Budgeting